As commonly discussed, pay gap is a huge problem that constantly impacts all underrepresented groups in the workplace today. To take action, many states are slowly making new laws to ban questions around salary, but other than laws is there something else that can be done to help close the pay gap?
Although talking about your salary might sometimes be an uncomfortable conversation, especially in the work place, it can be beneficial to help close the pay gap. Speaking up about your compensation in the work place can help keep companies honest about how much they are paying their employees as well as force them to set specific standards for promotions and salary increases.
There are concerns around the idea that plenty of companies compensate people differently based on their performance and not their job title. Yet, wouldn't this also benefit the company as it is an incentive to get their employees to work harder knowing that they will be paid based on their hard work and merit.
So, is it a good thing that millennials are speaking up about their salaries now more than ever before? Will open conversation help close the pay gap and promote the idea of compensating based on merit?
Overall, only 20 percent of survey respondents said they they share their salaries with co-workers. But when it comes to us millennials, 30 percent of us say we’ve spilled it to a colleague. That’s a pretty significant difference from the 19 percent of Gen Xers and 8 percent of baby boomers who have done the same.