How much would you give up to take on your dream job?
A recent study by PwC into the effectiveness of employee pay structures finds that for many of us, it’s not all that much.
PwC surveyed more than 1000 Australian employees across a range of industries and age groups and found that, on average, they were only willing to give up 11 per cent of their wage for their ideal role.
This dropped to nine per cent if they could have the ultimate in work-life balance, and six per cent to report to the perfect manager.
The figures, which were consistent across demographics, suggest that while people will trade pay for intangible benefits, cold, hard cash remains a critical factor for people when choosing roles.
Employees place the most value on reward schemes that are simple and certain, and are wary of variable pay structures, particularly when their manager has discretion over the payment outcome.
On the flip side, complex bonus systems, which take into account the performance of a large number of people and provide managers with significant discretion, are more expensive and don’t motivate employees to perform.
People will actually require higher payments to compensate them for the increase in risk, but this doesn’t translate to improved performance.
Employers who take these factors into account can foster the same levels of staff motivation and spend less money on paying their staff.
Not a bad result if you can get it right.
What would you give up for your dream job? Let us know in the comments.
Image courtesy Meagan, via Flickr