Daily Buzz: Who Earns More, Nonprofit or For-Profit Workers?
A sense of purpose is often key to feeling fulfilled
Approximately 80 percent of recent college graduates say it’s very important to have a sense of purpose in their work, according to a new Gallup poll. But, with college debt looming overhead, can they find careers that are both purpose-driven and pay the bills?
Where for-profit jobs once had the advantage in offering higher pay, research shows nonprofit salaries can be just as competitive. In fact, average compensation, including benefits, for employees at nonprofits is $7.86 per hour more than those at for-profits, according to U.S. Bureau of Labor Statistics data from 2014, the latest year for which figures are available.
“The growing interest in nonprofit work is yet another signal that employers should be aligning themselves with their purpose-driven employee pools,” writes Michelle Cheng on Quartz at Work. “Plus, it pays off: Studies show that employees who derive meaning from work report higher satisfaction and are more likely to stay with the company longer. In short, companies should no longer be striving to either be purpose-driven or profit-driven—but finding a case for both.”
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