{"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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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":[]},{"id":584485,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/31\/how-tipping-behavior-has-changed-in-this-time-of-crazy-inflation\/","url_meta":{"origin":580423,"position":1},"title":"How tipping behavior has changed in this time of crazy inflation","author":"enterpriseam admin","date":"31 March 2023","format":false,"excerpt":"SURVEY- Despite the pinch in our collective pockets, we\u2019re still tipping (even the Sayis): We need no further reminder of just how bad inflation has gotten beyond the daily trips to the supermarket, the gas station, the restaurant, etc. And with wages struggling to keep up for low income earners,\u2026","rel":"","context":"In "THE ENTERPRISE GUIDE"","block_context":{"text":"THE ENTERPRISE GUIDE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-enterprise-guide\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/630.jpg?fit=%2C&ssl=1&resize=350%2C200","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":2},"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":552966,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/12\/top-salaries-and-benefits-for-top-execs-at-neom-mans-best-friend-understands-our-stress-more-than-we-thought\/","url_meta":{"origin":580423,"position":3},"title":"Top salaries and benefits for top execs at Neom + Man\u2019s best friend understands our stress more than we thought","author":"enterpriseam admin","date":"12 October 2022","format":false,"excerpt":"Saudi Arabia\u2019s mega city Neom is luring in top management talent with USD 1.1 mn paychecks, the Wall Street Journal reports, citing an internal document. Riyadh is offering execs USD 1.1 mn annual incomes with zero taxes \u2014 and that\u2019s without the added bonuses. The average annual income for c-suite\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/441.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551920,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/31\/hybrid-work-does-good-things-for-employee-retention-are-higher-ceo-salaries-tied-to-corporate-effectiveness\/","url_meta":{"origin":580423,"position":4},"title":"Hybrid work does good things for employee retention + Are higher CEO salaries tied to corporate effectiveness?","author":"enterpriseam admin","date":"31 July 2022","format":false,"excerpt":"Proof that giving employees the option of hybrid work can slash attrition \u2014 and bump up productivity: A randomized control trial of employees at a tech firm Trip.com found that hybrid work reduced the attrition rate by a third, according to a study from Stanford University picked up by Bloomberg.\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/442.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":586336,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/mourning-the-office-rituals-weve-lost-spotify-is-doing-a-bot-purge\/","url_meta":{"origin":580423,"position":5},"title":"Mourning the office rituals we\u2019ve lost + Spotify is doing a bot purge","author":"enterpriseam admin","date":"9 May 2023","format":false,"excerpt":"Those Zoom cocktail hours just aren\u2019t the same for community building","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/639.jpg?fit=%2C&ssl=1&resize=350%2C200","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}]}}