{"id":580423,"date":"2022-12-26T13:24:08","date_gmt":"2022-12-26T13:24:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/money-talks-why-we-need-to-talk-about-salaries-more-openly\/"},"modified":"2022-12-26T13:24:08","modified_gmt":"2022-12-26T13:24:08","slug":"money-talks-why-we-need-to-talk-about-salaries-more-openly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/money-talks-why-we-need-to-talk-about-salaries-more-openly\/","title":{"rendered":"Money talks: Why we need to talk about salaries more openly"},"content":{"rendered":"

<\/a> Why the discourse on salaries needs to change: <\/strong>Money is a touchy subject. People are taught that it\u2019s rude to ask how much something costs, or how much someone has saved up, and most importantly never to ask someone how much they make. Talking about salaries has been a major taboo for so long, forcing people to stay quiet about how much they earn, and leaving them blind to the fair pay they should be getting.<\/p>\n

It\u2019s an ancient mentality: <\/strong>The etiquette and rules surrounding money-centric conversations has been passed down from generation to generation, and it is only one in an exhaustive list of off-limit topics. Religion and politics are also sensitive topics parents deem too controversial for a casual conversation among friends. In Middle Eastern societies especially, the mentality stems from the evil eye \u2014 an impressive salary will attract envy, while a below average salary is something to be ashamed of. \u201cThere are few things that can cause joy, shame, contentment, anxiety and stress the way that money does,\u201d financial journalist Korrena Bailie told the New York Times<\/a>.<\/p>\n

The post-pandemic market shift: <\/strong>An unfortunate consequence of growing up not discussing money matters is the lack of knowledge of basic financing, saving and investing. Many people are currently struggling to make ends meet amid the ongoing cost of living crisis, soaring inflation and the Great Resignation \u2014 a recent trend where workers are quitting their jobs voluntarily \u2014 bringing the topic of money to the forefront of people\u2019s minds, especially when discussing employment, the Financial Times<\/a> wrote.<\/p>\n

Why does it matter? <\/strong>An open conversation about salaries will ensure the company is devoid of pay discrepancies and create a more balanced work environment, putting employers in a position where they must pay employees with the same title an equal salary. An open conversation will also help ensure employees in the same field have similar pays across the various companies they might be working in, revealing whether a specific company is paying employees less than market value.<\/p>\n

Employees value salary transparency: <\/strong>A Visier report<\/a> about pay transparency found that up to 68% of employees are likely to switch employers who offer better salary transparency, regardless of whether or not that meant higher wages.<\/p>\n

And there\u2019s a demand for it: <\/strong>63% of surveyed employees would confront their employers and request equal pay if they find out they are getting paid less than their colleagues, according to a ResumeBuilder.com survey<\/a>. Around 4% said they would quit in that situation, while another 9% said they would take legal action. 85% of respondents said that they are more likely to apply for a job if the salary range was listed in the job vacancy and a majority said they are likely not to apply to a job with an unsuitable range.<\/p>\n

Maybe we should take a cue from the US:<\/strong> The Colorado Wage Transparency Act came into effect last year<\/a>, forcing employers to include a salary range in their job vacancy listings and prohibits employers from taking adverse actions against employees who discuss their wages with others.<\/p>\n","protected":false},"excerpt":{"rendered":"

Why the discourse on salaries needs to change: Money is a touchy subject. People are taught that it\u2019s rude to ask how much something costs, or how much someone has saved up, and most importantly never to ask someone how much they make. Talking about salaries has been a major taboo for so long, forcing […]<\/p>\n","protected":false},"author":1,"featured_media":580424,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8280],"tags":[107,633,1120],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-580423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-life","tag-covid-19","tag-enterprisepm","tag-office-life","wpautop","entry"],"acf":{"mongo_id":"b9223ea6-70b9-4d1f-99d3-cfdba5cfe2d4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/786.jpg","photo_position":"above","related_issue":[580408],"teaser":"","voice_url":""},"yoast_head":"\nMoney talks: Why we need to talk about salaries more openly - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/money-talks-why-we-need-to-talk-about-salaries-more-openly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Money talks: Why we need to talk about salaries more openly\" \/>\n<meta property=\"og:description\" content=\"Why the discourse on salaries needs to change: Money is a touchy subject. 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El Watan\u2019s Hazem Mounir says that increasing ministers\u2019 pensions in lock step with salaries while appealing a court ruling that would have forced the state to raise pensions for all is \u201cincomprehensible.\u201d Ahram\u2026","rel":"","context":"In "On Deadline"","block_context":{"text":"On Deadline","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-deadline\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571719,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/21\/egypt-to-introduce-1-tax-on-all-salaries-to-fund-covid-19-fight\/","url_meta":{"origin":580423,"position":1},"title":"Egypt to introduce 1% tax on all salaries to fund covid-19 fight","author":"enterpriseam admin","date":"21 May 2020","format":false,"excerpt":"Cabinet plans 1% corona tax on all salaries, says measure would be in effect for one year starting 1 July 2020: The Madbouly Cabinet has approved a draft law that would require companies to dock 1% from all employees\u2019 monthly salaries during FY2020-2021 to help fund efforts to contain the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/231.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":704262,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/20\/welcome-to-the-first-issue-of-money-matters\/","url_meta":{"origin":580423,"position":2},"title":"Welcome to the first issue of Money Matters","author":"enterpriseam admin","date":"20 May 2026","format":false,"excerpt":"Good morning, wonderful people, and welcome to a very special issue of EnterpriseAM. This is the first installment of Money Matters.Technology has completely changed our relationship with money. Savings and investments are now just a tap away on our phones, and financial decisions have quietly become part of our everyday\u2026","rel":"","context":"In "INTRO"","block_context":{"text":"INTRO","link":"https:\/\/enterpriseam.com\/egypt\/category\/intro\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627984,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/20\/parliament-wants-to-raise-income-tax-for-salaries-exceeding-egp-500k-per-annum\/","url_meta":{"origin":580423,"position":3},"title":"Parliament wants to raise income tax for salaries exceeding EGP 500k per annum","author":"enterpriseam admin","date":"20 June 2018","format":false,"excerpt":"LEGISLATION WATCH- Is the wealth tax coming back in a watered-down form? House Budget committee is looking to raise tax rate on salaries >EGP 500k p.a. to 25%: The House Planning and Budget Committee is looking into amending the income tax code bring back a wealth tax that would see\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596820,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/09\/draft-pensions-act-sets-social-security-rates-for-egypts-public-and-private-sector-employees\/","url_meta":{"origin":580423,"position":4},"title":"Draft Pensions Act sets social security rates for Egypt\u2019s public and private sector employees","author":"enterpriseam admin","date":"9 July 2019","format":false,"excerpt":"LEGISLATION WATCH- Employees will see 21% of their salaries go towards their pensions under the draft Social Security and Pensions Act: The House Manpower Committee has approved a number of articles in the new Social Security and Pensions Act that would see public and private sector workers pay 21% of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/2088.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592142,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/29\/breaking-down-how-egypts-newly-established-pension-fund-will-work\/","url_meta":{"origin":580423,"position":5},"title":"Breaking down how Egypt\u2019s newly-established pension fund will work","author":"enterpriseam admin","date":"29 December 2019","format":false,"excerpt":"LEGISLATION WATCH- Breaking down how the newly-established pension fund will work: The body that administers the state pension fund issued a circular on Thursday detailing how the pension fund established under the Social Security and Pensions Act will operate, Masrawy reports. The circular outlines the criteria for employees covered by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/580423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=580423"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/580423\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/580408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/580424"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=580423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=580423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=580423"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=580423"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=580423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}