How You Can Leverage Pay Transparency to Make More Money The creator of "Lazy Girl Job" says too many people settle without asking for a better rate or salary. Here's what she says they need to do to get paid what they deserve.
By Gabrielle Judge Edited by Mark Klekas
Opinions expressed by Entrepreneur contributors are their own.
Pay transparency is one of the most powerful tools in today's job market. The days of guessing what your peers are making or staying in the dark about industry standards are long gone. With more companies adopting transparent pay practices, there are ways you can use this information to negotiate a better salary, benefits and overall compensation package.
As a Gen Z professional and content creator, I'm tired of seeing employees who stay quiet about their mediocre salaries and just accept them as they are. These old norms are outdated, and I have some strategies to help you get the right information so you can advocate for more money.
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The workplace is evolving, and pay transparency is one of the key changes shaping this new landscape. Here's how to leverage pay transparency to maximize your earning potential:
1. Research salaries for similar positions
The first step to using pay transparency to your advantage is research. Whether you're job hunting or considering asking for a raise, it's crucial to know what others in your role, industry, and location are earning.
Websites like Glassdoor, Payscale, and LinkedIn Salary Insights can give you a clear picture of salary ranges. Remember to consider factors like experience, education and company size, which can all influence pay scales. You can also get more accurate information by adding personal info — your employers, state/city, and specific skills. You can even use ChatGPT to help you do research.
Related: LinkedIn's Top Companies for 2024 Offer 'Robust' Compensation Packages — and They're All Hiring
2. Be prepared to discuss your findings
Next, be ready to discuss it with current or potential employers. This conversation isn't just about saying, "I know what others are making," but about demonstrating how your skills, experience and performance align with or exceed industry standards.
When you walk into that salary negotiation, you're not just asking for more money — you're presenting a solid case based on transparent data. Use this script to get started.
3. Use transparency to your advantage when job hopping
Job hopping is one of the most effective ways to increase your salary. When considering a new job, use pay transparency to ensure you're not underselling yourself. If the salary doesn't align with what you know you should be earning, don't hesitate to negotiate. Companies that value transparency are often more open to these discussions, recognizing that informed candidates are more likely to stay engaged and satisfied.
4. Advocate for pay transparency in your current role
If your current company doesn't have transparent pay practices, consider advocating for them. This doesn't mean you have to lead a revolution, but you can start by encouraging open conversations about compensation. When employees are informed, it benefits everyone — transparency can lead to greater job satisfaction, lower turnover, and a more equitable workplace. Plus, it gives you the data you need to ensure you're being paid fairly.
5. Know when to walk away
Sometimes, pay transparency reveals that your current job simply isn't paying what you're worth. If you've done your research, tried to negotiate, and still find yourself underpaid, it might be time to move on. Remember, your loyalty should be to your career and your financial well-being, not to a company that isn't compensating you fairly.
Remember, pay transparency isn't just a trend — it's a tool. By staying informed and using that information strategically, you can ensure you're earning what you deserve. As Gen Z continues to reshape the workplace, embracing transparency is key to achieving financial success and career satisfaction.
Watch NOW | How To Get More Money From Your Job
I recently hosted a free Entrepreneur workshop on sharing my best strategies for accelerating your earnings and getting the raise or promotion you deserve.
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And you'll learn:
- How to maximize your time and money in the workplace
- Leveraging pay transparency to get more money
- What to do if you feel undervalued and underpaid
- Strategies for getting a raise through job hopping
