* Survey shows time off has become a greater priority
Time may be money, but more workers are willing to sacrifice additional compensation in favor of gaining more personal time. A new survey from Salary.com shows that time off has become a greater priority.
In late 2004, Salary.com asked 4,600 site visitors if they would choose a $5,000 increase in base pay or the equivalent in time off. Not surprisingly, the majority said, “Show me the money.” However, 39% of workers said they’d choose the extra time off. This is up nearly 20% from 2001, when Salary.com conducted a similar poll.
“Workers are saying they need a break from the stresses caused by increasing hours, reduced staff and the push for more productivity,” says Tim Driver, senior vice president of consumer products at Salary.com. He adds, “It’s also possible that following several years of layoffs and cost-cutting, an increasing number of workers are less inclined to believe that placing work above personal concerns will pay off in career advancement and pay.”
The survey report identifies several reasons for the shift. They include a new generation of workers who place more emphasis on family, the impact of the Sept. 11 attacks, burnout, and the extra income buffer by provided by the rise in dual-income households.
All this means that employers will need to work harder to facilitate work-life balance, especially as the economy returns to growth and Baby Boomer retirements create labor shortages. “Successful companies will recognize that their employees value forms of compensation beyond money, and the most successful employers will be the ones that perfect ways to handle this,” says Bill Coleman, senior vice president of compensation at Salary.com.
For the survey results and analysis, go to https://salary.com/salary/layoutscripts/sall_print_article.asp
