Fundamentally, salary refers to monetary compensation where an employee is paid a fixed amount of money for labour or services provided over a specific period. It’s not rocket science. You get paid for the work you do.
Still, in today’s ever-evolving job market, salary remains one of the most talked-about issues when it comes to employment.
So, why is salary such a hot topic?
Well, there are many reasons why, but we’ve condensed them into three main ones. Tell us: are we right, or are we right?
Reason 1: It’s not just about getting paid
An NUS study revealed that people with higher incomes feel more confident. For many workers, salary is more than just a number on a paycheque. It’s a tangible and visible measure of their professional worth and reflects how much their employer values their contributions to the company.
A competitive salary signals to employees that their employer recognises the value of their skills and experience and is willing to invest in their long-term success. On the other hand, a lower-than-market-rate salary can make employees feel undervalued and unappreciated.
Reason 2: Good salary = better quality of life?
This reason is fairly obvious. Every worker desires a better salary. More money, more honey! More than just meeting their basic needs, such as housing, food, and healthcare, a higher income may mean more opportunities for personal and professional growth.
Conversely, salary, or rather a lack of it, can lead to financial stress, job dissatisfaction, and even health problems, all of which can have a negative impact on an employee’s overall well-being. Thankfully, the fixation on salary is not as intense as it used to be.
Employment trends such as the Great Resignation and the Great Reshuffle have shown that salary is no longer the most important factor that workers want out of a job. Jobseekers place a greater emphasis on achieving a work-life balance.
On the topic of salary…
The irony is that while salary is much discussed, it is also a sensitive subject. Here’s a social experiment you can try: Go around your office and ask your colleagues how much they earn.
Disclaimer: We’re not responsible for the frowns you will receive.
There are better ways to learn more about salary than asking your colleagues. We’ve compiled a list of salary-related articles here for you to learn more. Happy reading!