66% would take a pay cut to be happier at work

Two thirds (66%) of respondents would take a pay cut of at least 1% to be happier at work, according to research by Hired.

Its Perceptions of mobility and the job search report, which surveyed 2,557 full-time employees over the age of 18 in the US, UK and Australia, also found that 78% of millennial respondents would opt for a pay cut to be happier at work, compared to 63% of generation X respondents, and 55% of baby boomer or older respondents.

The research also found:

• 11% of respondents would take a pay cut of 20% or more to be happy at work.
• 26% of respondents left their previous job because they felt they were being underpaid, and 18% of respondents left because they felt their work was undervalued.
• 14% of respondents handed in their notice because they did not enjoy the workplace culture, and 5% quit their job because they did not believe in the organisation’s mission.
• 14% of respondents cite a poor work-life balance as their reason for leaving their last job.

Mehul Patel, chief executive officer at Hired, said: “Our research shows that 44% of all employees daydream about leaving their job on a monthly basis. Nearly 74% are open to considering new employment or half-heartedly dabbling with the job search today, yet only 14% are actively looking. When people love what they do, everyone wins.”