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Millennials and Gen Z are ‘changing workplace taboos’ on pay transparency

By | Ryan Ermey | grow.acorns.com

  • Over 40% of Gen Z employees (aged 18 to 25) and 40% of millennials (26 to 41) have shared salary information with a coworker or other professional contact, according to a survey from Bankrate.
  • Salary transparency “gives you the wherewithal to make sure you’re getting fairly paid,” says Bankrate analyst Sarah Foster.

There are certain topics you just don’t bring up at work. Discussions of religion, politics, and your burning hatred for your boss are all things that are better left out of meetings and off your company’s Slack channels.

For many workers, sharing the details of your compensation would also rank high on the list. But that may be changing. Some 42% of Gen Z employees (aged 18 to 25) and 40% of millennials (26 to 41) have shared salary information with a coworker or other professional contact, according to a survey from Bankrate. That compares with 31% of Gen Xers (42 to 57) and 19% of baby boomers (58 to 76) who said they’ve done the same.

“Younger workers are changing workplace taboos when it comes to talking about your salary,” Bankrate analyst Sarah Foster told Grow.

Given that millions of people are changing jobs amid rapidly rising consumer costs, an increase in salary transparency couldn’t come at a better time, she adds. “In light of how secretive companies can be about what they’re paying employees, it gives you the wherewithal to make sure you’re getting fairly paid.”

Here’s how experts recommend discussing salary information with coworkers and how they say you can use it to negotiate for better pay, whether you stay at your current company or not.

Click here to read the full article

Source
grow.acorns.com
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