Kevin O'Leary: Why You Should Share Your Salary With Coworkers

"People are often worried that talking about money may be construed negatively by their bosses. That's ridiculous," O'Leary says.
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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.
You should "absolutely" talk about your salary, he says.
"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. Because there's different firms all doing the same thing, and by knowing what [multiple] people are making, you can find out your market value."
"Most people will share it with you because they also want to know the same thing: Where do I fit in the whole picture of things in terms of salary?" O'Leary says. "That's why communications matter."
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.
"People are often worried that talking about money may be construed negatively by their bosses. That's ridiculous," O'Leary says. "Employers - and I'm one - know that my staff are going to talk about their salaries. It's not a secret."
"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."
"I know they talk, and I don't want unhappy employees, particularly good employees," O'Leary adds. "I don't want to lose them over a 5 percent raise or a 10 percent raise."
In fact, employers are legally barred from forbidding employees to discuss pay and benefits (with a few exceptions) 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.
Still, if you don't want to ask others about their salary or share yours, resources like PayScale and Glassdoor offer tools to help you determine the pay range in your job or industry.
But talking about money isn't just beneficial professionally says O'Leary; it can be a bonding experience too.
"If you want to really bond with somebody, share your ideas about money," O'Leary says. "Everybody is concerned about it, everybody's thinking about it, everybody has to have it. It's a great topic to discuss. Why? You might learn something. You may see how other people work with money and maybe, that's a good thing."
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Kevin O'Leary: Why you should 'absolutely' talk about your salary with co-workers and friends | CNBC Make It.

[@kisssanand5437]

if we keep it a secret, someone will always be paid less.

[@benjaminpark5460]

Brought up sharing income information between coworkers and friends to my family over the holiday and got berated for over an hour about how it was alienating and taboo, both family members employ people and I don’t, and one important piece of information slipped out which is “it’s my job to pay as little as possible and get the same result”. Remember, your boss isn’t a friend, it’s your job to know if you are getting scammed for your labor. Talk to your fellow employees. If anything it will determine if you need to find new employment where you have more value

[@billybob-hv5hl]

I'm self employed these meetings never go anywhere

[@_WOR]

billy bob Did you invent something? Please elaborate on how you became self employed (srs)

[@billybob-hv5hl]

@@_WOR develop automotive parts

[@_WOR]

billy bob Trade school? Self taught? Really doesn’t sound like something you could just drop an annoying office job for

[@iron-farmer]

exactly bill bob. no where fast. I don't bother anymore.

[@jlezama8453]

Should you talk about money with your co-workers and friends? Here is the answer: YES.

[@unleashingpotential-psycho9433]

Talking about salary helps you get what you deserve from your boss 🔥🔥🔥

[@dcabral00]

The only person who benefits from salary discussions is the receiver of the information, meaning that who is to say that the person confessing the information may not be lying or embellishing. One day, I really got into a conflict with a co-worker who accused me of stealing. This co-worker did this to alienate me from socializing with him/her. Anyway, one day covering her desk due to absence, I came across a copy of her paystub, and you know what... Just knowing how much this co-worker makes, made my day.

[@calvinraab8798]

Time and place for everything!

[@rorycalhoun6484]

YES!!!! it's always good to keep each other motivated to succeed!!! 🥳🥳🥳

[@cedricloy]

The last time i share with my colleague, he resigned. lol

[@Thefunkeemonkee]

Ok, kids starting off in a tech company in SF are being 130 k, which is a little higher than the minimum low wage income in the Silicon Valley.

[@phototristan]

This is all well and good in a fair company environment. Unfortunately, that is often not the real world.

[@joon769]

This only works when all employers think like Kevin. It's very unlikely.

[@kyleung2187]

some of the higher ups at my company are so fricking tyrannical that they forbid people talk about these things, not even sharing their evaluation nor venting, accusing me of decreasing morale when my evaluation has nothing to do with the coworkers below me. when i was pretty upset for a certain period of time for being treated unfairly, and they would not even let me show my upset face in the office that i am required to pretend to be happy though i wasn't. In the end, I bargained, fine, you said i don't deserve a promotion because I am incompetent, everything is good, but not good enough for a promo. Then, be it, so cut down my work. And they did. Then, the following year, i did less, no longer cared. And then, they gave me a promo despite i was underperforming...That's how sarcastic it is. They know you do good work and you have the power to negotiate. Hate this company. fricking double standards.

[@kimberlyashley1827]

Some people won't tell you how much they make.

[@bdmixpro]

kimberly ashley but why? I really don’t get it...

[@billybob-hv5hl]

@@bdmixpro lots of people find it rude

[@bdmixpro]

billy bob what’s so rude about it? The more you know the better ..

[@billybob-hv5hl]

@@bdmixpro I didn't write the rules

[@bdmixpro]

billy bob see there’s your problem... that’s why most of Americans are in debt because they don’t talk about finance

[@TheBboytwister]

I never talk about my salary. But the irony is, those who make more than I do, they complain more!

[@tenzinkunsang162]

I hope some bosses can learn from u

[@dyoxxzr66z59]

Some one will always be paid less either way, cuz not everyone deserves the same pay.

[@ydnar5]

The problem is where can you find a fair employer?

[@jerome5009]

Wish I had a boss like you in my previous job. He couldn't give me an increase of $10k that I truly deserve. I found another job paying $20k at another company on which I took and had lesser responsibilities. When I openly told my ex boss about my new role and the money I was making. He got pretty aggressive with me and how ungrateful I was. His true colours are finally revealed and I'm glad that I left. He definitely burnt that bridge and I told him that he doesn't value his employees and take them for a ride so you can fulfill your targets and KPIs and get a big fat bonus and big pay increase per year for himself. Oh well that's ancient history and the current company I'm working I have been for 5 years and the boss is great to work with.

[@hithere3897]

you can't neccesarily make that conclusion either. The company may have had higher overhead, may have had less profitability or had all kinda of other miscealleous factors. You just based that on what was better for you. That doesn't mean you shouldnt have taken the job it just means you are also biased on the reasons. Also your boss could have been much worse and be justified in paying less but for you it was worth moving. Theres to much to consider before making your conclusion. Glad you got that raise though, and hopefully you don't have problems with the new one

[@bobbynixon1289]

If you do this in the same company... you may get fired

[@gondoravalon7540]

Which in the US at least is highly illegal.

[@brianmcg321]

Most companies have strict rules against this. We let two mechanics go because of this. It’s not good advice.

[@gondoravalon7540]

Are you in the U.S, at least? IF SO, that's illegal. Literally, both President Obama';s 2014 executive order, and the 1936 National Labor Relations Act make telling your salary to others a protected act provided you're not in a managerial or supervisory position.

[@thevoicewithin9845]

We have had all staff working from home effectively go on strike in an effort to have their salaries increased to the same as the staff that can't work from home and need to TRAVEL to work... All mandatory in-office staff had an increase in salary to cover the costs of fuel etc. and now, because people working from home found out, they all went on strike and have managed to wrangle not just the same percentage increase but, they have actually got an extra 2% on top of the 6% originally given to in-office staff... So now we have people working from home getting paid 8% more per annum for travel costs they don't spend! NO! We shouldn't be discussing salaries in a professional environment. Why? Because someone somewhere will be offended by not being paid the same or more than someone who is justifiably paid that salary! It's a bloody joke. But due to the snowflake culture we have now, employers literally can't say no to 'equal pay'. Even if it doesn't work out equal at all in the grand scheme of things, numbers on pay slips must be close or the same as peers no matter the circumstances or working conditions!

[@hamzix6599]

A friend of mine works in a company were they banned talking about salaries

[@BradThePitts]

It may not be illegal to discuss salary, but some companies say, "We PREFER if you don't discuss your salary." What then?

[@Loachie90]

Sounds like an unsupportive company culture . Do you really want to invest in that

[@BradThePitts]

@Xx BigBoss xX Employers can always find a way to fire anyone. Most U.S. states are "At-Will" states and employees can be fired at any time without reason. I'll let someone else start the group discussion about who makes what. Then I'll place bets on how long they will last, like in Jerry Maguire LOL

[@ah9771]

Do it outside of work ☺️

[@Loachie90]

Brad the Pitts at will is a good thing. Do you really want to force the employer to keep you? Go find a job that fits you and let them deal with their problem

[@Loachie90]

1:17 That’s exactly what happens when you raise the min wage.

[@maxim5481]

Never ever discuss your salary with your co-workers. The right person to do this is your boss. Moreover you can discuss salary raise only when you and your boss know the value you bring to company and you know which buttons to push.

[@patriciopino3725]

The dark improvement microbiologically polish because cap connolly shiver for a alive branch. maddening, common order

[@jackcarraway4707]

I can't believe a BOOMER is saying this; it's a miracle.

[@Doors067]

Real quick way to get fired good advice

[@moses4769]

Considering it's legal, they'll most likely be firing you for an unreasonable reason.

[@BruinsBeatCanucks]

!!!!!TERRIBLE ADVICE!!!!! if you're a GOOD EMPLOYEE and make the most. Everyone will get upset with you, not the employer. And they'll use it against you to work harder if there's a difficult task. That's why I never ever talk about salary with my co-workers. That is RULE NUMERO UNO!!!!!!!!!!!!

[@brodyllc]

Smart man