Well, I could have gone with a title: “Pay Transparency” but this one is probably more catchy.
As the inflation soars, cost of living is up through the roof, maybe the cure is in this cultural aspect.
It’s quite a “no-no-no” to ask for people’s compensation, even your close friend’s, and in a lot of cultures this is almost like a “privacy invasion”.
However, recent changes in the regulatory space can shape how this evolves.
A recent bill passed by the State of California, and it seems like it’s not going to stop. Basically, the companies are now required to disclose pay scale for the role they’re hiring.
How can I find out what my job’s worth?
If you and your teammates are already close to share each other’s compensation data, that’s OK. If not, this pay transparency movement can also help you to be more aware what your market is.
It’s definitely tricky to get this data. As professionals, we use consultancy services and purchase specific market data collected by surveys. And, guess what, they’re expensive and you cannot purchase as an individual.
That leaves you with some crowdsourced data. A good example would be levels.fyi. Although they’re not accurate by the levels of organization, location and scope of the role – they definitely gives you a starting point.
You can also try exploring job sites such as Glassdoor, Salary.com, and even LinkedIn. They offer a platform to look into comparison charts to get an approximate salary range for the respective roles. In addition, you can also reach out to a few people in the same role to get a better sense of the pay scale.
At the end of the day, people should look at their compensation package as their “price tag”. Your compensation package is the monetary equivalent to the worth of your services that’s determined by the organization(s).