Salary information finally becomes transparent

Never around the dinner table, not during the interview process and certainly not in business - so when is it okay to talk about money? In the workplace, it seems more and more companies (58% in fact) are becoming transparent about pay in an effort to eradicate gender and cultural biases.

Because despite great strides in creating a more diverse and equal workplace, the fact remains that in the United States, women earn an average of 16% less than men, while that the wage difference for people from Black, Asian and Hispanic communities can be as high as 43% compared to white workers.

But let's back up for a second. What exactly does pay transparency mean? This is basically a company policy that involves the company sharing information about its compensation levels and salary brackets before and during the hiring process and with existing employees.

This means sharing all financial information about its employees with its employees to ensure that there are no discrepancies between employees doing the same job. Sounds good, right? Well yes. Done right, pay transparency results in a more positive, collaborative, and engaged workforce because there is no resentment between workers.

It also reduces cultural and gender pay gaps, opens up opportunities for previously marginalized workers, and creates a workforce based on ability and skill rather than genetic makeup.

So what's the downside? Pay transparency is not limited to a town hall meeting and the dissemination of a salary note, which is only now becoming a matter of course for companies. This requires a slight overhaul of HR practices and how they relate to salary - such as a very clear outline of how financial reward is results driven as well as a clear explanation of the steps needed to achieve a higher salary bracket . Staff need to know what they need to accomplish if they want to progress to the next salary bracket.

For workers, this poses a slightly different conundrum. If you bring more value to the company than a colleague earning the same salary as you, how can you ensure your reward package is representative of your performance and avoid resentment? In short, it's about how you can make pay transparency work for you.

Being savvy is like this: look beyond money and work to create a personalized non-financial benefits package that adds to your lifestyle.

Why do you deserve extra benefits? When you schedule a meeting to discuss this issue with your manager, make sure you've done your homework and prepared your pitch. What value have you brought to the company over the past year, and what is your value? Be specific here.

Look at the team average and compare your impact. Try to avoid comparison with a colleague and instead compare your results with the whole team. It makes your presentation stronger and more professional. If you brought in 20% more than the team average, that's an argument for an extra reward. It's harder to argue with data than with emotions.

What do you want? Is it a 401K match, extra paid time off, or flexibility in your workday to start a little later or finish a little earlier? Know exactly what rewards you want and suggest them to your boss - suggest them all, don't stick to just one. By offering four to five options to your boss, you are doing the hard work for them and removing the possibility of gaining an advantage that is of no value to you.

If you are clear in your value to the company but your boss is unwilling or unable to offer a non-monetary reward, then pay transparency is not working for you and you have to walk away. You've done your homework on your worth and know what benefits you want, so you have your starting point for negotiations with a new employer. There are dozens of companies currently hiring on VentureBeat's Job Board, three of which are highlighted below - all offering great benefits.

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