How can pay transparency make a difference for women

How can pay transparency make a difference for womenHow can pay transparency make a difference for womenIts well known that women still deal with apay gap relative to men. But some employers are moving toward addressing the issue a new way by opening the payroll books.Gwen Moran atFast Companywrites, There are many reasons that we should be more open about moneyearning it, spending it, and managing it.And while employers may be afraid of tough conversations as a result of salary transparency, it may also hold unexpected benefits for companies.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and morePay transparency can drive equitable workplacesI spoke to Moran to share factors that might be contributing to this controversial trend.A public vow.Itswell establishedthat a womans resume is valued less than that of a man (even when experience and educationare identical). Companies who talk a big game about paying women fairly should open their books. Then, they can use that momentum to systematically close wage gaps. By being transparent about everyones pay, these companies make an implied pledge. After all, theyre now answerable to any pay disparities. And that commitment can be an attractive enticement for current women employees to stay on board. It can also be a competitive advantage for those considering working for your company.Pay Transparency can right-size peoples expectations.Pay transparency gives a person an important context about not just their own salary but what others around them make. Considering that43% of people feel they are underpaid today, opening your payroll could serve to correct misconceptions. It can also calm peoples fears that they are undervalued. This kind of transparency can simultaneously boost engagement and productivity at work. Thats important because a key driver of our engagement is how valued we feel.Sunlight is the best disinfectant.Many of t he worst problems that have plagued companies corruption, misleading customers, unethical conduct have come at the hands of secretive cultures. As consultants whoassess corporate cultures, pay transparency sends a strong message to employees about the companys level of fairness and openness. Implementing salary transparency has the potential to create a sea change in your workplace that allows for more open dialogue particularly about prickly, hard-to-discuss issues. leid to mention improved cooperation among employees and a higher bar on using impartial, objective data to make your case, rather than relying on whats subjective or arbitrary.Read the Fast Company article, including the key factors that make us shy away from talking about money and yet plenty of good reasons why we should anyway.This article originally appeared on Be Leaderly.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people