December 3, 2012

Importance of Families Still Trumps Financial Perks

familyThere is more reason than ever to consider work life balance as just as important of a factor as any other to retaining and attracting key employee talent. New York Life’s Keep Going Good Report finds that despite the fact that 71 percent of American workers reported that they would be happier with more pay, only a small portion would be willing to trade between their financial situation and their families.

Most Americans wouldn’t trade time with families even for a promised 50 percent pay raise. More than half (54 percent) would trade evenings off from work for such a pay increase, 45 percent would sacrifice time with friends, and 35 percent would trade away all of their vacation time, but only 11 percent would exchange time with their kids for the 50 percent increase.

On an economic note, 90 percent of survey respondents reported that bills are one of their primary obstacles keeping them from having a good life, 89 percent said a financially self-sufficient retirement would make living a good life easier, and 89 percent said protecting their families from an uncertain future would greatly contribute to their overall well being.

“Despite the impact of a tough economic environment and people’s conviction that life would be easier with more money, a 50% pay raise still didn’t move the needle when it came to cutting down on time spent with family – children and spouses. This is very telling about what Americans value,” said Liz McCarthy, Senior Vice President and head of Corporate Communications, New York Life.

Read more news in Work Life Balance

Joshua Bjerke, from Savannah, Georgia, focuses on articles involving the labor force, economy, and HR topics including new technology and workplace news. Joshua has a B.A. in Political Science with a Minor in International Studies and is currently pursuing his M.A. in International Security.