It ranks as one of the more anxiety-provoking workplace moments: Negotiating your salary/raise/bonus. But what if your company opted to do something a bit more radical when it comes to employee compensation?
Enter the Open Salary approach.
The concept started getting buzz when social media marketing firm Buffer introduced it back in 2013. What is it? Basically, the open salary policy puts transparency first when it comes to salary info. At Buffer, they use a simple (and public) formula to calculate their staff’s pay, then share every single person’s salary—whether you’re an entry-level hire or CEO—with the team. (The pay-off, they say, is that it encourages trust, but also eliminates hiring biases—a win-win.)
Fast forward to 2019 and more and more companies are following suit. Glassdoor recently published a list of 18 businesses around the country with salary info you can see before applying, and major brands—Whole Foods included—are opting to share employee compensation, which was previously top-secret info, internally with the entire team.