The thesis that most workers prefer a quality workplace environment over pay raises is getting a major test.
Workers and modern-thinking bosses made a subtle pact during the past decade or so: Perks such as job flexibility and camaraderie — not to mention an occasional ping-pong table in the middle of the office — were deftly balanced against the traditional and unnerving give-and-take over salary.
This new arrangement was a something of a peace treaty between worker and boss. Nobody really expected a return to the days when a career was seen as a lifetime commitment by both sides. But novel thinking made on-the-job harmony a highly coveted workplace trait.
Numerous studies of workplace dynamics — including findings from the annual Best Workplaces Awards — reinforce a widespread feeling that pay had become a secondary driver of a worker bee’s satisfaction.
That comfort-over-cash sentiment may be changing. Let’s ponder some job-market data:
Inflation’s up: Southern California’s official inflation rate — up 4 percent in a year — is rising at the fastest pace in a decade. And housing costs remain a painful burden to many local households.
Opportunities are rising: The number of job openings in 13 Western states has risen 20 percent in a year and is double what was available mid-recession.
Improvements sought: A Federal Reserve study found 18 percent of U.S. workers asked for a raise or promotion last year while 29 percent sought a new job. In 2016, 15.7 percent sought a raise and 24.3 percent were filling out job applications.
Pay is up: Southern California workers are costing employers 3.6 percent more in salary and benefits this year vs. an average 2.7 percent annual hike in the previous four years.