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I have read on several occasions that it's bad to compare your salary to your peers. I feel that this is often said to those with a below-average pay grade to prevent them from feeling bad about themselves.
One of the places I read about comparing salary is this question, that seems to be more about how to get people to open up about salaries. I don't really find that to be a problem, I've talked openly with colleagues and team members. For me, this led to (failed) salary negotiations and a job at another company, which I consider a good development.
There are cultures where talking about your salary is considered small talk. I've worked with a lot of Turkish people for example who were veey open on the matter. They seem to manage just fine.
I was recently hired by a manger who said it is very important to him that he can always explain the pay differences within his team. I'm very sympathetic towards this statement.
Q: What are the major pros and cons of knowing how you compare to your peers in terms of salary? What can you constructively do with that information?