A lot of people may think that money buys you happiness, but is that really the case? A study carried out by Princeton University found that happiness did increase with income, but that ceased to be the case after the person started to earn above £60,000. Even though it was found to increase happiness, the university also found that very few employees actually prioritised their wage, it is important to them, but it’s just not at the top of their list. (Recruiting Times)
Another study involving 615,000 Glassdoor users, was aiming to find out what the most important factors were to employees within different pay groups. The 6 factors they were to choose from were; work-life balance, business outlook, senior leadership, culture and values, career opportunities and culture and values (Glassdoor).
What was apparent from the study, was that culture and values were what mattered most to people. As the pay group increased, compensation and benefits became less important to them. This was then followed by work life balance, and business outlook. Was the reason that wage was becoming less of an important factor as it increased, was because they no longer have financial worry? They are more concerned with the culture and values of the company, and how they tie in with their own personal values.
These findings suggest to employers, that if they are wanting to increase employee satisfaction, then they are better off providing a positive work environment, rather than increasing employee wages unnecessarily.
If you would like to read more on Glassdoor’s study, please visit https://goo.gl/D3qkmh.
Do you believe that pay changes your values? Comment below!