Is it time we opened up about our salaries?
Talking about our salaries is something that a very small number of people actually do. Fact of the matter is that very few of us feel comfortable in opening up about our annual pay to others outside of our immediate family.
And when someone outside of your group asks you how much you earn you’re immediately on the defensive.
However, that’s not to say that the vast majority of employees aren’t just a little bit curious to find out exactly what their colleagues are earning, it just something that we as a society don’t want to share.
But in an age where social media lets us tell the whole world what we’ve had for breakfast and with pay transparency becoming more and more common, some employers are actually welcoming the prospect of employees being aware of what their workmates are earning.
As of next year, all employers with 250 or more workers will be legally obliged to publish their gender pay gap figures online. Prime Minister Teresa May is also calling for businesses to reveal the pay ratio between top end executives and the salaries of average workers.
A recent study undertaken by Glassdoor has revealed that 70% of British workers feel it’s time to bring salaries out in the open and give all employees greater transparency when it comes to pay.
Some employers are already taking steps towards pay transparency for all employees as the believe that sometime in the near future this information will be seen by prospective candidates and current employees as a right rather that a ‘nice to have’.
Although pay transparency doesn’t look like becoming law anytime soon, this call to have salaries made available to view does mark a distinct shift in employees attitudes towards pay transparency and the sharing of information relating to remuneration.
But before you decide to publish a list of employee salaries on the office noticeboard, seek legal advice and talk to your employees first on their feelings towards pay transparency to avoid getting on the wrong side of the law.