Kevin O'Leary: Why you should 'absolutely' talk about your salary with co-workers and friends via CNBCMakeIt
Talking about how much money you make — especially in the workplace and among friends — can be a thorny topic. But that doesn't mean you should stay quiet, says"Shark Tank" star Kevin O'Leary."Here's why," O'Leary tells CNBC Make It."Very often you'll find out, as you talk to friends that work in the same industry as you, that they make significantly different salaries. And you need to know that.
Indeed, experts say that when people share their incomes, pay equity improves. But a 2018 Bankrate survey found that fewer than one in 4 people have shared their salary with a co-worker. However 33 percent of millennials have shared their salary with a co-worker and 58 percent have talked about it with a friend.
"That makes me think when I'm giving a raise to one person in a department, that maybe I have to give a raise to someone that works right beside them," he adds."It's a good thing because I want to treat everybody fairly." In fact, employers are legally barred from forbidding employees to discuss pay and benefits thanks to the National Labor Relations Act. And in 2014, then-President Barack Obama signed an executive order prohibiting federal contractors from retaliating against employees who share their compensation.
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