Who wants to be the boss? Just 3 in 10 employees in the US say they aspire to a C-suite role, according to new research.
In fact, the generation showing the highest interest in becoming a top executive are Millennials (39%), according to financial planning and investment firm Empower. Additionally, 31% of people don’t want their job description to change, even if it means sacrificing a promotion or raise.
Money is the number one driver of job satisfaction (67%) over being a boss. A higher salary, which many Americans believe is linked to financial happiness, trumps the value that people say they place on being an inspiring leader and leading by example (32%). Still, many say they are stressed about working with an incompetent manager (24%) or colleagues (26%). People say work satisfaction comes from being rewarded for loyalty and longevity at a company (40%) more than taking on challenging projects (24%) and recognition for the job performed (34%).
PAY & MOTIVATION
Approximately 38% (and 55% of Gen Z) believe they don’t get paid enough to go above and beyond their current job description. At the same time, nearly a quarter of workers surveyed said they’re not working at full capacity. Additionally, nothing will motivate them to work harder (23% overall, compared to 37% Gen Z).
More Americans plan to increase their contributions to their retirement savings in 2024 (34%) than ask for a promotion (23%) or quit to find a higher-paying job (14%). Of all generations, Gen Z is looking to make more money by “job switching” (16%). So if less focus is placed on rising through the ranks, what do people value at work? Respondents point to greater access to financial advice and benefits; almost half of Americans (44%) wish their employer offered more one-on-one financial help.
WORKPLACE WISHLIST
The study also revealed the workplace wishlist, that employees are seeking. It includes:
- Advice advantage: 39% say their employer doesn’t offer enough financial planning support. Half (48%) say financial coaching is a major must-have and 52% wish their job would provide more financial literacy opportunities.
- Retirement roll: 71% of US workers say retirement plan matching is an important employee benefit and over half (54%) wish their job automatically enrolled them into a 401(k) plan.
- Betting on a bonus: Bonuses are important to 75% of Americans, though nearly one in five respondents (17%) say their employer doesn’t offer one. One in four put their annual bonus money towards essential items (24%), savings (44%), and retirement (28%), though 32% plan to spend it on a vacation.
- The big flex: 48% say they’d be willing to go back to the office if their employer offered a four-day workweek. Just 6% would be willing to take a pay cut to go remote. On the flip side, over a quarter of US workers (26%) say if their employer asks them to go back to the office more this year, they’ll quit.
- Pay cheque principles: When it comes to compensation goals in 2024, Americans are focused on making enough money to pay their bills on time (45%), and to retire when they want to (39%). Over a quarter (26%) want to make enough to avoid working multiple jobs. Some 34% feel their pay isn’t enough to cover their mortgage. However, confidence remains strong, with 58% of respondents believing they will continue to make more money.
Read the full report here.
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