Money is the top driver of job satisfaction over moving up the ladder; study reveals a “Workplace Wishlist” of benefits people value
GREENWOOD VILLAGE, Colo. , Feb. 21, 2024 /PRNewswire/ — Who wants to be the boss? Just 3 in 10 Americans* say they aspire to a C-suite role, according to new research from Empower, a leader in financial planning,1 investing, and advice, with Millennials showing the highest interest in becoming a top executive (39%). In fact, 31% of people don’t want their job description to change – even if it means sacrificing a promotion or raise.
Money is the number one driver of job satisfaction (67%) over being a boss: a higher salary, which many Americans believe is linked to financial happiness, trumps the value people say they place on being an inspiring leader and leading by example (32%). Still, many are stressed about working with an incompetent manager (24%) or colleagues (26%). People say work satisfaction comes from being rewarded for loyalty and longevity at a company (40%) more than taking on challenging projects (24%) and recognition for the job performed (34%).
For some, there may be a paycheck paradox – a chicken or the egg dilemma: 38% (and 55% of Gen Z) believe they don’t get paid enough to go above and beyond their current job description. At the same time, nearly 1 in 4 people say they’re not working at full capacity, and nothing will motivate them to work harder (23% overall, 37% Gen Z).
More Americans plan to increase their contributions to their retirement savings in 2024 (34%) than ask for a promotion (23%) or quit to find a higher paying job (14%). Of all generations, Gen Z is looking to make more money by “job zwitching” (16%).
So if less focus is placed on rising through the ranks, what do people value at work? Respondents point to greater access to financial advice and benefits; over 2 in 5 Americans (44%) wish their employer offered more one-on-one financial help.
Empower’s study reveals a “Workplace Wishlist” people are seeking:
- Advice advantage: 39% say their employer doesn’t offer enough financial planning support. Half (48%) say financial coaching is a major must-have and 52% wish their job would provide more financial literacy opportunities.
- Retirement roll: 71% of Americans say retirement plan matching is an important employee benefit and over half (54%) wish their job automatically enrolled them into a 401(k) plan.
- Betting on a bonus: Bonuses are important to 75% of Americans, though nearly 1 in 5 respondents (17%) say their employer doesn’t offer one. One in 4 put their annual bonus money towards essential items (24%), savings (44%), and retirement (28%), though 32% plan to spend it on a vacation.
- The big flex: 48% say they’d be willing to go back to the office if their employer offered a four-day workweek – just 6% would be willing to take a pay cut to go remote. On the flip side, 1 in 4 Americans (26%) say if their employer asks them to go back to the office more this year, they’ll quit.
- Paycheck principles: When it comes to compensation goals in 2024, Americans are focused on making enough money to pay their bills on time (45%) and to retire when they want to (39%). Over 1 in 4 (26%) want to make enough to avoid working multiple jobs. Some 34% feel their paycheck isn’t enough to cover their mortgage, but confidence remains strong: 58% of respondents believe they will continue to make more money.
Visit The Currency™ to read Empower’s full research report, “Who’s the Boss”.
*ABOUT THE STUDY
The Empower “Who’s the Boss” study is based on online survey responses from 1,117 Americans ages 18+ fielded by Morning Consult from January 3-4, 2024.
ABOUT EMPOWER
Empower, a leader in financial planning,1 investing, and advice, is dedicated to creating financial freedom through people and technology. It administers approximately $1.5 trillion in assets for more than 18.5 million individuals2 and is the nation’s second-largest retirement plan recordkeeper.3 Connect with us on Empower.com, and subscribe to The Currency™ for the latest money news and views shaping how we live, work and play.
Media contacts:
Rebecca Rickert [email protected]
Katelyn Kwiatkowski [email protected]
1 Empower Advisory Group, LLC, a registered investment adviser, provides financial planning services using the MoneyGuidePro tool. MoneyGuidePro is not affiliated with Empower Retirement, LLC and its affiliates. Empower Retirement, LLC and its affiliates are not responsible for the third-party content provided.
2 As of December 31, 2023. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. EAICA’s consolidated total assets under administration (AUA) were $1,544.5B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. EAICA’s statutory assets total $72.1B and liabilities total $68.3B. ELAINY’s statutory assets total $7.2B and liabilities total $6.9B. EAIC’s statutory assets total $92.0B and liabilities total $91.0B.
3 Pensions & Investments 2022 Defined Contribution Survey. Ranking measured by total number of participants as of September 2022.
On August 1, 2022, Empower announced that it is changing the names of various companies within its corporate group to align the names with the Empower brand. For more information regarding the name changes, please visit empower.com/name-change.
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