Does Salary Equal Success?

A new study from CareerBuilder finds that lofty salaries aren’t always part of the definition of “success.”

Seventy-five percent of U.S. workers don’t feel that they need to earn six figures in order to be successful. Twenty-eight percent say they would feel successful earning between $50,000 and $70,000, while 23 percent say they would feel successful earning less than $50,000. One-in-ten say they need to pull in $150,000 or more. The conducted included more than 5,700 workers across industries.

Most U.S. workers report they currently earn their desired salary (23 percent) or are close to it (45 percent). Nearly one-third (32 percent) say they are not anywhere near their target pay level.

Men are nearly twice as likely as women to say that they would need to earn six figures to be successful: 32 percent of men compared to 17 percent of women. Incidentally, men are more than twice as likely as women to actually earn $100,000 or more.

The definition of success in relation to salary varies among industries. Workers in Information Technology (48 percent), Sales (38 percent) and Financial Services (37 percent) are the most likely to report they would need to earn six figures to feel successful. Workers in Retail (36 percent), Hospitality (33 percent) and Manufacturing (22 percent) report they would feel successful earning less than $50,000.

As companies recover and rebuild post-recession, workers are reporting significant gaps between raises. Forty-nine percent of workers say they have not had a merit increase since 2010. Twenty-five percent have not had a merit increase since before 2008.

—Source: CareerBuilder

A new study from CareerBuilder finds that lofty salaries aren’t always part of the definition of “success.”

Seventy-five percent of U.S. workers don’t feel that they need to earn six figures in order to be successful. Twenty-eight percent say they would feel successful earning between $50,000 and $70,000, while 23 percent say they would feel successful earning less than $50,000. One-in-ten say they need to pull in $150,000 or more. The conducted included more than 5,700 workers across industries.

Most U.S. workers report they currently earn their desired salary (23 percent) or are close to it (45 percent). Nearly one-third (32 percent) say they are not anywhere near their target pay level.

Men are nearly twice as likely as women to say that they would need to earn six figures to be successful: 32 percent of men compared to 17 percent of women. Incidentally, men are more than twice as likely as women to actually earn $100,000 or more.

The definition of success in relation to salary varies among industries. Workers in Information Technology (48 percent), Sales (38 percent) and Financial Services (37 percent) are the most likely to report they would need to earn six figures to feel successful. Workers in Retail (36 percent), Hospitality (33 percent) and Manufacturing (22 percent) report they would feel successful earning less than $50,000.

As companies recover and rebuild post-recession, workers are reporting significant gaps between raises. Forty-nine percent of workers say they have not had a merit increase since 2010. Twenty-five percent have not had a merit increase since before 2008.

—Source: CareerBuilder

Leave a reply