There Is More To Work Than a Big Salary

A new global survey of 4,206 professionals finds that work-life balance and salary rank equally as top criteria when looking for a new job.

While across the board, work-life balance and salary were ranked equally, professionals over the age of 35 actually ranked the opportunity for work-life balance higher than salary. On the other hand, for the most recent graduates and younger professionals (under the age of 35), salary ranked very slightly higher than work-life balance. This indicates that while there is more to work than just money for younger professionals, salary is understandably an important factor.

The research is conducted by CEMS, the Global Alliance in Management Education among its global alumni. NUS Business School is a part of the CEMS alliance.

Nicole de Fontaines, Executive Director of CEMS, said: “Our research reveals that for professionals globally, although salary will always be an important factor, work is not all about money. Achieving a good work/life balance and getting the chance to make an impact in a role is more important than ever, for employees of all ages.

“As we transition back into the office, at a time when attracting and retaining top talent is high on the agenda, it is important that organisations listen carefully to what professionals most desire from roles and act on this. This way, they can attract the most talented staff, benefit from the ambition of their people, encourage innovation and ultimately gain competitive advantage in an uncertain age.

“Where early career professionals are concerned this means providing plenty of opportunity to tackle projects that deliver real global impact, whilst also recognising their need to have a life outside of work. At CEMS we see this in action through our forward-thinking corporate partners, who recognise the benefit of working with young people on impactful global business projects, to make sure they are as prepared as possible when they reach the workplace.”

Southeast Asian respondents showed similar results as their global counterparts, though salary had the highest weightage in their minds.

Usa Skulkerewathana, Senior Lecturer, Department of Management & Organisation, NUS Business School, said, “The effect of more than two years of COVID-19 pandemic has kept both employers and employees on their toes. While employers find ways to stay afloat, employees encounter daily work-from-home challenges on top of their work demands.”

She added, “The findings of the survey come in timely. They remind employers of the importance of the human experience. Frequent check-ins to understand and support employees’ needs at home give employees a piece of mind as they start their new roles. At the same time, employees have to put in effort for what they want, be it earning a good salary or carving out a work-life balance.”