In a recent report by job posting service ZipRecruiter, it has been found that as pay transparency laws are taking effect, some companies are lowering the advertised salary bands for job postings. While a majority of firms are complying with the new laws by disclosing salary ranges, there is growing concern over the lack of wage growth in the job market.

The report reveals that the growth of advertised wages for new hires has been slowing down, and in certain cases, it is even reversing, with companies now posting lower pay ranges. This shift comes after two years of increasing wages, signaling a potential change in the job market dynamics. Companies are now encountering challenges in filling certain positions, as candidates expect higher pay than what the company is willing to offer.

According to ZipRecruiter's survey of over 2,000 recruiters and hiring managers, nearly half of the respondents, 48%, stated that they have lowered pay bands for certain roles in the past year. This signifies a trend among employers to reset candidate expectations and align compensation with market conditions. Julia Pollak, the chief economist at ZipRecruiter, explains that maintaining salary growth is crucial to retaining employees and keeping them engaged in the long term.

The report also highlights the compliance rate of companies with pay transparency laws. Revelio Labs, a workforce analytics firm, estimates that about 30% to 40% of employers are not complying with these laws. However, in states where laws have been in place since 2021, the compliance rate sits near 70%. Washington state, for instance, empowers job applicants and current employees to file complaints or bring civil lawsuits against non-compliant companies. The state's Department of Labor & Industries has received 307 complaints this year alone and is investigating 39 cases of non-compliance.

Timothy W. Emery, a partner at Emery Reddy, a Seattle-based workers' rights law firm, has filed numerous class-action lawsuits against companies in Washington that allegedly fail to comply with the pay transparency law. Emery emphasizes the need to end pay inequality practices and protect employees' rights.

Interestingly, there is also a spillover effect from companies that have complied with pay transparency laws. Around 40% of firms voluntarily post salaries for jobs in states without a requirement, according to Revelio Labs. This shift can be attributed to the rise of remote work, making it more convenient for employers to maintain consistency across various state and local requirements.

Some companies, such as SalesLoft, a revenue workflow platform based in Atlanta, have taken a proactive approach to pay transparency. SalesLoft publishes pay for all its job postings in the U.S. Katie Cox Branham, the vice president of people at SalesLoft, explains that the company aims to avoid wasting applicants' time by being upfront about compensation. Furthermore, the company conducts annual assessments of existing employees' salaries to ensure pay equity between current and new hires.

This shift in the job market is not only driven by pay transparency laws but also by employees' growing openness to discussing their pay with colleagues. Erica Keswin, a workplace strategist, speaker, and author, highlights that the newest generation in the workforce, Gen Z, is leading the demand for pay transparency. Keswin advises companies to develop comprehensive strategies addressing pay and to understand the motivators of their workforce, ranging from flexible work arrangements to family-care benefits and growth opportunities.

As the job market continues to adapt to evolving legislation and employee expectations, employers are navigating the challenges of meeting pay transparency requirements while strategically managing their compensation strategies to attract and retain talent.

(Note: The information provided in this article is based solely on the text provided by the user. Some additional background research may be required for a more comprehensive and accurate article.)