Have you ever asked a coworker how much they make? If you haven’t, there’s a good chance you can’t even guess. That’s because studies reveal people can only guess right about a coworker’s salary about half of the time. Unexpected factors like experience, negotiation skills, their benefits, and unfortunately, their gender may change their salary drastically.
While it may be uncomfortable to talk about salary with your coworkers, it’s essential to do so to ensure you’re being paid fairly. If someone with similar experience and title is making significantly more than you, you may deserve a pay raise. On the other hand, you may be able to help out someone who is being underpaid. Plus, removing the taboo around money topics means you can discuss finances more freely among friends and partners getting a better hold on your overall financial life. Since our finances are such an essential part of your overall well being, having open and honest conversations about your budgeting, debt and work can play a big part in making wise decisions.
Discussing money is especially important for women. 61% of women would rather talk about death than money, and only 30% ever ask for a raise compared to 41% of men. Women tend to avoid money topics because they are less likely to ever be taught about them, and are more likely to be characterized as bad with money in the media. While society and hiring managers have a huge role to play in closing that confidence gap, women can still take back the conversation on money.
For more on breaking the salary silence, check out this infographic by Turbo:
