News

Workers face a trade-off between money and happiness

4.3

Andrew R. Michaud

December 22, 2023

According to a recent survey by Resume Builder, workers are faced with a choice: they can either have more money or more happiness, but not both. The survey revealed that those who work in the office at least part of the time were more likely to be considered for promotions or raises, while remote workers reported having a better work-life balance.

The survey included 417 remote workers, 567 hybrid workers, and 206 fully in-office workers. Interestingly, more than three-quarters of in-office workers received a raise in 2023, with half of them reporting a raise of over 10%. While remote workers also experienced raises, they did not see the same level of increase.

However, monetary benefits came at a cost for some workers. The survey found that 43% of in-office workers reported feeling "very stressed," compared to 30% of remote workers and 37% of hybrid workers. In-office workers also struggled with job satisfaction, with 37% expressing unhappiness in their roles, whereas only 11% of those working remotely and 14% of hybrid workers felt the same.

Stacie Haller, chief career adviser at Resume Builder, emphasized that the survey is not scientifically conclusive and that various factors should be considered when discussing happiness, stress, and job satisfaction. It was noted that certain groups, such as LGBTQ+ individuals, those with disabilities, or individuals with family responsibilities, find value in workplace flexibility.

In a separate report by the New York Federal Reserve, it was found that many companies have experienced positive impacts on employee retention and recruitment by offering remote work options.

In conclusion, workers must weigh their priorities between financial gains and personal happiness when deciding on their work arrangements. While in-office workers may have access to more promotions and raises, remote workers often enjoy a better work-life balance. Ultimately, individual circumstances and preferences play a significant role in determining the ideal work environment.

Remote Workers: The Powerhouses of the Modern Workplace

A recent report by McKinsey & Co. reveals that within companies, "thriving stars" are more likely to excel in hybrid and remote working models than in the traditional in-person setup. These "thriving stars" refer to the top 4% of employees who bring exceptional value to the company. Surprisingly, a significant proportion of these high-performers are remote or hybrid workers.

Despite the evidence supporting the benefits of remote work, there are still managers who resist the idea of employees not being physically present where they can keep an eye on them. Phil Kirschner, a senior expert at McKinsey, points out that most employers never bothered to ask their employees about their preferences before COVID-19. He emphasizes that the current office environment fails to meet the needs of all employees and has room for improvement.

Resume Builder conducted a survey revealing that 52% of in-office workers are actively seeking new job opportunities, compared to only 36% of remote workers. Furthermore, an astounding 93% of remote workers expressed satisfaction with their current arrangement, while only 69% of hybrid workers and 35% of in-person workers echoed the same sentiment.

However, developing and nurturing the talents of remote workers requires flexibility on the part of managers, according to both McKinsey and Resume Builder. Some remote workers may not be receiving the necessary support for growth from their managers. Haller, an expert interviewed by McKinsey, emphasizes the importance of managers in identifying and cultivating remote talent effectively.

With the Federal Reserve projecting a low U.S. unemployment rate of 4.1% by the end of next year, individuals seeking remote work still hold significant leverage in the job market. Despite companies urging employees to return to the office, this desire is not being met to the extent they had hoped for. As a result, companies risk losing their valuable employees who are unwilling to embrace daily office attendance. The modern workplace is in a state of transition, and losing top talent due to rigid work models is a consequence that companies cannot afford.