Talking about money is something that makes most people uncomfortable. If you've not grown up in an environment where conversations about finances are common place, then speaking openly about your salary, particularly in the workplace, feels incredibly taboo. In fact, for generations open conversations about pay compensation have been actively discouraged by management teams. However, latest reports suggest a shift in attitudes towards discussing salaries, as younger generations entering the workforce are encouraging greater transparency. What are the potential benefits to openly discussing salary packages with colleagues? And how can we re-train ourselves to no longer recognise money as a taboo subject?
Salary Equality
One of the main arguments for open conversations around salaries in the workplace can be summarised in it's potential implications for equality amongst team members. By being consistently keyed in to industry benchmarks, team members are able to identify and advocate for those who are underpaid or undercompensated in comparison to other team members at their level. It can be suggested that the discouragement of these conversations is a key signifier for companies with an archaic business structure, implying that by discouraging conversations which compare compensatory packages they are contributing to pay inequality and company bias. This is particularly relevant when considering the gender pay gap, as without transparency around salaries and company benefits, it's near impossible to identify the financial barriers facing women in business.
Even from a more macrocosmic perspective, salary consistency and transparency are key markers for professionals looking to carve out a realistic and attainable career plan. By having an awareness of how certain roles (be it medical writing, client services, strategy or HEOR) advance and progress, professionals are able to better visualise their career trajectories and plan accordingly.
Talking to your consultant
Speaking about your current salary with search consultants can also feel equally daunting. It's natural to have a level of suspicion; if you've had a negative experience as a part of a hiring process where your existing salary has led to a low-ball offer, it's no surprise that you'll be hesitant to discuss your salary during future conversations. However, discussing your salary with a consultant is a great way to better establish how your renumeration package compares with the existing industry benchmarks. If it's been a while since you last considered switching roles, then it's quite possible that salary benchmarks have changed considerably as a result of an ever-evolving market.
As well as giving you a clearer perspective of how your current package compares to similar roles in the market, it's important to remember that the right search consultant for you will continuously advocate for you, ensuring that you aim for the best salary and benefits package possibly available to you.
Get in touch
If you're feeling unsure about what your salary expectations should be in the current market, or are considered that your compensatory package isn't in line with industry standards, then get in touch with the team at CM Consulting today.
Our team of consultants are on-hand to provide honest advice and guidance, consistently advocating for you throughout your job searching journey.
