-- An increasing number of American
workers would sacrifice pay to spend more time with their families if
given the choice, according to a new survey just released by
Salary.com, the leader in online compensation information for
individuals, business managers and human resources professionals.
Salary.com recently conducted an online survey of more than 4,600
individual employees representing a large cross-section of industries,
locations and employer sizes.
Given
the choice, 39 percent of respondents said
they would choose more time off instead of a $5,000 raise. This nearly
20 percent increase is a large jump from just three years ago when only
33 percent of respondents said they would opt for more free time. While
the majority would still choose a raise, the number of respondents who
would prefer time off represents a significant change in employees'
work mentality. For a more detailed survey report and analysis, click
here.
This
new survey shows a continued growth of the
trend among workers to change their priorities from work-first to more
personal concerns," said Tim Driver, SVP of Consumer Products at
Salary.com. "Workers are saying they need a break from the stresses
caused by increasing hours, reduced staff and the push for more
productivity. From these survey results we can also conclude that a new
generation of workers has priorities that differ significantly from
those who preceded them. The results show that younger workers are much
more likely to be family-centric than older workers. It's also possible
that following several years of layoffs and cost-cutting, an increasing
number of workers are less inclined to believe that placing work above
personal concerns will pay off in career advancement and pay."
Changing
Priorities
Comments
from those participating in the survey
also show some impact from the September 11 terrorist attacks, job
burnout, and the extra financial buffer provided by dual-income
couples. Several respondents reported that the continuing impact of
terrorist threats has made them re-examine their priorities, with work
diminishing in importance. Others say that years of working long hours
during the 1990s boom and the layoffs that followed has dampened their
desire to sacrifice personal time for money. Also, the increase in the
number of two-income couples has reduced for some their dependence on
one particular job.
Implications
for Compensation
"The
trend revealed by this Salary.com survey will
combine with changes in the economy and the workforce to put new
pressures on employers," says Bill Coleman, SVP of Compensation at
Salary.com. "The economy is returning to growth as the baby boomer
generation starts to retire. Within a few years we could see labor
shortages. This, combined with the changing work priorities of
employees, will put pressure on employers to offer more flexibility.
Successful companies will recognize that their employees value forms of
compensation beyond money, and the most successful employers will be
the ones that perfect ways to handle this."
About
the Salary.com survey
In
November 2004, Salary.com asked visitors to its
web site and readers of its monthly newsletter to answer the question
"Which would you prefer: a $5,000 increase in your base pay or the
equivalent in time off." There were more than 4,600 respondents to the
online poll. A similar question was posed in the 2001 poll of
Salary.com users.
About
Salary.com, Inc.
Salary.com
is a
leading provider of
on-demand compensation management solutions helping businesses and
individuals manage pay and performance. Salary.com provides companies
of all sizes comprehensive on-demand software applications that are
tightly integrated with its own proprietary compensation data sets,
thereby automating the essential elements of the compensation
management process and significantly improving the effectiveness of its
client’s compensation spend. For more information, visit www.salary.com.
Contact:
Jared Jost
p: (781)464-7341
press@salary.com
About Us
