Job seekers can now get an idea of a role's annual base salary before they apply thanks to US job portal Glassdoor.com’s new salary estimate function.
Using a proprietary data science algorithm, Glassdoor can estimate the value of the 5.1 million unfilled jobs advertised online in the US. 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 in a press release.
"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."
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 billion.
"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 in a statement.
"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."