aTypical Joe: a gay New Yorker living in the rural South

Wednesday, March 29, 2006

I’m rich!

In equivalence.

Economists John Helliwell and Haifang Huang at the University of British Columbia have done estimates based on an analysis of life satisfaction surveys considering four key factors of job satisfaction. They conclude:

Trust in management is by far the biggest component to consider. Say you get a new boss and your trust in management goes up a bit at your job (say, up one point on a 10-point scale). That’s like getting a 36 percent pay raise, Helliwell and Huang calculate.

In other words, that increased level of trust will boost your level of overall satisfaction in life by about the same amount as a 36 percent raise would. [...]

Having a job that offers a lot of variety in projects, Helliwell and Huang found, is the equivalent of a 21 percent hike in pay.

Having a position that requires a high level of skill is the equivalent of a 19 percent raise.

And having enough time to finish your work is the equivalent of an 11 percent boost in pay.

Via Kevin Drum.