Posted in: Employment, In this week's e-newsletter, Latest News and Views, Pay, Special Report
Can money buy happiness? Not necessarily, based on the results of a new study on what people said they had to earn to be successful. You might be surprised at what people admitted.
The CareerBuilder study was conducted by Harris Interactive and included more than 5,700 employees across a range of industries and professions.
Good news: 75% of workers said they didn’t need to earn six figures to feel successful at their job.
- 28% would consider themselves to be successful earning between $50,000 and $70,000
- 23% said they’d feel successful making $50,000 or less, and
- 10% asserted that they’d need an annual income of $150,000 or more in order to feel successful.
Despite some of the grumbling you hear around the water cooler, nearly 1 in 4 (23%) said they were currently earning their desired salary; 45% said they were close to that mark.
On the other hand, nearly one-third (32%) said their salary wasn’t even in the ballpark it deserved to be.
Still, the majority of workers surveyed said they were doing OK.
“Workers don’t necessarily equate success with hefty income,” said a CareerBuilder exec.
“Often you’ll see such intangibles as the ability to make a difference, a sense of accomplishment, and a work/life balance eclipse the size of a paycheck in what matters to most workers.”
There was a split along gender lines in current salary and salary expectations.
- 32% of men said they’d need to earn $100,000 or more in order to feel successful; only 17% of women shared that belief;
- That correlates with current salary levels: Men are more than twice as likely to make six figures as females in the workplace.
Despite overall satisfaction about current levels of pay, workers are feeling the pinch of going a long time without raises:
- 49% said they haven’t had a merit raise since 2010, and
- 25% said it’s been even longer — before 2008 — since they saw a merit raise in their paycheck.