Not always about money for executives

Survey finds pay cut okay for 'right' position
By
|hrreporter.com|Last Updated: 11/14/2008

Contrary to what most corporate managers in the United States believe, it’s not about the money. A recent survey of senior-level executives shows 38 per cent would accept up to an 18-per-cent pay cut for the “right” position — one where they are learning, positively impacting their organization and co-workers, and growing professionally.

“Most companies don’t believe people would take less money, but we’ve found that by building the right job in the right culture, companies can retain the best people and reduce payroll by 18 per cent,” said Brad Remillard, co-founder of Impact Hiring Solutions, which conducted the survey.

In addition, more than 87 per cent report their job search is taking up to 12 months and during the last two years, 72 per cent said it has taken them longer to find a suitable position.

The survey of more than 250 senior executives making $100,000 to $200,000 US annually found 80 per cent of respondents, including both employed and unemployed executives, are currently seeking a new position.

“Executives are looking for great positions and are not willing to settle for an unsuitable, unsatisfying job. At least half of the working executives I talk to, who are working now, would leave for a better culture and more rewarding environment, not for more money,” said Remillard.

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