According to The Conference Board, in the first half of 2021, wages and salaries rose at their fastest pace in more than 20 years. There are a number of things at play — not least the tight labor market, which is leaving some employers scrambling to hire good candidates.
Meanwhile, that trend is colliding with another big change in the workplace: the growing movement toward salary transparency.
“The hiring market is pretty crazy,” said Michael Kerrigan, director of human resources for Interactive Brokers, a financial services firm in Greenwich, Connecticut.
He said he’s been involved in more than 750 new hires this year.
“The salary negotiation seems to be coming much sooner in the process,” he said. “If you don’t interview, hire, make a decision on someone relatively quickly, they’ll be gone.”
For Kerrigan, the task of negotiating salary just changed significantly. This…