The secrecy of not revealing how much you get paid has been around for decades and in some companies, it is actively discouraged. In previous companies I have worked, the salary was never discussed openly and you were encouraged to keep it a secret. Yet we are all curious, and wonder whether we are getting paid enough, particularly when it comes to the person who sits next to us.
Here is a very interesting TED talk from Management researcher David Burkus, who puts forward a strong case that employees and companies are far better off if salaries are transparent. He shares a very interesting piece of research:
In 2015, 70,000 employees were surveyed. All of these employees were paid at the market rate yet 66% thought they were underpaid and of that 66%, 60% were intending to quit. That is a frightening statistic, I have mentioned many times how hard it can be to replace great people. You don’t want them leaving for what they think is being underpaid when they aren’t.
In light of recent dramas that have unfolded with the underpaying of staff by a number of large companies here in Australia, it might be time to bring the transparency of salaries and wages to the fore.
A very interesting TED talk, well worth the 7½ minutes it will take you to watch it.
Roger Simpson – CEO, The Retail Solution and Author of “The Retail Solution” With over 35 years’ industry experience, Roger Simpson is recognized as Australia’s #1 Authority on customer ROI in the retail industry and as a global expert on staff coaching, customer service, and selling skills.