It’s a common belief, especially in Africa, that you should never share your salary details to anyone. Not even your close family members.
Talking about how much money you make is generally seen as taboo.
That, however, is fading with the older generation.
According to a recent survey done by Bankrate.com, younger people aren’t afraid to openly speak about their salary.
Some 42% of Gen Z workers, ages 18-25, and 60% of millennial employees, ages 26-41, have shared their salary information with a coworker or other professional contact, the survey found.
The poll was conducted by YouGov Plc, Feb. 16-18 among 2,449 adults, and of those 1,416 were either employed or looking for work.
By contrast, only 21% of Gen Xers are willing to do the same.
This is a new trend given how secretive the older generations have been with their pay.
Sharing salary information might help you feel better about your paycheck. If you’re convinced you’re underpaid but learn that many of your colleagues are compensated similarly, it could change your job-related outlook for the better.
Still, talking salary can be a dangerous thing, especially in a workplace setting. If you talk numbers and your co-workers discover that you’re paid more than they are, it could lead to instant animosity and a host of strained relationships. And that could make for a very unpleasant working experience.
When salaries are kept secret, employers have access to way more information about compensation than new hires, which gives them the upper hand in negotiating salaries.
They know what everyone at the company makes, as well as how much they can afford to pay based on skill set, level of experience, and qualifications.