MILL VALLEY, Calif., Feb. 9, 2017 /PRNewswire/ -- Glassdoor, the No. 2 job site in the U.S.1, today announced it has introduced estimated salary ranges in job listings to help people instantly know what they could be paid before applying to a job. Using the proprietary data science algorithm fueling Glassdoor's salary estimates, Glassdoor estimates the value of the 5.1 million unfilled jobs advertised online in America is more than $272 billion.
Base Salary Estimates Now in Job Listings
While seven in 10 (68 percent) people report that salary and compensation are among their top considerations before accepting a job2, less than one in 10 online job listings include pay data in the job description³. Base salary estimates in job listings on Glassdoor are now viewable in job search results for easy reference as well as in the detailed job descriptions.
"Job seekers consistently report that they want more pay information before applying to a job. They don't want to waste time applying and interviewing for jobs that don't meet their needs and expectations. We believe salary estimates in job listings will better match the right people with the right employers by removing the guesswork that surrounds pay when applying to a job," said Heather Gordon Friedland, Glassdoor chief product officer. "Employers benefit too, as salary estimates in job listings will help them recruit and attract talent as it will drive even more interest to their job listings on Glassdoor."
Glassdoor is one of the largest aggregators of online job listings in the world. Salary estimates are currently generated for jobs in the U.S. that pay annual salaries and hourly rates. These estimates are not generated for jobs in which pay is largely commission-based and/or variable-based, such as bonuses, commissions, tips, stock, benefits or other components. Glassdoor expects to expand its coverage of job listings displaying salary estimates in the future. Salary estimates are generated by Glassdoor leveraging salary data from millions of U.S. employees and third-party sources using patent-pending machine learning algorithms. To help ensure salary estimates are as reliable as possible, the model takes into account pay data specific to job title, company and location for each job listing. Job seekers and employers can see further details on how salary estimates are calculated on Glassdoor.
Salary estimates in job listings come on the heels of Know Your Worth by Glassdoor, a free tool to help people understand if they are being paid fairly by calculating one's real-time worth in a specific job market. The personal pay data generated helps people determine if they should attempt to negotiate their current salaries and/or explore better paying jobs.
$272 Billion in Potential Economic Opportunity
In addition to including salary estimates in job listings, Glassdoor has also uncovered the potential economic impact these open jobs carry. With approximately 5.1 million open jobs posted online in the U.S., Glassdoor has used its proprietary algorithm to calculate the total value of these unfilled jobs is more than $272 billion4.
"Filling open jobs doesn't just help workers. It also helps companies and the broader economy. Every job that's open is money left on the table, in the form of lost productivity for employers and earnings in consumers' pockets," said Dr. Andrew Chamberlain, Glassdoor chief economist. "When more open jobs are filled with the right people, economic gains include greater business productivity and consumer spending, thanks to more people earning wages, then saving, investing and spending those wages."
Glassdoor Economic Research has also identified the industries, states and U.S. metros with the highest and lowest values for unfilled jobs. Highlights include:
- By industry, healthcare carries the highest value for unfilled jobs (number of open jobs: 797,036; economic value: $45.2 billion), while mining and metals carries the lowest (2,315; $132.2 million)
- By industry, information technology ranks fifth for the highest value of unfilled jobs (263,586; $20.1 billion)
- By metro, New York City carries the highest value for unfilled jobs (266,884; $16.8 billion), followed by Washington, D.C. (166,784; $11.0 billion)
- By state, California carries the highest value for unfilled jobs (542,538; $34.4 billion), while Wyoming carries the lowest (7,825; $379.9 million)
When breaking out the data further by job title, Glassdoor Economic Research finds that jobs in which demand outpaces supply tend to be among those with some of the highest values for unfilled jobs, such as Registered Nurse (number of open jobs: 56,188; economic value: $3.5 billion), Software Engineer (13,198; $1.3 billion) and Pharmacy Technician (30,946; $885.8 million). Jobs with some of the lowest values for unfilled jobs include News Reporter (number of open jobs: 248; economic value: $10.4 million), HR Associate (201; $10.6 million) and Public Relations Specialist (210; $12.1 million).
SUPPLEMENT, FULL METHODOLOGY, IMAGES + INTERVIEWS: Additional data and report findings can be found by downloading the supplement, which includes full methodology. Images of salary estimates in job listings on Glassdoor are also available. A Glassdoor spokesperson is available to interview. Please contact firstname.lastname@example.org.
MORE GLASSDOOR ECONOMIC RESEARCH: Want to be alerted to the latest economic research from Glassdoor, including labor market studies, local pay reports and other employment trends? Visit the Economic Research site to subscribe to the blog and newsletter.
1 Based on unique users, custom job list sites % Change Media Trend Report, ComScore December 2016 Media Metrix
2 Survey was conducted online within the United States by Harris Poll on behalf of Glassdoor from December 21-23, 2015 among 2,031 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
3 Glassdoor Internal Data, January 2017
4 Abbreviated Methodology: The value of unfilled U.S. jobs is based on unique, online jobs that are open, direct from employers, in the U.S. on Glassdoor as of December 9, 2016. Glassdoor's proprietary machine learning algorithm that fuels salary estimates, based on millions of salary reports, was used to calculate the annual median base salary estimate for each open job. Annual median base salary estimates for each open job were then summed together to determine total value. See the full methodology.
Glassdoor is the world's most transparent job and recruiting marketplace that is changing how people search for jobs and how companies recruit top talent. Glassdoor combines job listings with anonymous reviews, ratings and salary data to help people find a job and company they love. This level of transparency, in turn, helps employers attract the right candidates for their company and culture at a fraction of the cost of other channels. Glassdoor offers employers job advertising, job posting and employer branding solutions in addition to robust talent analytics. Launched in 2008, Glassdoor has job listings and data for more than 640,000 employers in 190 countries and is available on iOS and Android platforms. For labor market trends and analysis, visit Glassdoor Economic Research. For career advice and job related news and tips, visit the Glassdoor Blog.
Glassdoor® is a registered trademark of Glassdoor, Inc.
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