Transparent piggy bank

Although there are typically no specific rules preventing employees from discussing their salaries with coworkers, conventional wisdom has traditionally discouraged such conversations as they can lead to conflict and resentment.

A new report from Self Financial found that the majority of employees – about 83% – believe the salaries of all employees should be transparent, and nearly three-quarters of those surveyed said they have openly talked about pay with their colleagues. This transparency has not necessarily led to positive feelings about pay, the report found. About 66% of employees said they felt underpaid after finding out how their salary compared with coworkers, and 63% said they were tempted to quit after finding out they were being underpaid. 

However, these feelings of frustration may be unfounded, as 61% of respondents to the survey said they have lied to co-workers about how much they earn. Younger workers – those between ages 18 and 26 – were the most likely to have been dishonest with co-workers about their salary, the report said. Younger workers also were the most likely to support disclosing salaries to colleagues, while Baby Boomers were the least supportive of this idea. 

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.