There are many factors that influence employee satisfaction. Obviously, one of the first to come to mind is compensation. Whether it’s a salary or bonus, you’d be hard-pressed to find an employee who wouldn’t like a little extra in his or her paycheck.
But of course, there are other perks as well: flexible hours, paid time off, the ability to work from home, engaging in work that is personally rewarding, positive relationships with coworkers, the ability to travel (or to not travel, depending on the individual’s preferences), etc.
What Would Employees Give Up for a 10% Pay Bump?
But … let’s go back to money. As we constantly see in the news, unemployment is at historic lows, but at the same time, wage growth has been relatively stagnant.
According to a survey of 1,238 employed people in the United States conducted by LendEDU, respondents were asked what they would be willing to give up for a 10% increase in pay.
Here are some of the results:
- Roughly 35% would give up the right to vote in all elections for life for a 10% bump in pay; 9% would give up a child’s right to vote for the rest of their lives.
- Almost 56% would work an extra 10 hours a week for life for that 10% pay bump—apparently, say the study’s authors, they are not “realizing that working 25% more hours for a 10% bump isn’t exactly a good tradeoff.”
- Roughly 89% would stop watching Game of Thrones for life.
- 73% would give up all alcoholic beverages for the next 5 years.
- 56% would work an extra 10 hours per week for life.
- 54% would give up all social media for 5 years.
- 51% would give up watching movies for the next 3 years.
- 50% would work one day every weekend for the next year.
- 44% would give up exercise for the next 5 years.
- 40% would give up dental care.
- 15% would give up all of their vacation days for the next 5 years.
- 19% would give up access to health insurance for the next 5 years.
- 12% would break up with their partner or significant other.
- 5% would eat a single Tide Pod.
The results of the LendEDU survey are amusing, to say the least, but they do point to how important employees see financial compensation, even when so many often cite work/life balance, flexibility, and other perks as important.
What would your employees be willing to give up for a 10% bump in pay? You may want to ask them.