1/3 of older millenials share their salary info with their co-workers

[soccerdad72]

https://www.yahoo.com/finance/news/one-third-older-millennials-share-salary-coworkers-132549341.html

I found this article interesting. I have always been on that mindset that what you make is a private thing and was in the camp of it being "taboo" info to share, especially with co-workers. Apparently (at least according to the survey in the article), it's becoming more of a common thing to discuss. And, I guess I never thought about it in this way, but the article also mentions that discussion of salary with co-workers can be helpful in understanding where you stand when it comes time to discuss salary with management.

Your thoughts? Do you share your salary with co-workers? With members of your family? Do you think it's something that should be taboo or should be openly discussed? Just curious.

 

[jt'smom]

I wouldn't share my salary or compensation with my co-workers, but we are very open about our finances. My husband is in sales, and we've had amazing years and we've had a period of financial disaster, so we keep it real with family and close friends. My personal opinion is that making finances taboo, seems to breed speculation and gossip anyway, especially among family, lol, so why not be open and up front? But that's just my opinion and everyone has to do what works for them in the end.

 

[Gumbo4x4]

For many years, I worked places with a chart on the wall. If you've been here X years, and worked Y job, your pay was $Z. Period. Now, it's all over the map. No way I'd share that info, and I've instructed my subordinates not to discuss such things either.

 

[msjprincess]

I think it's different for DH and me because we were both in a union where everyone made the same per hour. It's just a matter of how OT and holidays you work. So discussing salaries was pretty common when I was still working. DH and his co-workers compare their salaries all the time.

I don't share with family and friends though.

 

[soccerdad72]

I think it's different for DH and me because we were both in a union where everyone made the same per hour. It's just a matter of how OT and holidays you work. So discussing salaries was pretty common when I was still working. DH and his co-workers compare their salaries all the time.

That's true - we have some union people where I work (including a few that work for me) and they get a yearly booklet of everyone's positions and what the salaries are.

 

[scrapquitler]

I guess it depends on where you work. Where my husband works, nobody talks about what they make because each of them has negotiated their own pay scale depending on their experience. Where I last worked, we were members of a union, and the pay scale was laid out very clearly and published X number of years senority earns $, etc.

 

[BrinkofSunshine]

I'm a millennial and depending on who I'm talking to, yes I will share what I make; my mom knows, my friends know, and some select few of my coworkers know. It can be frustrating and helpful to know what they make, and it keeps me informed of what I should be asking for as a freelancer.

 

[foodiddiedoo]

I'm 33 (I guess the top end of a "millennial") and my husband also works at the same company as me. I've shared my salary with younger coworkers who are in rotational programs so they can get an idea of what to expect in a few years, I've obviously shared with my husband before we were married and still worked on the same team, and I've also shared my salary with other coworkers in my organization who live in different markets (people near NYC get a higher payscale than someone in rural Kentucky would). I don't mind if someone asks, and it helps you get an idea of where you stand.

 

[wgeo]

I think that people finally sharing what they make has helped identify some pay inequalities that are happening, and for the most part if companies are being fair with how they choose salaries then I don't see why it's a problem if their employees discuss their pay.

Having said that, I'm pretty biased because my husbands salary has always been public knowledge -printed in a book so I'm sure that has influenced us. He and I are both very open with finances, we don't see it as something that should be kept in secret and are trying to be open to help our kids learn about money and how to manage it. Growing up we didn't know how much money our parents made or how much our mortgage was or how much they donated to charity. We are showing our kids these things, to hopefully help them do a better job of managing their own money someday.

 

[richmo]

I've never discussed it openly except with my DW, but since I work for a public agency, anyone in the know could go to the right website, which is public, and look it up.

 

[morgan98]

As I have posted before I have spent my career at large public accounting firms, now in a leadership position. I am 47 and we NEVER discussed salary specifics we each other when I was coming through the ranks (and not now either). I mean we may have shared if we were happy with raises or not, but never specifics. Now a large percentage of the younger group do. To the point where we we are doing annual raises, there are some partners that worry person A is going to be upset when they figure out what person B is getting as a raise, even though B is a better performer. It really stinks because we have somewhat of an up or out mentality and people are paid based on performance. There are going to be variances.

It is really ridiculous and annoying. If you think you deserve a better raise, get better reviews.

 

[ShirikiUtundu]

I think salaries as a secretive subject is a long past, out of date tradition. I work in the public sector so anyone could look up my salary. But I have no problem talking about it and don't understand why anyone would. I'm a hair older than a millenial .

 

[morgan98]

I think that people finally sharing what they make has helped identify some pay inequalities that are happening, and for the most part if companies are being fair with how they choose salaries then I don't see why it's a problem if their employees discuss their pay.

Having said that, I'm pretty biased because my husbands salary has always been public knowledge -printed in a book so I'm sure that has influenced us. He and I are both very open with finances, we don't see it as something that should be kept in secret and are trying to be open to help our kids learn about money and how to manage it. Growing up we didn't know how much money our parents made or how much our mortgage was or how much they donated to charity. We are showing our kids these things, to hopefully help them do a better job of managing their own money someday.

In theory this would be a good answer, except pay is often based on value an employee brings through performance and skill set. If people want to discuss it among themselves, i guess the can, but I am not sure it is up to the employee, who may not know all of the facts to determine if it is "fair."

We have a robust HR protocol that compares salaries to market, peer firms etc., but there is still a value and performance element that leaves "fair" up to management.

ETA: The HR protocol also makes sure there is no pay bias based on sex, race, etc.

 

[wgeo]

As I have posted before I have spent my career at large public accounting firms, now in a leadership position. I am 47 and we NEVER discussed salary specifics we each other when I was coming through the ranks (and not now either). I mean we may have shared if we were happy with raises or not, but never specifics. Now a large percentage of the younger group do. To the point where we we are doing annual raises, there are some partners that worry person A is going to be upset when they figure out what person B is getting as a raise, even though B is a better performer. It really stinks because we have somewhat of an up or out mentality and people are paid based on performance. There are going to be variances.

It is really ridiculous and annoying. If you think you deserve a better raise, get better reviews.

For me, if I got a 5% raise and then found out that Jane got a 10% raise it would be a kick in the pants and I would work much harder the next year. Although, I do appreciate that other people would react differently, and instead of working harder they may complain that they didn't get Jane's raise, but well those are the people that you weed out.

 

[jrmasm]

I think it's a terrible idea but I'm old.

BTW, my salary is public record.

 

[CdnCarrie]

I'm union. Anyone could find the salary scale if they know my classification. Collective agreement is online.

 

[dish rag]

A friend of mine is a dentist who employs 4 women. He just had a big kerfuffle in his office when one of the millenials started telling the others what her pay grade was. I was taught that's something not discussed. No matter what it will cause problems in the work place.

 

[BillSears]

I worked for the federal government so everyone's salary was public record. I can still do a search here to see what people earn. Old co-workers, family, friends, anyone...

https://www.fedsdatacenter.com/federal-pay-rates/

 

[gillep]

I am an older millennial and I have never shared my salary information with anyone other than my husband. If one of the more junior researchers asked me in order to gauge salary potential, I would be able to give ranges, based on the different levels I have been at, but I would not give specifics, as I negotiate that with my boss each year based on experience, performance etc.

 

[bethy]

https://www.yahoo.com/finance/news/one-third-older-millennials-share-salary-coworkers-132549341.html

I found this article interesting. I have always been on that mindset that what you make is a private thing and was in the camp of it being "taboo" info to share, especially with co-workers. Apparently (at least according to the survey in the article), it's becoming more of a common thing to discuss. And, I guess I never thought about it in this way, but the article also mentions that discussion of salary with co-workers can be helpful in understanding where you stand when it comes time to discuss salary with management.

Your thoughts? Do you share your salary with co-workers? With members of your family? Do you think it's something that should be taboo or should be openly discussed? Just curious.

They are smart to do so and it is in their best interest IMO. Information is power. And sharing that info gives them each a little more leverage with their employers.