How
much money do you need in order to feel successful? Most people say it
doesn't require an overflowing bank account, according to new research.
Even
though nearly two-thirds of workers aren't yet satisfied with their
earnings, most think they can feel successful without earning large
paychecks, finds a new study from CareerBuilder.
Specifically,
more than half of those surveyed said they feel successful when making
less than $70,000, while 23% said making between $70,000 and $100,000 is
enough for them to feel successful.
Rosemary
Haefner, vice president of human resources at CareerBuilder, said that,
in many cases, success is relative to the type of work individuals do,
or their current career stage.
"Regardless
of income, we found that workers tend to find success near their own
salary level or in the range directly above," Haefner said in a
statement. "This is healthy, because it shows workers can derive meaning
from their work at any level while still striving for that next
promotion or raise."
Workers
who do want a higher salary shouldn't be afraid to ask for it, the
study suggests. While more than half of the employees surveyed have
never asked for a raise, success rates are very high among those who
have. The research discovered that 66% of workers who asked for more
money ended up getting it.
Overall,
the percentage of workers who said they earn their desired salary is
positively correlated with rising income. The study revealed that the
tipping point appears to be in the $75,000 to $100,00 range — the
majority of workers in that salary range said they are currently earning
their desired salary.
"The
survey supports past research suggesting that the $75,000 threshold is
particularly significant, as this level allows households in most areas
of the country to not only get by, but enjoy an ideal lifestyle and a
secure future," Haefner said. "Interestingly, what workers would
ultimately like to earn does not necessarily factor into what they need
for a successful career."
One
option currently being debated in many companies is whether to make
salaries known to all employees. While a majority of employers do not
make pay transparent, support for such a policy is strong: Nearly half
of the employers surveyed view openly disclosed salaries as positive,
with 24% saying it ensures pay equality and 23% saying it can dispel
wrong assumptions.
Those
who oppose pay transparency said it's because they feel it can lead to
jealousy and morale issues, violates worker privacy and can lead to
equal-pay litigation.
The study was based on surveys of 3,372 workers and 2,188 hiring and human resources managers.
Posted by : Gizmeon
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