What really matters? Factors other than pay Part 1 -- How long do you want to work?

In choosing a career, pay is definitely important. But, it's often a factor that misleads or is given an undue influence in job selection. There are many other factors to consider. I don't know about you, but for me personally, I'd rather make a lower wage doing something i enjoy than a higher one doing something I hate or is incredibly tedious. It's important, then, that one weighs pay appropriately relative to the other components of a career.

Consider, for instance, the matter of overtime. In hourly positions, workers are paid “time and a half” (1.5x the normal rate) for any work done past the standard 40 hours a week. This is a fair means to ensure that employees are not overworked, and that, if they are, they’re compensated appropriately.

But, in more advanced positions (anything middle management or up, but also including things like teaching) this ceases to be the case. No longer can you simply leave your work in the office. Doing some work after one goes home, and working longer than 40 hours isn’t just acceptable—it’s normal and expected. You’re no longer being paid for the time you work but for the job getting done. But, in most cases, employees are paid a fixed annual salary with no consideration for overtime. This can be a turn-off for those potential promotees, who may refuse such a promotion in order to maintain a more robust social and family life. It also has the adverse effect of often simultaneously increasing absolute salary but decreasing hourly salary, at least at first. In essence, when one is first promoted, their time becomes less lucrative until they work their way up to a still-higher salary. This often comes with increased responsibilities, and thus, more work. It’s not hard to see how one gets from this to the stereotypical hardworking Wall Street salaryman working long hours and having no time for family while bringing home a 6-figure salary.

In the next part, I'll talk more about the complexities of this problem and look at possible changes being implemented on the federal level.