Who's working for passion, and who's just in it for the paycheck?
Boomers are more likely than other generations to work for passion.
Loving what you do doesn’t always pay the bills, so many workers prioritize salary over passion, according to Signs’s report, “Love What You Do.” However, if you can get paid decently for a job you truly dig, then you have the best of both worlds.
When people start out in their careers, they likely have to “pay their dues” in a position that may not be their “dream job”—but it will pay the rent and electric bill, and maybe catching a movie and eating out at a restaurant or two with their buddies. But there will be lots of Ramen noodles in the meantime.
Related: Most workers living paycheck to paycheck
Sign’s survey of more than 1,000 workers across generations bear this out: Millennials are significantly more concerned with a paycheck than finding a job they love – 62 percent say money is their primary reason for working.
As people progress into their careers, many marry, start a family and incur all the expenses of a growing family, including a mortgage and a college fund for their kids. During those years, taking a job for the income it can bring in becomes all the more important. Not surprisingly, Sign’s survey found that GenXers—those in the midst of raising families—are the least likely to pursue a job for passion.
But people in their late 30s or early 40s are also building their resumes and as family commitments are fulfilled, they’re more likely to be able to pursue that dream job that gives them the most passion. Indeed, boomers are the most likely of the three generations to work for passion (16 percent), with just over half working for money. There’s retirement to consider, of course, so making good money while doing what you love is ideal.
The survey found that the more people earn, the more likely they are to save for retirement. Once salaries reach the six-figure mark, retirement replaces pay as the top reason for working.
Some people are fortunate enough to be able to find passion in what they do right off the bat; employees working in engineering, education and business are the most passionate about their jobs, while employees in the sciences are the least passionate about their jobs on average, according to the survey.
What about overall happiness?
“Employees working in engineering, education and business ranked above average in life satisfaction, with only health sciences and technologies ranking higher,” the authors write. “Interestingly, health and technology also happen to be the top two growing and thriving industries, allowing employees to have the perfect combination of passion and pay.”
Other key survey findings include:
- Two-thirds (62.5 percent) of women report working for money, while only 12.8 percent say they work for passion. Men are more likely to work for passion than women (15 percent), but age may have even more of an impact than gender, the authors write. For 62.7 percent of men and 46.4 percent of women, saving for retirement is one of their top priorities.
- Vacation and a large purchase are also top reasons for working, according to over a third of men and women. However, when it came to working to support children (36.1 percent) or for passion (35.2 percent), men are significantly more likely than women to say each is a primary reason – only 28.1 percent and 30.8 percent of women say the same, respectively.
- Insufficient pay, lack of growth opportunities and lack of passion are the top three reasons employees would quit a job in the next five years. Both men and women are more likely to quit a job for lack of passion over a bad relationship with their boss.
- People making at least $75,000 while working for pay considered quitting after just under two years; however, those making between $75,000 and $99,000 while working for passion wouldn’t consider job hopping until they reached the 3.5-year mark. Commitment grew even more when people working for passion made at least $100,000, with employees not considering quitting until five years later.
“People who are only in it for the money are less committed than their passionate counterparts, but it’s for a good reason,” the authors write. “To continue seeing a substantial increase in income, employees have to leave their current job and find a new one – even if they like the one they have.”
Read more: