I wonder how pay transparency impacts the variance of job-to-job and industry-to-industry pay. If you hear that you can make a bunch more by changing jobs, you'

I wonder how pay transparency impacts the variance of job-to-job and industry-to-industry pay. If you hear that you can make a bunch more by changing jobs, you're more likely to, forcing the industry to keep up and pay more. Does more pay transparency reduct some kind of "friction" in the market reaching equilibrium?