Pay transparency is making headlines recently and is becoming a requirement in many states and localities. It can be hard to understand what this means for your business. And despite what many think, it's more than just posting salary ranges on job postings. It really means that companies are transparent about the compensation they provide for their current and future employees.

Even if you aren't required by law to be transparent about salary, there are reasons you may want to. As with anything, you have to create a good process to determine how much you can afford to pay and how bonuses and pay increases will be handled so that everyone is on the same page.

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