generic Younger Generations More Likely To Share Salary Info — Why This Is Welcome Trend for Equal Pay
There has been an increasing push for pay transparency recently, notably to reduce gender pay inequality in the workplace. However, a new survey noted that not everyone is comfortable sharing information about earnings, and age is a large factor in the decision.
See: 5 Money Experts for Gen Z To Follow Now
Find: These 5 Cities Have the Most Economic Gender Parity in the US
A new LinkedIn Pulse survey found that the way U.S. workers feel about pay transparency depends on their age. Indeed, 81% of respondents in Gen Z believe that sharing their earnings information will lead to better equality in pay, compared to 75% support from millennials and 47% for Generation X.
Meanwhile, only 28% of baby boomers say it will lead to better equality, with 42% entirely disagreeing with the premise.
Jeanniey Walden, Chief Innovation Officer at DailyPay, told GOBankingRates that “knowledge is power.”
“Younger members of the workforce view pay transparency as a critical way to determine the commitment their employer is making toward them and their future with the company,” Walden said. “Gen Z and millennials also crave and receive real-time transparency into everything, including their earnings to gauge their own personal spending power. This transparency speaks to the shift in the relationship between employer and employee where open communication and honesty has become paramount.”
These findings also align with the 2022 Compensation and Culture Report from compensation software company Beqom, which found that in the U.S., candidates reported that if job descriptions were transparent about the benefits and perks offered (81%) and salary range of the role (79%), they were more likely to apply. In addition, Beqom found that 43% of all respondents said they were comfortable discussing their salary with colleagues, with 60.5% of Gen Z and 62% of millennials more likely to discuss pay with a coworker than the older generations.
In terms of who Americans are most comfortable telling what they earn, family members are at the top of the list across all generations, according to LinkedIn.
Things are different when it comes to discussing pay with colleagues, however, with 32% of Gen Z respondents being comfortable doing so, compared to just 9% of boomers, according to LinkedIn.
Explore: Social Security Revenue Decreased Because of Wage Inequality
Learn: Most Employers Want to Know About Your Soft Skills — What Are They and How Can You Add Them to Your Resume?
Finally, LinkedIn highlights another generational difference: 34% of Gen Z Americans say they are willing to share pay information “with anyone who asks”, compared to a meager 4% for boomers.
More From GOBankingRates
Social Security: Women Get $354 Per Month Less Than Men - Here's Why
Ending Soon! Nominate Your Favorite Small Biz by July 25 for the 2022 Small Business Spotlight
Looking To Diversify in a Bear Market? Consider These Alternative Investments
This article originally appeared on GOBankingRates.com: Younger Generations More Likely To Share Salary Info — Why This Is Welcome Trend for Equal Pay
