Being a boss means much more than a bigger paycheck, new research finds.
A study by the Pew Research Center revealed that in addition to earning higher salaries, America's bosses are more satisfied with their family life, jobs and overall financial situation than nonmanagerial employees are. Additionally, top managers who have children are less likely than other working parents to say parenthood has been an obstacle to job advancement.
Specifically, 83 percent of bosses describe themselves as "very satisfied" with their family situation, compared with just 74 percent of nonmanagerial workers. The gap widens, however, when the subject turns to jobs. Nearly 70 percent of bosses are very satisfied with their current position, compared with less than half of nonmanagerial workers. [5 Ways to Improve Your Work-Life Balance Today]
Top managers are also significantly more likely than those who work for them to think of their job as a career and less likely to say it's just a job. In addition, managers are more likely to say they have sufficient education and training to help them succeed and to believe they are fairly paid for the work they do.
Bosses also are more satisfied with their financial bottom line. The study showed that four in 10 top managers said they are very satisfied with their financial situation, compared with just 28 percent of nonmanagerial workers.
The researchers said that considering these findings, it isn't surprising that bosses are only about half as likely as other workers to be looking for another job.
The study also discovered that white men were most likely to be bosses. Sixteen percent of men, compared to just 10 percent of women, are top managers, while 16 percent of all whites are bosses, compared with 6 percent of blacks and 4 percent of Hispanics.
The research showed that, having recently entered the workforce, millennials are the least likely age group to be in charge: Only 4 percent of millennials are bosses, compared with 16 percent of Gen Xers and 17 percent of baby boomers.
Today's bosses also are somewhat better educated than other adults. According to the survey, those with college degrees or some college experience are nearly twice as likely to have a top managerial job than those with less education.
Originally published on BusinessNewsDaily.