In the quest for professional success, it’s easy to overlook the personal costs of ambitious careers.
To highlight this important – yet often neglected – topic, we’ve compiled some thoughts on The Personal Cost of Your Career, a four-part article series which aims to shed light on the sacrifices career-driven individuals often make in their lives. Whether in the context of health, social life, family commitments or even financial wellbeing, it is crucial to address the issue and put measures in place, so that professionals can begin to prioritise areas that deserve just as much attention as their careers.
With this in mind, we’re here to offer insights and practical advice to help successful individuals create a work-life balance that is built to last. Let’s dive into our final part: financial pressure.
The Personal Cost Of Your Career – Part 4 – Financial Pressure
Climbing the career ladder comes with many benefits. From realising professional aspirations and continuously upskilling, to increasing your yearly salary, there are numerous reasons to shoot for the stars when it comes to your career trajectory.
However, contrary to popular belief, higher earnings don’t always translate into financial security.
This is primarily a result of the ongoing cost of living crisis, which has led many professionals to face increasing financial strain caused by lifestyle inflation, housing difficulties and insufficient financial planning.
Money talks: Finding the root of financial pressure in the modern workplace
According to our What Matters Most survey, 59% of candidates rate salary as a top priority, as well as the most critical factor when considering a new role. With 49% of respondents citing rising house prices as a big influence on their employment decisions, it’s no wonder salary is playing such a prominent role in defining and changing the course of many individuals’ careers.
A separate survey by SD Worx, which quizzed more than 1,000 Irish employees, found that 29% of workers would leave a job if they were dissatisfied with their financial stability or job security. A further 41% believe that their employers did not adequately compensate them for inflation last year.
Pair this figure with the one-third who criticised their organisation for not showing sufficient concern for their financial well-being, and it would appear that employers may need to up their game in this context to retain top talent.
Working together to combat financial pressure
Based on this recent research, it seems that combating work-related financial pressure involves a two-pronged approach, with effort required on the part of both the employer and employee. This should be carried out in the following areas:
1. Financial literacy
At the earliest point in their career, employees should begin to place focus on their long-term financial health. Careful monthly budgeting plays a large role in this, as does regular savings and making wise investments with the help of expert guidance.
2. Employer support
With employers expected to step up to the plate in terms of empowering financial wellbeing among employees, there are several measures they can put in place within their organisations to support this. Aside from the obvious step, which is re-examining employee salaries to ensure industry benchmarks are being met, employers should also explore the implementation of financial wellness programmes and resources to help their teams navigate economic challenges.
3. Minimise lifestyle inflation
Professionals desperate to up their game in the context of financial security should begin to examine their lifestyle choices to see where they can make savings. This can be achieved by avoiding unnecessary spending and building an “emergency fund” that can be used as a fallback for a rainy day.
Closing thoughts
The personal cost of career ambitions is undeniable, but not insurmountable.
Insights from our What Matters Most survey reinforce the importance of prioritising financial security, job flexibility and well-being in professional settings. Doing so will have a positive knock-on effect on an employee’s personal life and relationships.
By addressing mental health, physical wellbeing, personal relationships and financial challenges, individuals and organisations can strike a healthier work-life balance – together.
