Why money is as important as job satisfaction

This post was written by an external contributor. Sascha Gill discusses why we should consider our financial as well as emotional needs when it comes to our careers.

It’s becoming increasingly apparent that young people want a change of pace when it comes to their careers. We’re all going to be working until we’re at least 67 and a lot more of us are trying to find jobs that are meaningful and we love. Gone are the days of getting one graduate job at the age of 21 and sticking at it until the day you retire.

A few months ago, I wrote an article telling everyone that you should take risks in your twenties. Whilst it’s great that so many people resonated and were inspired by my story, adult life has been teaching me quite a lot about the working world.

What “Millennials” want

It’s no secret that young people have been shaking up the workplace status quo since entering full-time employment. Whilst our parents and grandparents may have been solely focused on salary when they first started working, we apparently value company culture more than any generation that has come before.

Young employees are choosing job satisfaction over money – with many willing to make a large sacrifice in salary in exchange for a healthier working environment. As an anxiety prone generation, it’s no wonder we are putting our health and happiness at the top of our priority list.

In an ideal world, job satisfaction would be the top priority on everyone’s list. Most of us spend more time at work than we do with our own families and friends. So if you aren’t happy in your job, then life could get quite stressful!

What young people need

On the other hand, it’s also vital that we still think about our financial stability just as much as our happiness. Money funds the daily needs and necessities that keep you ticking along. For example, you may love having your avocado on toast for breakfast. However, you do need some money to buy those avocados in the first place!

Amongst our generation, there is a constant struggle between wanting to do a job you love and having enough money to pay the rent. I always used to live by the motto, “If you want to do something, then do it now, because life is short and you never know if you’ll get the chance to do it again.”

Whilst that is still very true, sometimes it’s just not possible. It can take time for the ‘perfect’ job to come along, and sometimes you may need to something to keep you afloat for a short while. I’m not saying abandon your dreams completely, I’m just saying it’s OK to put them on hold for a while.

For example, your goal may be to become a musician. However, if you have to work a few years somewhere else to pay the bills, there’s nothing wrong with that. Many people who are striving towards an artistic or creative profession work other jobs in the short term whilst pursuing their dream on the side, be it in the corporate world, the hospitality sector or retail.

If you live in London and have an extortionate rent to pay, it’s probably not a good idea to take a large pay cut before you have everything figured out. If you do want to wholeheartedly pursue your dreams, that’s cool too; but it’s probably a good idea to put some kind of financial plan in place beforehand.

Salary Pros and Cons

It’s no surprise that the more money you have, the more you can afford, such as a bigger house, a longer and more luxurious vacation, or even early retirement.

High Salary Pros:

• Financial Security: A high salary ensures you can pay your bills and meet your family’s needs, especially in emergencies. This financial security also benefits mental health by reducing stress about finances and avoiding living paycheck to paycheck. Financial stability often keeps individuals in their jobs, even if they don’t enjoy the work.
• Better Lifestyle: With a high salary, you can afford a better lifestyle into retirement because you accumulate more wealth. Additionally, higher-paying jobs often come with better benefits like healthcare insurance, retirement plans, and social security benefits.
• Work Motivation: Employees in jobs that offer high compensation and incentives for meeting specific targets often work harder to achieve those goals. The prospect of earning more money beyond the base salary can inspire you to stay in a job, even if it has lower job satisfaction.

High Salary Cons:

• Work Stress: High salaries often come with significant responsibilities, which can lead to stress and a lack of motivation to complete even small tasks. Additional assignments can overwhelm employees, severely impacting their physical, mental, and emotional health.
• Loss of Ambition: If you’re only in your job for the money, you may struggle to maintain ambition and passion for the work. A decrease in ambition can lead to lower motivation and productivity at work and in other interests.
• Less Time with Loved Ones: Higher salaries often demand longer work hours, leaving less time for loved ones and important events like birthdays, weddings, and family reunions. Even if you have the time, you may be so exhausted that the time spent doesn’t feel meaningful.

Job Satisfaction Pros and Cons

Having a job you love and are satisfied with can often make work feel enjoyable, though it may be harder to achieve a high salary. Despite this, the benefits of job satisfaction often outweigh the downsides and inspire many new business owners to start their own companies.

Job Satisfaction Pros:

• Better Well-Being and Fulfillment: Doing what you love ensures a happier and more fulfilled life, as you find meaning and purpose in your work. This fulfillment leads to a more positive outlook, better relationships, and improved physical, mental, and emotional health.
• Opportunities to Make an Impact: High levels of job satisfaction are often found in roles where employees make a meaningful impact on society. Whether in non-profits, government, or charity organizations, employees know they are contributing to lasting, positive changes in others’ lives.
• Learning and Growth Opportunities: Employees who are satisfied with their jobs are excited to work and committed to learning new skills. They are passionate about innovations and strategies that enhance their effectiveness and efficiency.

Job Satisfaction Cons:

• Financial Stress: Even if you love your job, lower-paying positions can lead to financial stress when it comes to paying bills. Unlike those with high salaries, you might struggle to afford leisure activities and vacations.
• Success Takes Time: Achieving financial independence or security in retirement is more challenging with a lower-paying job. Individuals in these positions often need to work longer to meet financial goals and must be more intentional about saving and spending.
• Lack of Feedback: Lack of feedback is common in lower-paying jobs, especially for those starting their own businesses. They invest significant time and effort but receive little to no feedback. Similarly, employees in some companies may find that their contributions are not valued or recognized, leading to decreased interest and career progression.

It comes down to your own priorities

I’m not saying work a job you hate until you become too old to work any longer. However, there’s a lot to be said for taking your time in pursuing your goals. When it comes to the working world and financial stability, a little sensibility can go a long way.

Working a full-time job and pursuing your passions during the evenings and weekends may seem like a tough ask, but if you have enough drive and determination, you’ll be able to make it happen. The world is your oyster, so go forth and conquer it!…sensibly and with some money in the bank, of course.

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