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US / 68 percent willing to take pay cut for more personally meaningful careers

Today’s top professionals and recent graduates expect their careers to provide more than just an income, a survey released by Philips North America found. The Philips Work/Life Survey examined key factors of Americans’ job happiness, with a particular focus on their ability to bring personal interests to their workplace career as a way to create more job satisfaction, achieve greater shared success with their employers, and improve overall well-being.

For baby boomers, work was about the stable paycheck and vertical climb up the corporate ladder. Generations X and Y are redefining the workforce attitude, and instead want to do and achieve what personally matters to them in an environment where respect and entrepreneurial behavior is encouraged. Accordingly, even in the face of a turbulent economy and competitive job market, 68 percent of working Americans would be willing to take a salary cut to work in a job that better allowed them to apply their personal interests to the workplace. Further, almost one quarter of workers (23 percent) would take a pay cut of 25 percent or more.

Companies also face a new challenge of a diminishing labor market of fewer qualified professionals with the skills needed to drive sustainable growth for multi-national, innovation-driven organizations. In fact, projections show that by 2021, there will be a technology talent deficit relative to talent supply growth versus talent demand growth in the U.S. and Canada of -.8 percent and -.9 percent respectively1. Coupled with an aging baby boomer workforce that will be replaced by a generation of workers that have vastly different career values relative to the role of work in one’s life, companies must adjust and focus organizational change efforts on bridging any human capital gaps.

Chosen excerpts by Job Market Monitor

Capture d’écran 2013-05-27 à 08.04.28

via Satisfaction Beats Salary: Philips Work/Life Survey finds American workers willing to take pay cut for more personally meaningful careers.

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  1. Pingback: Amazon – Unhappy workers: Take $5,000 and go | Job Market Monitor - April 13, 2014

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