Roshan Thiran, CEO of Leaderonomics
IN an ideal world, the perfect job is one that is both enjoyable and pays well.
However, in the real world, more often than not, the average employee will have to choose between the two.
In other words, you either work in a job that offers a high-paying salary but provides zero gratification; or be in a profession that gives plenty of satisfaction but comes with a poor remuneration package.
Between the two, which would be the ideal choice?
High salary
Leaderonomics founder Roshan Thiran pointed out that there are plenty of tangible benefits to having a high salary.
“These include financial security, better living conditions and the ability to provide for one’s family.
“This is particularly relevant in Malaysia, where economic factors like inflation and the rising cost of living have been pressing concerns. A high salary may alleviate some of the financial strains faced by individuals and their families,” he told StarBiz.
Heera Training and Management Consultancy principal consultant Heera Singh said having a job with a high salary will, more often than not, provide opportunities for career advancement
“It is always assumed that a high-paying job has a direct relationship to the fact that you will be occupying a higher position in the organisational hierarchy.
“Firstly, this gives you ‘status’. Secondly, it provides you opportunities for career advancement and in turn, a higher salary. This can be beneficial for your long-term career growth and earning potential.”
Roshan noted that in many societies, financial success is often equated with one’s worth or achievement.
“Those earning a lower salary, despite finding fulfilment in their work, may face societal pressure or judgement, which can affect their self-esteem and social relationships.”
He added that many also prefer to have a high-paying job so as to have better retirement or future financial security.
“With a lower salary, there might be constraints on the ability to save and invest for retirement.
“This could pose challenges in the long run, especially in ensuring a comfortable and secure retirement.”
Better job satisfaction
On the flip side, earning a lower salary but with a high level of job satisfaction, also has its perks, said Roshan.
“Multiple studies have shown that job satisfaction is closely linked to mental health. A report in the Journal of Occupational and Environmental Medicine pointed out that job satisfaction is a significant factor in the well-being of employees.
“Those who derive joy and fulfilment from their work are generally happier, exhibit lower levels of stress and anxiety and have a more positive outlook on life.”
Heera said employees that are generally more satisfied with their jobs tend to be more productive and produce higher quality work.
“When you enjoy your work, you are more likely to feel motivated, which then usually leads to better work performance.
“Deriving job satisfaction can also provide a sense of accomplishment and satisfaction that goes beyond financial rewards.”
Roshan said satisfaction in one’s career can also contribute to longevity in the field.
“When an individual is deeply connected to the work they are doing, they are more likely to continue growing and contributing in that field over time, building a wealth of experience and expertise.”
Being happy also means having a reduced risk of burnout, he added.
“Burnout is a critical issue in the modern workplace. Jobs that provide personal fulfilment can reduce the risk of this as individuals are energised by the work, as opposed to feeling drained by it.”
Finding the right balance
At the end of the day, one needs to find a balance between the two and determine which works best, said Peoplelogy group founder Allen Lee.
“Reflect on what truly matters to you. When your career choices align with your values, you’ll unlock a sense of fulfilment that transcends monetary rewards. Embrace what resonates with your passions and aspirations.
“Career advancement goes hand in hand with personal development. Seek out organisations that encourage continuous learning, skill enhancement and mentorship.
“These experiences contribute not only to job satisfaction but also to long-term growth.”
Lee emphasised that the boundaries between work and personal life are evolving. “Strive for a seamless integration that allows you to lead a fulfilling life on all fronts. Companies that support flexible work arrangements can be key allies in this pursuit.”
Additionally, he said the culture at the workplace will also play a pivotal role in a person’s job satisfaction.
“Look for companies that prioritise employee well-being, diversity, equity and inclusion. A supportive and inclusive culture fosters an environment where you can thrive personally and professionally.”
Roshan said it is critical for a person to evaluate personal financial obligations such as loans, family support and living expenses.
“Alongside this, setting clear financial goals, both short and long term, can provide clarity on the minimum salary needed to meet these obligations and goals,” he said.
In an ever-evolving economic landscape, Roshan said job security is an important factor. “Understanding the stability of the industry and the specific organisation can help in making an informed decision.
“Apart from the basic salary, it is also important to consider the additional benefits and perks offered, such as healthcare, retirement plans, education allowances and others, as these can have a substantial impact on overall compensation and quality of life.”
Geographical location and cost of living are also points to consider, said Roshan.
“The location of the job and the associated cost of living should also be taken into account. A high salary in a city with an exceedingly high cost of living may not go as far as a more modest salary in a location with lower living expenses,” he said.
In a post-pandemic era where hybrid-working has become the norm, the quest for balance has taken on a new significance, said Lee.
“As remote working blurs the lines between the professional and personal spaces, employees yearn for autonomy, flexibility and meaningful experiences.
“It is crucial for companies to recognise the profound connection between job satisfaction and financial rewards to ensure a motivated and engaged workforce.”
Hybrid model
Roshan said the ability to work remotely can lead to plenty of cost savings, such as reduced commuting expenses and time.
“It also opens the possibility to live in areas with a lower cost of living. This can sometimes offset a lower salary, as the tangible and intangible benefits of remote work contribute positively to quality of life.”
With the hybrid model, Roshan said some employees find that they are more productive working remotely without the distractions of the office.
“On the other hand, some may thrive on the social interactions and collaborative nature of the in-office environment.
“It is important to recognise which environment enhances one’s productivity and performance and how this aligns with both job satisfaction and earning potential.”
Despite the obvious advantages, Heera noted that the hybrid working model also has its fair share of challenges.
“As much as hybrid work arrangements have advantages, they also offer challenges such as difficulty in effective communication, achieving proper teamwork or having intimate collaborations.
“These challenges will vary depending on the job.
“Hence, any potential employee must take this into account when evaluating and balancing between higher job satisfaction and a high salary.”
With the flexibility of hybrid work, Heera said employees have the opportunity to choose environments that enhanced their job satisfaction, which will usually lead to higher levels of productivity and performance.”
Taking into account job satisfaction alongside salary, Heera said employees were now more discerning on potential jobs that offer the flexibility and balance they desire.
“This is a critical factor in the current environment where job seekers are increasingly considering factors beyond salary, such as work-life balance, growth opportunities and a positive work culture.
“Employees that are able to find a balance between job satisfaction and a high salary are more likely to thrive in the current hybrid work environment, leading to greater overall well-being, higher motivation and better-quality work.”
