- Nearly 60% of Americans would accept a job they love over a job they hate, even if their preferred position paid half the amount of the salary they would earn at the job they dislike, according to a new survey of 2,000 Americans by Lexington Law. The study found that millennials and members of Gen X were more likely to take a job they hated, so long as it doubled their current income. The older the respondent, the more likely he or she would choose more enjoyable jobs.
- When respondents rated important factors that inform their decisions to take or reject job opportunities, 68% did not choose salary as the most important factor. Almost 40% chose interests and passion as the most important factor. One in 10 respondents said benefits are the most important factor.
- The survey also found that 45% of employees said they consider a prospective company's work-life balance a crucial factor when researching a job. Half of the respondents said they have left a position to escape a bad manager.
Some dissonance exists between the survey results Lexington Law found and other research on salary's status. A Glassdoor study, for example, found that pay is the No. 1 motivator for 67% of job seekers. Both surveys found that benefits and perks do count toward retention efforts. It's no wonder, then, that employers have poured resources into development programs and voluntary benefits. But experts have pointed out that great benefits and perks won't attract job seekers or make workers stay.
"If [benefits are] used in lieu of comp, it's less effective," Mary Ann Sardone, partner and North America workforce reward practice leader at Mercer, previously told HR Dive in an interview. "It's great to have those things, but if you aren't paying enough, it's not effective." Essentially, fair pay, combined with a solid slate of benefits and positive candidate and employee experiences, help a company stand out from the pack.