Talking about salaries is often considered taboo, which leaves people hesitant to provide even their nearest and dearest with details about their income. However, there can be benefits to being somewhat open about pay rates. If you’re trying to decide whether you should divulge your salary to your friends, here are some points to consider.
The Benefits of Divulging Your Salary to Friends
Insights About Jobs and Industries
Talking to friends about salaries can help you figure out whether certain industries, fields, or jobs are stronger from a compensation perspective than others. If you’re early in your career or preparing to make a change, that could help you choose more lucrative paths. For those well into their careers, it could show which small pivots or individual skills could make a difference.
Identify Compensation Discrepancies
If you and your friends work in the same job, either with the same employer or for different companies, discussing your salaries creates opportunities to identify compensation discrepancies. Often, determining whether you’re genuinely underpaid is tricky, even with the multitude of salary sites available today.
Employee-reported salaries aren’t guaranteed to be accurate through those websites. Not all of the reported averages are location or industry-based, and they may not openly address skill or experience level differences. As a result, they can give you an inaccurate impression of where your earnings stand in comparison to others.
By speaking with your friends about compensation, you can compare differences in your earnings. Factor in base pay, bonuses, and benefits to see how you measure up to one another. Then, see if your skill sets and experience generally align or how much they differ. Then, you can determine if your (or their) salary might be subpar.
The Drawbacks of Divulging Your Salary to Friends
May Harm Relationships
In some cases, broaching the income topic can harm relationships. While people are increasingly open to the idea, it’s still a taboo topic for many others. Generally, casually asking if people are willing to participate in the discussion isn’t problematic, but repeatedly pressuring someone to talk about their salary is typically considered rude.
As a result, it’s wise to gauge people’s feelings about discussing the subject before actually sharing details. By doing so, those who are uncomfortable can decline to participate, while those that are can have a separate conversation on the matter at a later time.
Could Expose Financial Inequalities
Not everyone responds to financial inequalities the same way, regardless of the reason for their presence. Among a friend group, those who make more may feel suddenly pressured to cover more expenses for group outings, with others claiming the person should step up because they can “afford it.” Judgments during gift-giving occasions may also occur, with some assuming higher earners should spend more simply because their income is higher.
For those who have less income, they may find themselves not invited to activities that the other group members view as expensive. A person with a lower income may also experience a degree of shame over their position, which can harm their self-esteem.
Should You Divulge Your Salary to Your Friends?
You should only proceed with divulging your salary if you’re comfortable sharing these details. It’s always a personal choice for everyone involved, so don’t participate if you’re concerned about the potential outcomes, and don’t pressure others who are hesitant.
Ultimately, salaries are a sensitive subject, and they can lead to judgment and assumptions. As a result, it’s best to only move forward with those you trust not to take the information the wrong way, and you’re genuinely comfortable doing so.
Do you think that you should divulge your salary to your friends? Why or why not? What about your coworkers, family members, or people in your professional network? Have you ever told someone your salary and want to let others know what happened? Share your thoughts in the comments below.
Read More:
- 7 Myths About Salary Raises – Debunked
- 10 Signs That It Is Time to Renegotiate Your Salary
- 5 Ways to Ask Your Boss for a Raise
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