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Experts say more salary transparency between employers, workers could be coming

Hundreds Fanned Out
Posted at 11:05 AM, Dec 21, 2021
and last updated 2021-12-21 12:10:47-05

A majority of companies say they plan to offer raises to their employees in the next six months.

Companies who plan to offer raises say they're taking everything into account, including worker performance, wage stagnation during the pandemic, keeping pace with the competitive job market and the increased cost of living from inflation.

Potential raises could open up more conversations about salaries in general for workers across the country.

LinkedIn says more workplaces are starting to become more open about pay transparency. In a recent survey, 66% of people say that more pay transparency leads to 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."

LinkedIn found that the competition to recruit workers is one thing bringing salary talks out of the shadows, as is the growing push to hold companies accountable for diversity and pay equity promises.

McCaskill recommends talking with managers to get a better idea of pay ranges. Managers can also point workers toward resources on how their company determines pay.

"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," McCaskill said.

McCaskill adds that those who aren't comfortable talking with their manager can check with the Bureau of Labor Statistics or LinkedIn's salary tool.

McCaskill also says that workers shouldn't be concerned if a coworker has a different salary. He notes that the coworker may have a different skill set or experience level. There could also be external factors like the state of the economy when they were hired.