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When people don't know how their pay compares to their peers, they're more likely to feel underpaid and maybe even discriminated against.
For companies, pay secrecy is actually a way to save a lot of money. Keeping salaries secret leads to what economists call "information asymmetry." This is a situation where, in a negotiation, one party has loads more information than the other. And in hiring or promotion or annual raise discussions, an employer can use that secrecy to save a lot of money. Imagine how much better you could negotiate for a raise if you knew everybody's salary.
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It's not one size fits all. Some post their salaries for all to see. Some only keep it inside the company. Some post the formula for calculating pay, and others post the pay levels and affix everybody to that level.
So you don't have to make signs for all of your employees to wear...
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Letting people know what you make might feel uncomfortable, but isn't it less uncomfortable than always wondering if you're being discriminated against? Openness remains the best way to ensure fairness, and pay transparency does that.
That's why entrepreneurial leaders an...
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Most of us are uncomfortable with the idea of broadcasting our salary. We're not supposed to discuss that with our office neighbors. The assumed reason is that if everybody knew what everybody got paid, then all hell would break loose.
There'd be arguments, there'd be figh...
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