Quick snippets from our morning read on Thursday, 17th December 2020
Today’s morning read looks at the very contentious subject of Passion Vs. Pay. In this article, James C. Price shared some thought-provoking insights and research on the subject.
The workforce is changing. A constant evolution through generational shifts often creates new paths by which processes – once the norm – become archaic. Whether in the 2010s or the 1970s, it’s important to note a shift in job outlook and career development for Millennials and an important question they often ask themselves – “Do I work for passion, or work for pay?”
Passion vs. Pay: A Generational Debate
A Passionate Workforce
Ever since Confucius penned the now-famous words, “Choose a job you love and you will never have to work a day in your life,” human kind has been searching for the best way to approach work. The Traditionalists felt a strong loyalty to their company, working for most of their careers in one place. A study by professional services company Towers Watson found retaining employees now has more to do with employers providing a satisfying experience, inspiring culture, and good quality relationships than it does rewards-based motivation. And I would argue the shift is directly related to life-changing events and social surroundings.
Happiness = Reality – Expectations
Each generation is affected by life-altering events. The argument of passion versus pay is basically the age-old question “does money buy happiness?” Tom Magliozzi of National Public Radio equated that “happiness equals reality minus expectations.” So being happy at work means that the reality of office life and pay outweigh what an employee wants or feels like they deserve. That doesn’t have to mean money; it could mean passion toward what they do or if they feel like they are doing work that makes a difference in the world. Either way, passion and pay both fit into Magliozzi’s equation.
What Experts Say
According to some, the problem with following or searching for passion in a profession is that it is detrimental to overall career development and leaves young people holding out for the elusive perfect position. Monique Valcour, a professor at EDHEC Business School in France, explains that “the ‘follow your passion’ self-help industry tends to under-emphasize this key point: all of the self-awareness in the world is of little use if you can’t pitch your passion to a buyer.” And basically, working in an industry develops you and starts creating in you a sense of meaning. And while you develop more skills and become more marketable to companies, you tend to be more fulfilled in your work.
The Disconnect
However, this thinking, while sensible, still leaves a disconnect from what the majority of workers are feeling. According to a recent Gallup poll, only 30% of American employees feel engaged or inspired and a resounding 70% of workers feel they are not reaching their full potential. Passionate workers are engaged workers, so one could conclude that 70% of American workers aren’t passionate at work. Disengaged workers tend to cost companies money by lowering productivity and spreading negative energy to the rest of the team.
Learn from Millennials and Older Generations
In the fight between working for passion and working for pay, there are imperative truths on both sides of the spectrum. First of all, those who are passionate about their work tend to work harder and help companies stay competitively innovative in their respected markets.
No, there is not an easy answer to this question or a clear-cut winner or loser, but one thing is for certain: people have always been trying to find a good work/life balance, no matter what they are out to get, be it passion or pay.
How have you tackled this question? What do you think is more important, working for passion or developing it throughout a career? Let us know in the comments section below!
Read the full article here
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