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Staff Reports

The Pay and Non-Pay Content of Job Ads

Number 1124
September 2024 Revised May 2026

JEL classification: J23, J32, J33, J62, J63

Authors: Richard Audoly, Manudeep Bhuller, and Tore Adam Reiremo

How informative are job ads about the actual pay and non-pay attributes offered by employers? Using a comprehensive database of job ads posted by Norwegian employers, we develop a methodology to systematically classify the pay and non-pay job attributes advertised in vacancy texts. About 60 percent of job ads provide pay-related information and nearly all ads feature information on non-pay attributes. We link these advertised attributes to the employers posting the ads and validate this information against revealed-preference measures of employer quality, realized attributes, and choices from a survey experiment. All three strategies confirm that job ads provide reliable signals of employer quality. We then incorporate the detailed job attributes in a monopsony framework and quantify their contribution to labor market inequality.

Full Article

Author Disclosure Statement(s)

Richard Audoly
This project has received funding from the European Union’s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101043127 and the Norwegian Research Council under Grant Agreement No. 275123. I declare that I have no other relevant material or financial interests that relate to the research described in this paper. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html

Manudeep Bhuller
This project has received funding from the European Union’s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101043127 and the Norwegian Research Council under Grant Agreement No. 275123. I declare that I have no other relevant material or financial interests that relate to the research described in this paper.

Tore Adam Reiremo
This project has received funding from the European Union’s Horizon Europe Research and Innovation Programme under Grant Agreement No. 101043127 and the Norwegian Research Council under Grant Agreement No. 275123. I declare that I have no other relevant material or financial interests that relate to the research described in this paper.

Suggested Citation:
Audoly, Richard, Manudeep Bhuller, and Tore Adam Reiremo. 2024. “The Pay and Non-Pay Content of Job Ads.” Federal Reserve Bank of New York Staff Reports, no. 1124, revised May 2026. https://doi.org/10.59576/sr.1124

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