Tom Gilovich, a professor of psychology at Cornell University, did a study along with some members of his team to find out how levels of satisfaction are affected by spending money on experiences versus spending money on physical things. Gilovich and his team found that people who spend money on physical things such as phones, computers, houses or cars tend to have a drop in satisfaction as time goes on. On the other hand, they found that people who spend money on experiences, like skydiving, traveling or learning a new skill, have higher satisfaction levels overtime.
How can we translate this phenomenon into the workplace? A lot of times the relationship we have with our organizations tends to stay very transactional. When we first get the job our satisfaction levels are high, we are excited, expectant and happy. However, as time goes on we tend to become more and more dissatisfied with our jobs. We get bored, disconnected and burned out.
Organizations need to find a way to allow employees to feel as if they have purchased an experience–as if they have climbed a mountain or gone skydiving. They need to find a way to help employees get that feeling of increased satisfaction as time goes on. If organizations could do this successfully, think of what that would do to the way we work, the way we feel and the way we live. What do you think? How do you think organizations could fix the way we view work?
Let me know what you think, comment below to share your thoughts! You can subscribe to the YouTube channel for more videos.
My new book, The Employee Experience Advantage (Wiley, March 2017) analyzes over 250 global organizations to understand how to create a place where people genuinely want to show up to work. Subscribe to the newsletter here.
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