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WWL>Topics>>4-14 9:10am Tommy, knowing co-workers salary

4-14 9:10am Tommy, knowing co-workers salary

Apr 14, 2014|

Tommy talks to Roy Cohen, a career coach & author of "The Wall Street Professional's Survival Guide," about whether co-workers should know each others' salaries

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Automatically Generated Transcript (may not be 100% accurate)

But it's funny as we talk about pay. Secrecy that even with a golf -- votes we're above that it's not about the money. Always have as our and that's what they -- they're -- Roy Cohen joins us right now career coach. And author of the Wall Street prevent professional survival guide success secrets of a career coach and be just tuned in there was a field study that was done. And he's professors say that this organization of business. Everybody worked more up productively when they knew what everybody else made and we're asking you do you think there would be a good thing. Or a bad thing personally I think would be a disaster. But attacks comes in I think his right now we allows a very guest. It's as I think it's good to know your worth within a market and that'll help you negotiate and avoid being taken advantage of in your current potential job I agree that -- find that out good morning right how you Dylan. -- your -- greetings right baggage you're from new long ones. I wish there right well maybe we could do with a trip to New York -- at -- how ready are again as. A carrier. -- about -- he secrecy thing line. You know. Structure ever have been very competitive and very private when it comes to disclosing a compensation. Should. The fact is that I I think the transparency has parade. But that you'd better be prepared for the consequences. When you discovered -- -- -- making more or making less senior policy. And well let's and I was wondering what what can you do what are the consequences. Well you can feel. Tremendous resentment and frustration. And anger. If you discover that your below market there's a lot that we're seeing circus saying now about. And equality between men and -- and look at what happened in the Obama administration. What women are being paid something like. A 20% less than than men. So the fact is that what it is discovered at bear. And it all. It makes people really angry. So. What do you do about you. Develop a game plan and strategies so that you can hopefully. Gain parity when it comes to -- But you gotta be -- here well. Well in the -- you know the big question I had is when you're talking about salaries. Is it based on favoritism isn't really based on supply and demand if if nobody is demanding you then you're in over supplies and Purdue will pay you what they want. Or once you get an offer from somebody else then you either leverage -- you have a legitimate. Way to say that's what my my value in the marketplace there's baucus through all of that. Well you know the fact is that it is very unclear -- Rationale why why some people make more than others allegedly viewed essentially the same job. It could be. One individual brings a particular skill set that importance of the job or they may be using it for many more years. I'm so when you the good fortune of having been did you opt for a long time. Over over -- number years you get salary increases so naturally you're going to be making more than somebody who may have just joined the organization. On the other -- I've had clients who have found themselves working for the same organization for many years and younger person comes and because they. My client has been -- -- market. Has been data -- each. A long term employee with the organization. They tend not to be app market. So when somebody who has brought it and that -- person making it a lot more money and and you know it it it is it enough to you know people certainly enrage. So what he would do you know your news Beijing I. I discovered that. Being paid below market you know surely say how you discovered. -- you do you view bring your draw attention that you're aware European below market what you need to view. In order to. Two. Address that matter. See. I just look at the big next year may be economically and maybe that's not the way it works but it would seem to me. The company decides how much to pay you ideally they showed on what you contribute to the company but then. Yet again going back to supply and demand if if somebody else wants you mold and I could and they're willing to pay you more. To hire you away will then you go and you tell -- company will look you know -- once hired me away from wine and -- -- have to go unless you wanna pay me that equivalent amount of money but until you have another offer. I don't see where you have any negotiating power because the market is in essence setting your worth -- You are absolutely correct the market does -- -- shouldn't the company. At all to be careful what you wish or if you -- mile into the job market get hurt that it's a lot more but it may not be an ideal offer for you. Should you go back. Cheer your -- and you you you tell your boss look Erica is competing offer that -- a lot of money more than I'm making now I don't want only. But I do. On your -- they say congratulations. Good luck in you know it was great working together and then you end up having to accept an offer that you really want. We may never we we would never stand in your way we wish deal with success -- likely. So literally and then there you're left with what may be a an offer that is more money. But -- have a lot of risk attached you're you know and whenever we make -- -- -- this job market because it's a -- job market. There is a potential risks that the new opportunity may not work out even though it's more. And I guess a part of this too is it might in a roundabout way teach you to. -- away you discovering how much you really value the job because it's not always about money sometimes about the conditions and with whom you're working. I still get it barely in my job so well what I wanted to do it I wanted to maximize -- Without necessarily having competing offer saying look. I look I love my job I'd love. Working review. I hope you agree that time. Adding real value. It's come to my attention and I mean he made. App market for the company is there anything that we can view. In order to bring it to market. Noticed I have been. Presented my boss and an ultimatum what I am suggesting is that I will work with you I'm trying to figure this out. In terms of watching what you ask for. If you do get your pay bumped up the a significant increase and then their cutbacks he put yourself and across -- be the first one ago. Alienate the you know look if you are. Elevating your compensation and so that it is that the very top of the -- That the the food chain. On and there are cuts that may need to happen here in India. A very visible because unless you are doing a lot more -- your colleagues. And then you know again at the same -- or elsewhere because you're you're -- it may be on the law. So what are you looking forward should be brought to market. -- to look like -- jury and that kind of little war injustice target and I and adding value just like they are. Then I'm not going to be vulnerable. He has to be paid fairly is not to be. Taking advantage of the company. Should even -- not to it's merely the companies taking advantage. You should need ever entered into this you know you go to the boss and you say like you know my car broke down in a new car. Oh what -- he had dated problems the Stanley or is it all about would you bring no cooperation because it would seem to me if need factors in this woman. You where you draw the line next and everybody's got a sad story I guess when trying to sing in my own way Roy. Yeah you're absolutely right I I don't like to bring me in QB. The negotiations. For more money. I like to bring needed in the negotiation when you're getting fired it to get fired. I'm so I look at it -- -- backhand kind of benefit that you know the that is when you make yourself it's the war. Not somebody who is. Able to kind of hold it together with respect cheer a financial matters you're disclosing something private your thoughts. And that's not necessarily going to. Make you more valued employee any question your judgment like Kennedy's name and yet been able to. You keep yourself getting -- I don't -- introduced poor judgement well what may be perceived as poor judgment. To choose your work situation that's never good idea however if your company has decided to fire you know. And they they're terminating that when I'm gonna bring all the way to. But along those lines and -- love and wondered about this does. Has anybody ever reverse the company's mind it would seem enemy when you do when you take that block and it's -- Joseph Pesci and -- What does it goodfellas and he finds out it's -- hit. Anyone and implemented company once -- CNN before you know did you supervisor in human resources. In there and it's -- you know we've we've decided to go on a different direction at that point is the -- not already testers there anything you can do about it. Unquote is here if you're telling me that you're in a conversation with a HR. About you losing your job there's always a little wiggle always. Really -- your job. What not to say you're not but maybe get some more money when you -- -- Ruling out. The daylight you they're gonna they're gonna that you're they'll find a way out. Yell I'm just thinking that he wasn't. AS Monty in his decision -- tainted to that meaning united I don't see a turning around after. After you make a tearful plea -- appreciate your time I really do and how we talk to again tell me a quickly. About the Wall Street professionals survival guide. Well it is the only career -- for people who either work on Wall Street or who wants to. And it's such as recently become a best seller so it's very exciting development and I'm -- were urged its that -- New York who worked with clients around the world so it's not. Exciting times for people managing their careers. I appreciate you time and I'll be join us again. I would look ports that you you take care I wish her audience that luck.

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