Have you guys heard of this? Could save a lot of time when job searching with this info...
https://www.dwt.com/blogs/employment-labor-and-be…
Edit: Actually it'll be implemented in May
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I don't see this as an issue for major banks as everybody knows what the salary is anyway and there's no leeway for negotiation. Though Maybe it will still have a minor benefit on base salary.
Somewhat related question - what type of raises are you guys seeing this year? The usual, or higher than normal due to wage growth / labor shortage
Given the comp structures in finance, the fact that very few jobs get posted publicly, and the fact that the law doesn’t define “salary”, this is pretty much a non-event for the industry.
99% of junior and mid-level roles have a roughly low-six-figure base that you can ballpark based on firm profile (and half of them the numbers are distributed enough online that you know it outright)… knowing the range is $150k-$200k instead of $100k-$150k would be it’s nice and all (ceteris paribus would rather have more base), but my bonus is a multiple of my base and my carry is a multiple of that. Presumably neither of those are being published, and having a base at $200k vs $150k (or $110k vs $100k) is very rarely the deciding factor.
Beyond that, most finance jobs go through recruiters and never get posted publicly, and you usually have a sense of comp just by asking upfront
Work in debt brokerage in CRE witch is super volatile with comp as bonus can be anywhere from 20% to 150% of base depending on the year. Not sure how CBRE / JLL / Cushman / others will handle this.
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