When we first start out in our careers, it is often all about the money as parents withdraw their financial support and our paychecks must cover all of our basic needs plus our desires. However, when pay exceeds those basic needs, do we value that raise or other rewards, such as more time off?
The article below opines that workers who are taking other rewards in lieu of raises may be hurting themselves in the long run. In my opinion, the article mixes some non-monetary and monetary benefits in the same category. For example, paid health insurance – assuming you will carry health insurance, shifting the cost from the employee (automatic payroll withdrawal) to employer paid does free up cash for the employee. Others, such as time off or access to a gym membership you won’t use (due to location or desire) do not impact your paycheck.
Has your company shifted to other rewards in lieu of raises? How has it affected you? How do you see it affecting the next generation of workers (including your kids)?