Workplace benefits and financial planning advice matter more to most employees than rising through the company ranks to the top, a new report released Wednesday finds.
Only about 3 in 10 Americans say they aspire to a C-suite role, according to the research from Empower, which surveyed more than 1,000 Americans last month for its “Who’s the Boss?” report. In fact, 31% of people surveyed said they didn’t want their job description to change – even if it means sacrificing a promotion or raise.
Forty percent said they derived work satisfaction from being rewarded for their loyalty and longevity at a company, while others derived satisfaction from taking on challenging projects (24%) and receiving recognition for a job well done (34%).
Money is by far more important to most (67%) than being an inspiring leader (32%). The report noted a “paycheck paradox” in that 38% of all respondents said they are not paid enough to go above and beyond their current job description. For Generation Z respondents (those under age 27) the percentage rises to 55%.
Asked about their workplace “wish list,” 75% said bonuses are important but 17% said their employer doesn’t offer them one. For those who do receive bonuses, 24% said they spend the money on essential items, 44% put it in their savings, 28% put it toward retirement, and 32% spend it on a vacation.
Retirement plans with employer matching contributions were an important benefit to 71% of respondents. Additionally, 54% said they wished their employer automatically enrolled them in 401(k) retirement plan and 52% said they wanted their company to offer employees more “financial literacy” opportunities.
Asked about hybrid work schedules, 26% said they would quit and find a new job if their employer asked them to return to the office more often this year. However, 48% said they would be willing to return to the office if their employer offered a four-day workweek. Only 6% said they would be willing to take a pay cut to work remotely.
