Show Me the Money: The Importance of Salary Discussions
Let's Talk About Salaries! 💬
Do we need to change the way we talk about salaries?
One of the biggest myths in the professional world is that discussing salaries is off-limits. But the truth is, it's not. However, telling your colleagues how much you earn remains a taboo subject for many professionals. It's often seen as unprofessional and can cause unnecessary tensions between you and your coworkers. This can lead to a wage war of justification between employees and employers, but it's a complex issue.
We've all been there at both ends of the scale, where we cannot believe what someone is paid—whether it's a surprisingly high or shockingly low salary. For employers, navigating this tricky field is even more challenging without a clear salary structure.
Some companies have a structured approach to pay. For example, the NHS in the UK uses a band system, and the police base pay on years of service. Commission-based jobs can offer low base salaries, but the commission potential is often uncapped. Factors such as experience, location, skills, in-demand roles, and company size can all influence a salary.
While I'm not quite at the point of telling every person and their dog what salary I'm on, I do believe that salary transparency can be a game-changer. Whether it’s advocating for fair pay, understanding industry standards, or ensuring we’re all on a level playing field, talking about pay is crucial.
Millennials and Gen Z are definitely more open about salaries, leading the way to a more transparent workplace culture.
💼 Remember, Pay Isn’t Everything
With many employees now seeking better work-life balance, I've seen many accept lower salaries for more meaningful work or a positive company culture. Plenty of people I know have said, “It’s a pay cut, but…”
For instance, benefits like health insurance, flexible hours, and professional development can sometimes outweigh a bigger paycheck. A friend of mine left a high-paying corporate job for a lower-paying position at a nonprofit because it offered more fulfilling work and better personal satisfaction.
💡 Why Discuss Salaries?
- Transparency & Equality: Lots of companies have successfully implemented salary transparency, promoting fairness and reducing pay gaps.
- Closing the Pay Gap: Knowledge is power. Sharing salary info helps identify discrepancies and push for equitable pay.
📈 Be Comfortable Discussing Pay Rises
There's an old saying, “If you don’t ask, the answer will always be no.”
When appraisal season comes around, a big discussion point is always pay, and rightly so. However, another year doesn’t always mean more money.
Firstly, know how inflation affects pay and use this to make a case for regular adjustments.
Understand industry standards and your worth to approach pay rise conversations with confidence. Use resources like Glassdoor to know your market value. For example, a ex-colleague of mine used salary data from these sites to successfully negotiate a 10% raise by demonstrating that her role was underpaid compared to industry standards.
Finally, be prepared to explain why you deserve a raise. Highlight your achievements, contributions, and how you’ve added value to the company.
🌱 Starting the Conversation Early
I think it's also crucial to start these conversations early, even in schools. When attending Women in manufacturing and Engineering (WiME) events in Hull one question that kept popping up from the young girls “How much do you earn?”.
Educating students on what salaries are for different jobs can help set realistic expectations and prepare them for future salary negotiations. It’s an essential life skill that can empower the next generation to make informed career choices and advocate for fair compensation.
What are your thoughts on salary transparency? Have you ever benefited from discussing pay with colleagues or friends?
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