New research indicates that companies are becoming increasingly more transparent about wages.
A LinkedIn survey showed that 66% of people believe that pay transparency leads to a more equitable workforce and fairer wages.
“It can help with things like your own salary negotiations that can help with understanding your market value. But keep in mind, we really need to understand what your company’s pay transparency policies are,” said Andrew McCaskill, a career expert at LinkedIn. “I always say, just because you’re super comfortable talking about your salary at work, it does not mean that other people in your office will be comfortable.”
When determining how to divvy out potential raises, companies are looking into employee performance, wage stagnation, competitiveness, and inflation.
LinkedIn showed that among the top reasons for increased pay transparency was the growing competition to attract new talent and the desire for more equity and diversity in the workplace.
To receive more clarity, McCaskill suggests speaking with managers to better understand pay ranges, as well as what factors they take into account when deciding pay.
However, if workers aren’t comfortable speaking with their manager about this topic, McCaskill recommends looking at the Bureau of Labor Statistics or LinkedIn’s salary tool to receive insight into average wages for certain positions.
“Talk to your manager about where you think your gaps are in salary and compensation, share your research, and then you and your manager together can figure out a plan and a path to get you to where you need to be with salary or to get you to the next level in your career,” said McCaskill.