Salary Transparent Street with Hannah Williams
Welcome to a new year! 2024 is going to be filled with lots of excitement at the show and at The Financial Gym! January is typically a time for change where companies are more likely to lay people off and employees are more open to change and making a change, so I hope you’ll find this content helpful no matter what stage you find yourself in.
Joining me today is Hannah Williams, the mastermind behind the TikTok account Salary Transparent Street to share what she’s learned after doing the crazy thing and asking random strangers on the street what they do for a living and how much they make doing it. As you can imagine, she’s filled with lots of great insights from her experience that I’m excited to share with you.
What are we drinking?
Hannah - Cold Coffee (mentally a Pina Colada)
Shannon - Black Cherry Swchwepps
Podcast Notes
Why is Salary Transparency Important?
Every company has a budget they're working with, and often, the responsibility of fair pay lies with workers. If a company has a range, they will start on the low end.
When discussing salary with employers and potential employers, it's important to understand the process from both sides and play your cards the right way.
Be prepared to ask them, 'What's the budget?' and ask for more. They expect you to negotiate at a new job, so don't be afraid to ask.
Once you're already established in a role, raises are generally set, so it can be hard to make a big jump, even if you're underpaid.
Salary transparency is cool but also a legal requirement in certain places. Some states have passed legislation requiring employers to be transparent when posting roles. More states have been joining, and a bill has been introduced at the federal level.
Pay transparency is beneficial for employers and workers. If what everyone earns is transparent, and you're paying everyone fairly, it causes less drama, not more.
Hannah feels like one of the lucky folks. When she found out she was underpaid, it inspired her to ask for more and start Salary Transparent Street to help others do the same.
The Story of Salary Transparency Street
Salary Transparent Street started as a hobby that became Hannah's full-time gig. In 2021, she found out she was underpaid as a data analyst. She realized that change lay within her actions and brought it to management. She shared her experience, which led to sharing more.
Hannah wasn't super active on social media, but this experience inspired her to post about her current salary and previous jobs. It was great timing because pay transparency was a popular topic because of various legislations being proposed and the pandemic.
A shared frustration about work and pay had been brewing for years and was exacerbated by the pandemic. The videos instantly went viral when Hannah started interviewing others about their salary. This was the pattern for the first six months.
This project allowed her to quit her job three weeks later, and her partner followed soon after. Interviewing people and creating content are the most challenging and time-consuming parts.
As an introverted person, it can be challenging to approach strangers on the street or be told 'no' multiple times in a row. She tries to be resilient and talk with people who look friendly, like they aren't in a rush, and sometimes people recognize her!
When they first started, they used an iPhone and a cheap mic. They still use an iPhone but have upgraded their mic since then. But if you're interested in doing street interviews, you can get started on a budget!
Final Thoughts
Your destiny is in your hands. Your employer may only be able to pay you a certain amount, and it's okay to feel disappointed. But you can either decide to stay and make a plan to earn more some other way or find a new job.
The goal does not have to be to earn as much money as possible. It's about living the life you want to live and earning enough to pay for that. It's all a matter of making the math work.
It may be time to move on if you're working a job right now and they can't pay you what you need, want, or deserve to be paid. Change can be hard, but can be worth it to be paid what you’re worth.
Be bold and take risks. Every experience is a learning journey, especially the difficult moments. Try to think of them as exciting challenges rather than roadblocks.
Takeaway: My biggest takeaway is the [text from Shannon]
Random Three Questions
You are given $20k and it has to be spent on travel, where do you go?
What is something you’re currently binging?
If this was your last meal on earth, what would it be?
Connect with Hannah
Website: salarytransparentstreet.com
Instagram: @salarytransparentstreet
Hannah’s Instagram: @thatmoneystreetgirl
TikTok: @salarytransparentstreet
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high-interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement. As a reminder, we work with individuals, couples or business owners.
And the exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services that’s available for people who are looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company.
We literally have a solution for you no matter where you’re starting from. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.