Did you know that only 20 percent of millennial women know how much their colleagues earn? One might say that it’s no one’s business to know how much the people working around them make. However, one of the biggest reasons why not many, particularly women don’t want to talk about their paycheques is because a majority of the time they are severely underpaid. According to data provided by Stash, a banking app, a majority of millennial women have no idea how much their peers at work make and furthermore, they have no idea how much their friends earn, even those who are really close to them.
People should speak about their earnings so that the information about their earnings can help discover people’s market value
The study which surveyed 1,200 participants also found that about 50 percent of millennial men knew how much their friends earned and while men too are reluctant to talk about how much they and others earn, they more likely to engage these sort of talks than men. Jeremy Quittner, head of Stash’s educational platform Learn, said that it was indeed tough for people to talk about a sensitive topic like how much they earn, “There are [reported] differences between what men and women are paid for doing exactly the same work. There might just be a kind of reticence for women to talk and speak up about salary and wages.” he said. However, he also added than instead of being fearful of being underpaid, people should speak about their earnings so that the information about their earnings can help discover people’s market value.
“I can reveal what I earn, and this can be a power for us to do something about our salary”
“In the spirit of being transparent, I’m asking if you feel comfortable revealing what you earn — if not the exact number, then maybe a range. Also, know that I can reveal what I earn, and this can be a power for us to do something about our salary,” said Monster.com career expert Vicki Salemi. However, it all starts with trusting the person you are sharing your salary information with, both parties must understand the benefits of having such a conversation and if one feels that they are being underpaid, they can talk to the management. “Maybe it’s saving money or maybe it’s an email from a client saying you did a great job. But go in and say, ’You know, I feel like I’m an asset to this team, and I’ve been doing internal research, and the average pay is X amount. I’m below that by X thousand,” adds Salemi. Although these conversations may feel awkward and uncomfortable at first, know that you are putting your future forward and giving your self more worth.
Image credit: CNBC.com