I am checking in to talk about pay transparency. There are lots of reports about how open Gen Zs & millennials are about their salaries! Which… we love!
But also… can get complicated. How do you handle finding out a coworker makes more than you? Should job descriptions include salaries? There’s SO MANY QUESTIONS! And, I have answers.
Read on, stay rich bitch, and see you next week for a giant announcement that’s gonna BLOW. YOUR. DAMN. MIND.
#1: 42% of Gen Z employees & 40% of millennials have shared salary info with a coworker or another professional contact
#2 Studies show that pay transparency boosts employee satisfaction
How To Handle Finding Out You're Underpaid
Don't Take One Data Point:
If you are concerned you’re being underpaid, don’t just base it off of one resource point. Use Glassdoor & PayScale to find out what people in your position are making. And try to talk to MULTIPLE coworkers, not just one about their salaries. You can do it!
Have Some Tact:
If Sheila tells you she is making more than you, don’t just run to your boss & say PAY ME AS MUCH AS SHEILA! Have some tact lol. Request time in your boss’s calendar. Prepare your talking points. Here’s a sample script to use: “It’s come to my attention that I’m paid less by my peers by X amount. How can we rectify this? I’ve been good at XYZ while I’ve been here. How can my salary be made whole?”
Be Prepared to WALK:
If your boss responds well- fabulous! But if they don’t, follow up every 2 weeks. (Set calendar reminders). And if the response is remaining negative, start looking for a new position. Don’t stay somewhere you’re being underpaid! Employees who switch jobs see a wage growth of 7.1%!