Across many industries as well as social circles, salary remains a taboo subject, with some companies going to the extremes of banning employees from discussing pay, and others relying on the possibly outdated notion that discussing money is simply rude. The conversations that do take place are both secretive and vague, often including unrealistic or inflated figures, leading to distrust, and fuelling cynicism. 

While average salaries have only marginally increased this year, the surge in opportunities when compared to 2020, means that the labour market has shifted in favour of candidates. As businesses recover from the effects of the pandemic, increasing wages to attract candidates may not be a possibility for all; however, being able to meet employees’ expectations of pay transparency is crucial to retain talent, promote fairness and continue to empower the workforce.

Here are the top three reasons why you should consider introducing salary transparency while advocating for workplace equality:

1. Boosting morale and efficiency

Many business leaders argue that pay transparency can boost morale and productivity, while discouraging nepotism and unjustifiable pay grades. Salary