Money is the top driver of job satisfaction over moving up the ladder; study reveals a “Workplace Wishlist” of benefits people value

Greenwood Village, COLO – Feb 21, 2024 – Who wants to be the boss? Just 3 in 10 Americans* say they aspire to a C-suite role, according to new research from Empower, a leader in financial planning,1 investing, and advice, with Millennials showing the highest interest in becoming a top executive (39%). In fact, 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 people say they place on being an inspiring leader and leading by example (32%). Still, many 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%).

For some, there may be a paycheck paradox – a chicken or the egg dilemma: 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 1 in 4 people say they’re not working at full capacity, and nothing will motivate them to work harder (23% overall, 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 zwitching” (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; over 2 in 5 Americans (44%) wish their employer offered more one-on-one financial help.

Empower’s study reveals a “Workplace Wishlist” people are seeking:

• 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 Americans 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 1 in 5 respondents (17%) say their employer doesn’t offer one. One in 4 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, 1 in 4 Americans (26%) say if their employer asks them to go back to the office more this year, they'll quit. 
• Paycheck 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 1 in 4 (26%) want to make enough to avoid working multiple jobs. Some 34% feel their paycheck isn’t enough to cover their mortgage, but confidence remains strong: 58% of respondents believe they will continue to make more money.

Visit The Currency™ to read Empower’s full research report, “Who’s the Boss”.

*ABOUT THE STUDY

The Empower “Who’s the Boss” study is based on online survey responses from 1,117 American workers ages 18+ fielded by Morning Consult from January 3-4, 2024.

ABOUT EMPOWER

Empower, a leader in financial planning,¹ investing, and advice, is dedicated to creating financial freedom through people and technology. It administers approximately $1.5 trillion in assets for more than 18.5 million individuals² and is the nation's second-largest retirement plan recordkeeper.³ Connect with us on Empower.com, and subscribe to The Currency™ for the latest money news and views shaping how we live, work and play.

Media contacts:

Rebecca Rickert Rebecca.Rickert@empower.com 

Katelyn Kwiatkowski Katelyn.Kwiatkowski@empower.com