Plus, how and when to ask for more money and promotion.
Making more money doesn’t always mean you’ll be happier at work.
A new study conducted by two economists from the University of Basel and published in the Journal of Economic Behavior and Organization reveals that wage increases do not have a persistent effect on job satisfaction.
While the study found that job satisfaction was positively influenced by wage increases—particularly when an individual’s wages rose more than his or hers peers—it also points out that job satisfaction following a wage increase is only temporary, typically lasting just four years. This is largely due to the fact that people adapt to their new wage level over time and end up desiring more money.
In the short term however, the hope or expectation of a raise can make an employee happier at work, but the best long-term solution to motivate workers are regular, modest raises accompanied by promotions.
But according to a Bankrate survey of more than 1,000 people, 52% didn’t receive any kind of raise in 2017. Of those that did see a bump in salary, 30% got a raise at their current job and 10% scored a new, higher paying gig.