You have questions, we have answers about why disclosing salary information is important.
Earlier this week, the Ontario government announced that they would introduce legislation that would require organizations to include salary ranges in job postings. Recently, the University of Waterloo made the salary field in co-op job postings mandatory.
Whether you’re hiring a co-op student or a full-time employee, the reasons for providing this information are similar. Ross Johnston, executive director of Co-operative Education at the University of Waterloo, leads staff who work directly with Waterloo employers and co-op students. Johnston answers some key questions about why employers should provide salary information.
Why did we make salary information mandatory on co-op job postings?
Students have asked for more salary information and in 2022 requested that we make the field mandatory. Waterloo’s Work-Learn Institute found that 76 per cent of respondents said that competitive salary was very important or essential; it was the third most important job attribute, behind only work-life balance and job security.
Why is salary information so important to students?
With increased tuition rates and cost of living, gone are the days when the money you made on your co-op term pays for your next academic term. In addition, many students have moving costs for their co-op term and rental costs that exceed Waterloo Region rates. With this transparency, students can get a better sense of the employer culture and make an informed choice about which co-op positions would be the best fit for their own personal situation.
Will salary information still be important when students graduate and look for full-time work?
Yes. When the Gen Z cohort looks for full-time work after they graduate, if they discover the salary information when offered a position and the number isn’t right, they will walk away. That’s lost time on the job seeker and employer. And lost time means lost money.
How does providing salary information benefit our co-op employers?
Employers can save time in their recruitment process and increase the chances of finding the right student. They will only receive applications from students who would accept the job if it were offered to them. This saves time sifting through resumes, setting up and conducting interviews, and a wasted job offer if the student needs a higher salary. Our data shows us that the rate of co-op jobs that get filled improves when postings include salary information.
What are the ways that employers can strengthen their job posting?
A study conducted by Waterloo’s Work-Learn Institute found that job descriptions that include themes popular with emerging talent increase the number of applications to a job posting. Those themes include company culture, programming languages, food and games, employer values, compensation and career development.
This series is produced for the media, and its purpose is to share the expertise of UWaterloo researchers. To reach this staff member, please contact media relations.
