Do you know how much money your coworkers are making? Would you want to know?
Pay transparency has been a hot topic in the news recently, due to legislation requiring corporations to disclose pay rates for their employees broken down by gender and race. However, many are using online sites such as Glassdoor and Indeed to look up median salaries by company, position, and location.
A New York Times article from last week by Jena McGregor outlines the growing demand for pay transparency: “Shareholders have pushed technology and financial services companies to release their gender pay gap statistics. More state and local governments have passed pay equity laws, some of which require state contractors to report data or certify they pay men and women the same.” McGregor also interviewed an executive from Glassdoor, who relayed that millennials in particular don’t see discussing salaries as taboo.
Payscale.com defines pay transparency in a different way: “Being more transparent about pay doesn’t have to mean posting everyone’s salary for all to see, though there are some companies that go that far. What it does mean is employees having an understanding of their company’s compensation philosophy, strategies and practices.”
What do you think? Should salaries be discussed openly in the workplace?