(Caijian, February 26, 2024) Who wants to be the boss? According to a recent study by Empower, a leader in financial planning, investment and consulting, only 3 in 10 Americans say they aspire to be an executive, with millennials having the highest interest in becoming an executive (39%). In fact, 31% don't want to change their job description, even if it means sacrificing the chance of a promotion or raise.
Money is the number one driver of job satisfaction (67%), not being a boss:Many Americans believe that higher salaries are associated with financial happiness, which outweighs the value of being an inspiring leader and leading by example (32%). Still, many people feel stressed about working with incompetent managers (24%) or colleagues (26%). People said job satisfaction came from being rewarded for their loyalty and long service with the company (40%), rather than taking on challenging projects (24%) and recognition of work (34%).
For some, salary can be a paradox:38% (55% of Gen Z) believe their salary is not sufficient to extend beyond their current job responsibilities. At the same time, nearly a quarter said they weren't working at their all, with nothing motivating them to work harder (23% overall vs. 37% for Gen Z).
More Americans plan to increase their retirement savings in 2024 (34%) rather than asking for a promotion (23%) or quitting their jobs to find a better-paying job (14%). Of all generations, Gen Z wants to make more money by "changing jobs" (16%).
So, if people stop focusing on promotions, what do they value at work? Respondents noted access to financial advice and benefits. More than two-fifths of Americans (44%) want more one-on-one financial help from their employers.