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Is there a Trade-Off between Financial Rewards and Other Job Benefits? Different Career Pathways for two Groups of Management Students

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  • Leiv Opstad

    (Norwegian University of Science and Technology)

Abstract

The unemployment rate in Norway is low. More than 30 per cent work in the public sector and there is a shortage of labour, especially in the health and education sectors. This article seeks to find out more about why some choose to study within health and education and pursue a career there while others put finances or business education as their priority. Which factors influence this choice? Students’ responses to questionnaires reveal that there are some significant differences. The results indicate a trade-off between high salaries and other job benefits. Compared to business and economics students, financial rewards count for less for those selecting public sector work. They accept lower wages in compensation for job security and personal contentment. Other factors that have implications for educational choices are personal characteristics (Big Five) and interests. Furthermore, there is a substantial gap between females selecting business and financial education and females who prefer a personal-oriented job in the public sector. The methods used in this paper are comparison of means (t-test) and standard linear regression.

Suggested Citation

  • Leiv Opstad, 2021. "Is there a Trade-Off between Financial Rewards and Other Job Benefits? Different Career Pathways for two Groups of Management Students," International Journal of Social Sciences, European Research Center, vol. 10(2), pages 15-30, September.
    • Handle: RePEc:aop:jijoss:v:10:y:2021:i:2:p:15-30
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    References listed on IDEAS

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    2. Matthew Wiswall & Basit Zafar, 2015. "How Do College Students Respond to Public Information about Earnings?," Journal of Human Capital, University of Chicago Press, vol. 9(2), pages 117-169.
    3. Quinn, Joseph F. & Cahill, Kevin E. & Giandrea, Michael D., 2019. "Transitions from career employment among public- and private-sector workers," Journal of Pension Economics and Finance, Cambridge University Press, vol. 18(4), pages 529-548, October.
    4. Palina Prysmakova, 2021. "Contact with citizens and job satisfaction: expanding person-environment models of public service motivation," Public Management Review, Taylor & Francis Journals, vol. 23(9), pages 1339-1358, September.
    5. Laura J. Ahlstrom & Carlos J. Asarta, 2019. "The Gender Gap in Undergraduate Economics Course Persistence and Degree Selection," AEA Papers and Proceedings, American Economic Association, vol. 109, pages 255-260, May.
    6. Frank Hager, 2021. "The Impact of Personality Traits on the Burnout promoting Effect of poor Supervisor Support," International Journal of Social Sciences, European Research Center, vol. 10(1), pages 17-38, March.
    7. Paul Redmond & Seamus Mcguinness, 2019. "The Gender Wage Gap in Europe: Job Preferences, Gender Convergence and Distributional Effects," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 81(3), pages 564-587, June.
    8. Flinn, C. & Todd, P. & Zhang, W., 2020. "Personality Traits, Job Search and the Gender Wage Gap," Cambridge Working Papers in Economics 2053, Faculty of Economics, University of Cambridge.
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    Cited by:

    1. Leiv OPSTAD, 2022. "Attitudes Of Master Students Working In The Public Sector Towards Management Education. Does Economics’ Theory Matter?," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 14(4), pages 37-46, December.

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    More about this item

    Keywords

    Public and private sectors; job benefits; financial rewards; management; career; Big Five personality traits;
    All these keywords.

    JEL classification:

    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets

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