Image

6:19 PM / Thursday April 18, 2024

9 Mar 2024

Just 3 in 10 Americans say they aspire to the C-suite: New study

  • Facebook
  • Twitter
March 9, 2024 Category: Color Of Money Posted by:

BPT

Who wants to be the boss? Just 3 in 10 Americans say they aspire to hold a C-suite role, according to new research from Empower, a leader in financial planning, investing, and advice. Out of all generations, millennials show the highest interest in becoming a top executive (39%), though nearly a third of people don’t want their job description to change — even if it means sacrificing a promotion or raise.

The study reveals that the number one driver of job satisfaction is money (67%), which Americans say trumps being rewarded for loyalty and longevity at a company (40%), recognition for the job performed (34%) and being an inspiring leader or leading by example (32%).

The paycheck paradox
For some, there may be a paycheck paradox – a chicken or the egg dilemma: 38% (and 55% of Gen Z) believe they don’t get paid enough to go above and beyond their current job description. At the same time, nearly 1 in 4 people say they’re not working at full capacity, and nothing will motivate them to work harder (23% overall, 37% Gen Z).

More Americans plan to increase their contributions to their retirement savings in 2024 (34%) than ask for a promotion (23%) or quit to find a higher-paying job (14%). Of all generations, Gen Z is looking to make more money by “job switching” (16%).

So, if people are placing less focus on rising through the ranks, what do people value at work? Let’s take a closer look.

What’s on the workplace wishlist?
Respondents point to greater access to financial advice and benefits as topping the list; over 2 in 5 Americans (44%) wish their employer offered more one-on-one financial help.

  • Advice advantage: 39% say their employer doesn’t offer enough financial planning support. Half (48%) say financial coaching is a major must-have and 52% wish their job would provide more financial literacy opportunities.
  • Retirement roll: 71% of Americans say retirement plan matching is an important employee benefit and over half (54%) wish their job automatically enrolled them into a 401(k) plan
  • Betting on a bonus: Bonuses are important to 75% of Americans, though nearly 1 in 5 respondents (17%) say their employer doesn’t offer one. One in 4 put their annual bonus toward essential items (24%), savings (44%), and retirement (28%), though 32% plan to spend it on a vacation.
  • The big flex: 48% say they’d be willing to go back to the office if their employer offered a four-day work week – just 6% would be willing to take a pay cut to go remote. On the flip side, 1 in 4 Americans (26%) say if their employer asks them to go back to the office more this year, they’ll quit.
  • Paycheck principles: When it comes to salary/compensation goals in 2024, Americans are focused on making enough money to pay their bills on time (45%) and to retire when they want to (39%). Over 1 in 4 want to make enough to avoid working multiple jobs.

Top money goals for the year ahead
Inflation and cost of living continue to be top concerns for Americans, as 6 in 10 say their income isn’t keeping up with rising prices. These economic concerns far outweigh worries about the job market (7%) or career growth (4%).

Despite these challenges, just a third (31%) plan on asking for a raise this year, and the trend of “quiet quitting” seems to be waning: 9% plan to employ this strategy in the year ahead. Some 44% feel they make enough money to live comfortably, and overall, Americans feel optimistic, with 58% of respondents believing they will continue to make more money in the future.

Access the full report on The Currency™.
Methodology: This study is based on online survey responses from 1,117 Americans ages 18+ commissioned by Empower and fielded by Morning Consult from January 3-4, 2024.

  • Facebook
  • Twitter

Leave a Comment

Recent News

Philly NAACP

April 14, 2024

March 17, 2024

Tweet Email Tweet Email Related Posts Philadelphia Judicial Primary Candidates At A Glance Guide Philadelphia Judicial Candidates...

Sports

Hank Aaron rose above racist hate mail and threats in pursuit of Ruth’s home run record 50 years ago

April 14, 2024

Tweet Email ABOVE PHOTO: Hank Aaron holds aloft the ball he hit for his 715th career home...

Health

Mental health and the ALS community

April 13, 2024

Tweet Email BPTSponsored by Mitsubishi Tanabe Pharma America, Inc. (MTPA) Each year, an estimated 5,000-6,000 Americans are...

Election 2024

Federal data does not show a soaring number of unauthorized migrants registering to vote

April 14, 2024

Tweet Email ABOVE PHOTO: SCREEN SHOT By Melissa GoldinASSOCIATED PRESS CLAIM Social Security Administration data shows the...

Color Of Money

Five financial tips to take your business to the next level

April 5, 2024

Tweet Email BPTBy Irana Wasti, chief product officer at BILL Building a business is an incredible journey,...

Seniors

Jump start the spring season by getting vaccinated against this potentially serious lung disease

April 5, 2024

Tweet Email BPT Spring is the season of new beginnings — a time when we can finally...

The Philadelphia Sunday Sun Staff