How much are you willing to pay for the job you want? This may sound like a strange question, since your employer will pay you to work, but think again. Consider how much you value a specific type of work, or how much you would want to work for a specific organization because of its values.
A recent study shows scientists who want to continue engaging in research will accept some $14,000 less in annual salary to work at an organization that permits them to publish their findings in academic journals, implying that some scientists will "pay to be scientists." This finding appears to hold in the general business world, too. In a recent survey, 97 percent of Stanford MBA students indicated they would forgo some 14 percent of their expected salary, or about $11,480 a year, to work for a company that matches their own values with concern for stakeholders and sustainability. According to Monster.com, an online career service, about 92 percent of all undergraduates want to work for a "green" company. These diverse examples demonstrate that people put a real dollar amount on pursuing careers in sync with their values.
On the other hand, certain high-powered jobs such as management consulting or investment banking pay very well, but their high salaries come with strings attached. Professionals in these jobs work very long hours, including weekends, and often take little or no vacation time. These workers "pay for pay" in that they are often unable to form stable relationships, have little or no leisure time, and sometimes even sacrifice their health. People "pay for"-make certain sacrifices for- what they value, because strategic decisions require important trade-offs.58
1. Identify your personal values. How do you expect these values to affect your work life or your career choice?
2. How much less salary would (did) you accept to find employment with a company that is aligned with your values?
3. How much are you willing to "pay for pay" if your dream job is in management consulting or investment banking?