A recent survey from national finance recruitment firm Accounting Principals indicates that money is more important than time for most Americans. More than 1,000 adults participated in the survey that the finance firm conducted from January 17 to January 24 in 2014.
According to the survey results, 79 percent of working Americans would prefer a 5 percent raise instead of an extra week of vacation. Of the respondents, only 20 percent preferred the extra week. Statistics from the survey show that income level and seniority within a company does not make a difference when it comes to the participants’ preferences.
Revelations from the survey show that Americans can’t afford to shorten their work schedule if that means taking a pay cut. Eighty-five percent of respondents wouldn’t give up any of their salary for their workday to be shortened by one hour each day. Half of the participants who said they wouldn’t give up any of their salary report not doing so because they can’t afford to do so.
How American workers use their spare time was also analyzed for Accounting Principals’ survey. When participants do have time off, 48 percent choose to spend time with their family while 45 percent use the time to run errands. Fitness is also a priority for American workers. One-third of survey respondents chose to go to the gym if they were given an extra hour each day. Additional activities Americans would choose to do if they had an extra hour include sleeping/napping, watching TV and going to happy hour.
Although the survey shows that Americans value money over time, many employers are not able to give bonuses or raises for the year. Money is not always the reason why employees stay at a company either. Employers can provide their workers with several valuable perks that recognize and reward their contributions, make their work life and home life easier, or help them stay on track with their career goals.
Below are some blogs to help you reward and motivate your staff with or without money, check them out:
In this video blog, CAI’s Vice President of Membership, Doug Blizzard, explains how making praise a priority, helps employee morale and motivation soar — http://blog.capital.org/what-is-the-best-employee-reward/ .
You can find 19 easy ways to recognize and reward employees at no or low cost to the employer in this blog — http://blog.capital.org/19-low-cost-ways-to-recognize-employee-achievements/ .
Doug Blizzard encourages employers to not make the common mistakes of overlooking or devaluing the importance of pay to employees’ motivation in this video blog — http://blog.capital.org/are-you-paying-your-employees-enough-money/.
Looking to build a positive employer-employee relationship at your organization? Review the four tips on this blog to achieve your amicable goal — http://blog.capital.org/4-steps-for-building-positive-employer-employee-relationships/.
Photo Source: Jay Sumlin