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Not your business. The only thing that will happen if you tell him is that he might feel awkward or embarrassed by his company. Unless he's got sway with management, it's not like he's going to be able to get the salary range changed. Might as well let it go and see who's desperate enough to accept it.
Smart answer. Makes me also realize he is probably under paid, since this person will report to him.
Unless he is the one that is in charge of setting the salary and stuff like that, then I don't think you saying that to them would matter unfortunately. It might even have you come off like you are undermining their company which I know isn't your intent, just trying to help out a colleague it sounds like.
Yeah, best to stay mum. If he has trouble filling it and asks for my feedback I'll tell him.
I wouldn't hesitate to tell him. Why not? Especially if he has influence over setting the salary range. I wouldn't be mean about it, but I would be direct. "It looks like this position is listed pretty significantly under market value. Who is your target candidate in that pay range?"
That would be a good way to approach it, especially if he has trouble filling it. Because when he first told me about it (before the official posting) I got the sense he was soft recruiting me. This is why I never refer people unless I know the salary range.