Survey Millennials are much more likely to share their salary than other generations

Survey Millennials are much more likely to share their salary than other generationsSurvey Millennials are much more likely to share their salary than other generationsMillennials are changing the workplace landscape again - this time by breaking the taboo on sharing how much they earn on the job.Among those aged 18-36, 63% have disclosed their salary to someone in their immediate family, compared tojust 41% of baby boomers ages 53-71 , according to personal finance blogThe Cashlorette.In addition, 48% of millennials let a friend know their salary - more than double the 21% of baby boomers who have done the same - and 30% of millennials clued in someone they work with - more than triple the 8% of baby boomers who did.Were definitely seeing more transparency when it comes to salaries. And, its likely for the better, saidSarah Berger, Founder of TheCashlorette.com,which tapped Princeton Survey Research Associates grenzberschreitend (PSRAI) tosurvey1,001 American adults. Knowing wha t your friends and colleagues make in a similar field is empowering in making sure youre being compensated fairly and gauging when it might be time to move on or request a raise.Things to consider before sharing your salaryPast salary levels can be a boon in current-day salary negotiation levels - if theyre high - or a distraction if theyre low. Workers hamstrung by a poorly paid history can be permanently stuck in a bad pay rate that makes it hard to catch up with incremental raises.Its specifically for that reason that places including California, Oregon, New York City and others have adopted legislation that forbids employers from requesting or salary history from job applicants, according to The National Law Review.While there are certainly reasons why sometimes its a good idea to err on the side of discretion, there are cases where sharing your salary could prove beneficial when talking to coworkers.Berger cautioned that while transparency is a good thing, not everyone is goi ng to earn the same in the same role.Its important to remember that in many fields, your salary is determined by factors other than just your job title, like experience or work performance, Berger said.Heres when you should consider sharing your job salary.You think everyone isnt being paid enoughTheres strength in numbers.Although he believes that you usually shouldnt tell your coworkers, Roy Cohen, career coach and author of The Wall Street Professionals Survival Guide, told Forbes about when it could be appropriate.When you have reason to believe that everyone at your company or in your department is underpaid, it can make sense to share your salary with co-workers. This can help the group join forces to all negotiate a better salary, Cohen told the publication.Theres a lack of clarity at your companyManagement researcher David Burkus speaks about what happens when employees are in the dark, and how transparency could lead to better salary negotiations in a TEDxUniversityofNevada talk.But why would a company even want to discourage salary discussions? Why do some people go along with it, while others revolt against it? It turns out that in addition to the assumed reasons, pay secrecy is actually a way to save a lot of money. You see, 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 versetzung 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 everybodys salary, Burkus said.Burkus said that according to economists, information asymmetry makes it easier to turn a blind eye to the discrimination thats already present in the market today.If we really want to close the gender wage gap, maybe we should start by opening up the payroll. If this is what total market failure looks like, then openness remains the only way to e nsure fairness, he said.Your loved ones might help you gain perspectivePayScale illustrates what can happen when you talk to your family and friends about your paycheck.Pretty soon, were telling our whole earnings history, sharing stories and tips for negotiating salary, and discussing how our organization handles the transparency issue. We can learn so much from the people who we love and trust the most. If we open up to our most trusted companions about this area of our life, its likely to help us make improvements, the site reports.