Peter and I were golfing buddies for years until one day he started asking me about my compensation. I refused to tell him for weeks until he mentioned he was in a tough situation, negotiating a package with a potential new employer and sought my advice as someone several years his senior. When I did, he quieted down, walked to the next hole and smacked his driver down the pipe. As weeks turned into months, I realized he no longer pinged me to play golf. Peter turned cold and I later found out that the reason why he never took the new job was because he countered them so high based on what he heard from me that they pulled the offer. Peter blames me for not getting the job and not making the money he feels he deserves to make. I have no control over what the potential suitor was willing to pay so why is it my fault? He asked me to be his mentor when he first graduated from college, and his competitive drive drove him overboard. He compares everything from cars to property with everybody. As an example, he purchased a two year old Aston Martin Vanquish around his 30th birthday. All he had to do was buy a two year old Honda Civic and it would blow away what I was driving and most of our circle since we take the bus! It was an absolute mistake revealing my income to .
Not to put you on the spot, but this quiz is foolproof.
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)}There are many questions Alison Green is asked as a columnist who writes about workplace issues. The boyfriend happened to be her father. Another time she heard complaints about a janitor who cast a hex on her colleagues. But Ms. Many employees are loath to discuss their salaries, she said, worried it would cause resentment, or worse, among peers. Perhaps it is why, too, Ms. Answers were anonymous; the data was compiled in a spreadsheet on Ms. Within a half-hour, she had 1, responses. A day later, so many people posted their salaries her website froze. She was surprised by the overwhelming response: Previous surveys in and garnered a fraction of interest, fewer than 2, comments apiece. Why the interest now? Attitudes about workers disclosing pay are shifting, for one, as unemployment has reached a five-decade low. And the gig economy has made salary comparing a near necessity for. How else does a person know what to charge if they are a freelancer? Secrecy is one reason accurate salary data is hard to .⓬
Recommendation To Build Wealth
Conversations about money are often awkward under the best of circumstances, even among adults. Throw in the difficulties that many parents and teens encounter in communicating openly with each other about nearly any sensitive topic, and the thought of talking to your teenager about money can be daunting. Make it personal—talking to your teenager about your salary, something you may never have revealed to anyone except your spouse or partner—and your anxiety might climb to another level. Dow Jones, a News Corp company. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. Dow Jones. News Corp. Journal Reports: College Rankings. Top Colleges in the Northeast for Student Outcomes. A Happy Year: U. Gold, at a Discount? Yes, Through a Closed-End Fund. Journal Reports: Decade in Review.
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In fact, being open with colleagues and discussing compensation will empower as well as educate you. And you may all see the benefits. If you do find out you’re making less than your peers, there a few steps to take to increase your chances of success before you go to your boss, she says. Here’s how to make sure you’re positioning yourself well to get a raise. When you’re just starting out, you shouldn’t be focused on whether you’re making enough money, or that someone else is getting paid more than you, Orman says. Instead, you should make it your mission to be an indispensable employee. That’s good advice whether you want to increase your pay or get a promotion. That can mean being so dedicated and reliable that your bosses end up telling each other, «‘Have you seen that person? They could go home at 5 p. We need workers like that,'» says Orman. Besides putting in extra hours, as Orman told CNBC Make It last year, there are other smart ways to make yourself indispensable at work :.
Then ask for a raise the right way
Being asked about your salary can be awkward. We’ve recognized, over time, that sharing our ideas and even our fears with trusted friends and family only builds our understanding and makes our lives better. These days, it’s okay to talk about the troubles we’re having with our children or even our marriages. We can talk about race, religion, identity. That’s way too personal, and it’s a conversation fraught with danger.
But, what if this is a mistake? There may be some real upsides to loosening up our conversations about money. Let’s take a closer look at this issue to determine if we should be discussing our earnings with friends and family members. There are a number of things to keep in mind that can help you decide what’s best for you. The salary transparency debate is really heating up right. We’re really just beginning to understand the tremendous value of pay transparency for businesses.
Employers need to open up about how compensation is determined in order for employees to feel confident that they’re being paid fairly. Salary transparency at work can be a powerful tool that supports job satisfaction and employee retention. Employers would be wise to consider heightening the transparency of their compensation practices, but this is a choice most of us don’t have much control.
However, some folks are sharing information about earnings with co-workers. This is another way to go about improving pay transparency in your workplace. It’s a bold move, so consider carefully before taking action. Salary transparency, between coworkers and between friends and family, is ultimately about helping to right the gender pay gap. Pay transparency helps workers understand their earnings in relation to the salaries of their peers.
This helps to eliminate unfair or biased compensation practices as the discrepancies are brought to light and therefore end up being addressed. While sharing financial info with non-co-workers won’t have the same immediate effect, it can help you get a better sense of whether you’re being paid fairly. Although, for unbiased data with the honesty of anonymity, you’re still better off to go straight to PayScale’s Salary Survey and compare apples to apples.
The gender pay gap exists, at least in part, because it’s allowed to exist. Openly sharing our financial truth with one another, both inside and outside of the office, is one of the best weapons we have against it. There is so much we can learn from talking with the people we love and trust. The thing about sharing our salaries with friends and family members is that the conversation often doesn’t just stop. Maybe it’s because we’ve been figuratively sitting on our hands for so long when it comes to discussions of pay — once we start, we just keep going.
Pretty soon, we’re telling our whole earnings history, sharing stories and tips for negotiating salary, and discussing how our organization handles the transparency issue. We can learn so much from the people who we love and trust the. If we open up to our most trusted companions about this area of our life, it’s likely to help us make improvements. The truth is that discussions of money in our culture need to be handled delicately, even with our closest friends and sometimes even with our family members.
Maybe it’s because our society puts so much emphasis on money; our identities are more tied to our financial worth than they should be.
We worry about the reactions others will have when we tell them what we make. So, if you do decide to talk about your earnings with your peeps, do so thoughtfully and strategically.
Be sure to think the decision. Once you have shared your earnings, don’t necessarily expect to get the same information in return. Although being open about pay might be good for us, it’s a personal choice.
Don’t share what you earn because you want someone to return the favor. Leave that decision to. Find out how your salary stacks up on PayScale. Account icon An icon in the shape of a person’s head and shoulders. It often indicates a user profile. Login Subscribe.
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Is It Really Possible To Make Money From Your Blog
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Begin by making yourself indispensable
)}An award-winning team of journalists, designers, and videographers who tell brand stories through Fast Company’s distinctive lens. Leaders who are shaping the future of business in creative ways. New workplaces, new food sources, new medicine—even an entirely new economic. Pay transparency—or knowledge of salary and compensation across an organization or company or even publicly—is often cited as a solution to the gender pay gap. But this is no small task. Cynthia Pon g is a career and negotiation coach and former attorney. She helps women of color realize their career potential, and a large obstacle to that realization is the gender pay gap, which disproportionately affects most women of color. Pong believes in the power of pay transparency to close the gender pay gap. If companies are not publishing pay statistics, employees have to facilitate the conversation for themselves. But how do you ask someone how much money they make? Pong has advice for navigating this difficult conversation. There are all sorts of reasons—both justified and not—that different people who do the same work earn different salaries. Credentials like more experience, specific certifications or licenses, stronger performance, and more education are all non-nefarious reasons companies may use to pay one employee more than another even if they perform the same role. Pay parity is about giving everyone the same opportunity to earn the same salary. If you have reason to believe a coworker is making more than you in the same role, check LinkedIn to get a sense of their education, credentials, experience, and accomplishments. Look for online bios and more information about them that may affect how much money they make. You can also begin to probe for information from coworkers. Most people love to talk and the silence will make them uncomfortable, and therefore more likely to talk. Before you enter the money conversation, check your intention.⓬
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