Most of us have probably been advised to choose a career that we are passionate about rather than a well-paying career that we despise. Sure, it sounds ideal, right? Choose happiness over money. But having a career that can’t cover my student loans or let me move out of my parents’ house doesn’t exactly sound like the road to happiness.
So where exactly is the ideal balancing point between job satisfaction and money? Well, we can apparently find the answer using economics.
Yes, research has shown that an increase in money is correlated with an increase in happiness (shocking, right?). But according to the law of diminishing returns, there is a point at which a higher income will not increase one’s happiness.
According to an article by The Atlantic, researchers have found that a higher income does not lead to more happiness once a person’s salary has reached around $75,000. After that point, other areas of one’s life, such as family and health, contribute more to determining happiness.
Being aware of this law can really help you in deciding between jobs that have differing levels of satisfaction and money. Consider how much happier you think the higher salary will make you. If it means you get to move out of your parents’ house, then I know I’d consider it. But if it means you can afford to wear designer apparel and get your nails done every week, then ask yourself if this is really worth the job satisfaction that you would be sacrificing. Answering these types of questions can help you find your unique point of diminishing returns.
If you’re looking to prioritize job satisfaction over money in your job search, consider making a video resume. Research has shown that employers who use video technology as a part of their hiring process have a higher employee retention rate than employers who don’t. This implies that using a video resume leads to better company matches and, logically, more job satisfaction. Video resumes allow the employer to have direct access into your personality, attitude, and personal energy before you even show up for an interview. With this, employers are able to be confident that they are only bringing in candidates that they could potentially see as being a good fit with the company’s team. And for you, that means that you won’t waste time interviewing at a company that wouldn’t be a good fit for you.
Visit www.jobma.com to sign up for a free Jobma profile and get started on your video resume creation today!