We work about 80,000 hours in our lives. In these hours, we are very productive both mentally and physically. But what do we look for in our work? And does this differ by generation? Robert Dur, Professor of Economics of Incentives at Erasmus School of Economics, answers these questions in an interview by BNR Nieuwsradio (January 25 2023).
The Professor studied a large U.S data set in which respondents were asked multiple times throughout the years what they deem important in their work. He notes that meaning is always one of the most important factors regarding work. Where people get meaning from can vary greatly. For example, what is good for society, or whether people learn something at work, or whether people learn something about themselves at work. There are differences in the importance of meaning when it comes to the age of individuals. Once people get older, meaning begins to play a larger role in what we look for in our work.
Dur explains that this may be because meaning is a luxury good. If someone has little money, they will be much concerned with paying the rent and groceries rather than with meaning. As people get older, they often begin to earn more money, which allows them to think about meaning in their work.
Differences between types of jobs
People who value meaning are more likely to end up in the public sector (especially education and health care, and other social work). In sales, public relations and finance, a large proportion of people also find meaning important and find it in their work. Although this percentage who actually find it is lower than in the public sector. Moreover, there is no job in which no one finds meaning. However, there are differences between jobs when it comes to the degree of meaning individuals find.
The Professor stresses that it is also important to note that not everyone wants meaning. For 75% of people, meaning is the most important factor. People for whom meaning is not the most important factor are often found in jobs related to finance, public relations and sales. In this respect, the labour market is doing its job.
Differences between generations?
Dur argues that it is not true that the differences in the importance of finding meaning in work are due to generational differences. Instead, these differences have to do with differences in age among respondents. When we compare today's young people with those of previous generations, we find no difference in the importance of meaning in work. This shows that the difference in meaning in work is due to differences in age rather than differences in generation.
Tips for employers
The Professor ends the interview with some tips for employers. He judges that employers should not follow all kinds of hypes, but pay attention to what people find important in work. The fact that generations differ little means that information about young people moves with generations. Employers should ensure that old employees find enough meaning in their work, while for young employees, employers should not underestimate the importance of pay.
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For the whole interview by BNR Newsradio, 25 January 2023, click here.