The age-old link between progressing up the career ladder and gaining a larger salary may be losing appeal, according to new research.
While most Americans who took part in a survey from Empower said that money is by far the largest driver of job satisfaction – more than two-thirds said so – climbing the career ladder to the top is less desirable, with just 3 in 10 aspiring to reach the C-suite.
Rather than being promoted to a role that requires working on more challenging projects or recognition, respondents want to be rewarded for their loyalty and longevity at work, and what they perceive as a fair rate of pay is critical.
Current paycheck priorities are:
One-third feel their paycheck isn't enough to cover their mortgage, but confidence remains strong, with 58% of respondents believing they will continue to make more money.
Three-quarters said that a bonus is important to them, although 17% don’t get one. These payments are most commonly directed toward savings, retirement, or vacations.
However, four in ten respondents believe they don’t get paid enough to go above and beyond their current job description and this rises to 55% among Gen Zers. But working harder isn’t on the cards for many with a quarter overall and 37% of Gen Zers admitting to not working to full capacity, with nothing that would motivate this to change.
Access to financial advice and benefits is highly prized, with 44% of respondents wishing their employer offered more one-to-one financial advice and 39% saying there is not enough financial planning support on offer.
Retirement plan matching is in demand as an important employee benefit (71% said so), and more than half said they wish their employer automatically enrolled them into a 401(k) plan. One-third of respondents said they plan to increase their contributions to retirement savings.
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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