Talking about money has long been considering taboo. People are afraid they’ll make more money than their friend and cause resentment, or find out they make less and be embarrassed.
However, times are changing, and it’s become clear that openly discussing salary is actually for everyone’s benefit. If you can put aside your ego and have a cordial discussion about salary, then you’ll find it can help increase pay equity and encourage a better work ethic. Read on to find more reasons why salary transparency is becoming more and more ethically favored:
When you discuss your salary with your coworkers, you’ll build trust between each other. Salary transparency increases equality in the workplace, which will foster better relationships between you and your coworkers.
If you someone who does more work than you makes more money, you can be motivated to be more productive. When you’re not sure if you’ll get a raise or not, it’s hard to be motivated, but knowing that someone else put in extra work and was rewarded for it can give you something to aspire to and a reason for bettering your work. It can encourage growth within the company.
Women are paid less than men for equal work, women of color make even less than that. Part of what contributes to this problem, is that salary is considered a taboo topic. However, if we all discussed it, then there would be less room for employers to make these mistakes and perpetuate a system of inequity.
When people are paid equally and fairly and they know it, they won’t be disgruntled employees. Employees will instead be more satisfied and more likely to stay. When it’s clear what the path is forward in the company, you’ll increase your employee retention.
When you know what someone else is making, it can be easier to advocate for yourself because you know what number to point to that you think you deserve.
If you find out what someone makes and you’re not happy with what you hear, open up a dialogue rather than an argument. Don’t grow distant or resentful. Instead reflect about why you think there are discrepancies in salary. Could you be working harder? Or do you suspect something more sinister like discrimination? Instead of lashing out or letting hateful feelings grow, talk about what you can do to better your work, or if there is an issue with unfair pay, talk about what steps your employer can take toward resolving it.
What has your experience been talking about salary? Do you think it should still be considered a taboo? Share your thoughts in the comments below and tell us what a day in the life of your job is really like by taking UltiCareer’s survey.
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