Should you be sharing your salary?

Millennials are all about breaking down stigmas and stereotypes. And, the latest wave of norm-altering behavior starts in the workplace. Openly sharing how much you make has always been a taboo subject. But, it turns out 18 to 36 year olds are the most likely to share their salaries with others compared to older generations.

A survey conducted by The Cashlorette, a Bankrate company, found that 63 percent of millennials (ages 18-36) have shared their salaries with an immediate family member, while 48 percent have shared with friends and 30 percent have even shared with co-workers.

With only 8 percent of baby boomers sharing their income with co-workers, this is a big difference a few generations.

Though millennials seems to be perfectly fine having the open conversation, employers have been directly telling their employees not to discuss salary for years – even punishing ones who do. Why? Because there are some negotiations that may seem shady or unfair to others. Wage gaps don’t just happen to A-listers.

However, according to Insperity, an HR company, employers cannot forbid employees from discussing job conditions, including salary, amongst themselves. So, if you feel like talking to your co-workers about salary, go for it.

Before you think your salary should stay a secret, think about the times you might want to know others’ incomes. With salary open and known, it gives people the information to come in and negotiate.

Websites like Glassdoor and Monster are helpful to give a potential employee a heads-up on what range they can expect to get for their degree and position, but each company is different. And, with the rise of recent grads opting for startups and small businesses over corporate ones, this can lead to everyone getting compensated fairly and higher-ups being held accountable.  

Now, that doesn’t always mean you’re entitled to the same pay as your co-worker. Keeping the conversation about income open empowers employees with knowledge, ultimately making it easier to work harder knowing their work is valued after an educated negotiation.  

Featured image by Mohammed F. Emran

 

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