Meet the winners of OpenComp’s Transparent Employers to Watch in 2023 Awards
Each quarter, OpenComp celebrates the companies who are defining today’s new era of adaptive transparency and accountability for human resources and people professionals. For this round of HR awards, we announced today that we’re happy to recognize the Top 12 Transparent Employers to Watch. These companies, ranging in industries from retail to technology, are providing the right pay information to the right people at the right time.
That’s not an easy feat given that state and local governments are passing pay transparency legislation faster than employers can keep up. Today, 42 states require pay equity and 23 require pay transparency. The most recent additions, California, New York, and Washington, joined Colorado in requiring employers to post pay ranges with job listings. And California also mandates pay data reporting, which applies to all U.S. companies with over 100 employees, even if only one employee lives in the state.
What does all that mean for companies? That appears to be subject to interpretation. Consider the New York companies who began publishing pay ranges when the city’s laws went into effect last fall. Job postings included ranges as wide as $160K, and the media and public were quick to call them out. (I’ve seen a company with ranges between $90K - $900K since then!)
My colleague and friend, Emily Sweet, OpenComp’s VP of social impact and lead of OPEN Imperative, describes what’s going on really well:
“Transparency means something different to every stakeholder in the modern workplace. . In this new era of adaptive transparency, a one-size-fits-all solution won’t work. Business accountability is shifting to HR leaders, who are now responsible for facilitating this mission-critical corporate initiative, and it is a pleasure to honor these companies for pioneering the future across so many industries.”
What’s at stake
Getting transparency wrong can mean more than shaming on Twitter and LinkedIn. Noncompliance can lead to major fines, an employee exodus, and snubs from top candidates. Research shows that 68% of workers would switch jobs to work for a company with better pay transparency, even if their pay stayed the same. And 80% of job seekers say they won’t apply for a job without pay information.
We’re also entering an era of HR accountability, where executives, board members, and investors could all be liable for not complying with new regulations. As seen by recent lawsuits, people leaders must get ahead of the curve, or face personal risk.
All of that makes the efforts of these top 12 companies even more worthy of honoring.
Here’s how we selected our winners
As part of the evaluating criteria, OpenComp selected from a list of nominated workplaces where employees report knowing:
- Their employer’s compensation philosophy: This is the North Star for an organization and clearly communicates their compensation strategy compared to their peers.
- The source of their organization’s compensation data: So often, employees and employers use conflicting information on salaries. Understanding the source of data levels the playing field during compensation discussions.
- Their role’s pay range: Employees are informed of the minimum and maximum pay for their role to support fair pay practices.
- Why they’re paid what they’re paid: Managers clearly communicate how an employee’s pay was determined — where they fall in their pay range based on their performance — to eliminate potential for pay inequity.
Now that you know what our winning companies are doing right, let’s get to it.
The Transparent Employers to Watch in 2023:
Employers with 100 employees or less
- Fluxx (Software)
- Hummingbird (FinTech)
- Lambda Labs (Software)
- Fox Robotics (Automation, machinery, manufacturing)
Employers with 101-500 employees
- Algolia (Software development)
- Migo Money (Financial Services)
- Sendbird (Software)
- Sendoso (Software)
Employers with 501-1,500 employees
- Exabeam (Cybersecurity)
- Headspace Health (Wellness)
- Santa Monica Seafood (Retail)
- Wilson HCG (Human resources services)
Previous HR award winners
For more inspiration, read about OpenComp’s People-first Employers to Watch in 2023.
Need help making sense of pay transparency legislation? Here are resources to help you:
- Ensure Pay Equity Across Your Workforce with DEI Scorecard in OpenComp
- Pay Transparency Playbook
- How to Prepare for California Pay Transparency Laws in OpenComp
- How to Prepare for Washington Pay Transparency Laws in OpenComp
- On-demand webinar: How to use OpenComp to comply with pay transparency legislation