What’s the Best Kept Secret of Top Wage-Earners: Salary Transparency
Here’s a great example of how transparency around salary and compensation in the workplace can be a terrific tool for negotiation for both employees and employers ripped right from the headlines. Earlier this week it was reported that UBS AG will increase compensation for financial advisers in its wealth management business. UBS has been losing talent to a competitor with a more attractive compensation package.
If you run in “big bank” circles, news about compensation and who’s offering what travels fast, furiously and freely. Why? Because everyone stands to benefit from the information. If you’re talented you want to make sure you’re getting the best deal. Equally, the banks want to remain competitive and recruit and maintain top talent. This is even more important in today’s competitive economy than in recent history. Ask yourself why these rules should only apply to the top wage-earners at the most elite firms? There is no good reason. No matter what industry you call work, the basic principles of competition and fairness are in play. Salary negotiation is a key component of that process. Glassdoor is the only site that offers free salary information on a per-company basis. And, unlike other sites, Glassdoor breaks down salary information by specific job title not generic job category. What we aim to accomplish with Glassdoor is to provide a reliable forum where everyone can contribute, get reliable salary and job satisfaction information, and make better informed decisions about where they work. We understand, much like those financial advisers, that the more you know, the better able you are to negotiate a competitive compensation package.
Don’t believe us? There is more to the UBS story. Following the UBS announcement, Citigroup’s Smith Barney also raised compensation for top earners in an effort to recruit new talent. Morgan Stanley said it would offer deals that are competitive with the “industry standard.” We think this says it all. Encourage your friends and colleagues to check out Glassdoor and contribute to the community.