The 1.6 million organizations that make up the American philanthropic and nonprofit sector account for about one-tenth of the U.S. workforce, and a majority of these employees like their jobs, according to a new survey.
That doesn’t mean, however, these workers don’t have complaints or worry about their future, the survey of 1,000 full-time employees by the TIAA-CREF Institute and Independent Sector found.
Fifty-nine percent of nonprofit employees said they were very or extremely satisfied with their current employment, and more than 90% said personal satisfaction with their work’s mission was an important driver in their career decisions.
They also considered salary and career advancement important. Sixty-seven percent of women and 47% of men reported salary as a strong consideration, but overall only 30% were very or extremely satisfied and 36% were somewhat satisfied with career advancement opportunities.
Other key findings of the survey:
- Nearly 50% of employees said they had considered leaving the sector for better compensation elsewhere.
- 42% felt they were not accumulating sufficient financial resources to ensure their long-term financial security.
- 30% of employees had access to a defined benefit plan, and 69% had access to a defined contribution plan, with more than three-quarters of the latter making contributions.
- 45% of sector employees were not satisfied with their ability to prepare financially for retirement, likely because of household debt: 70% of early-career stage employees and 60% of mid-career employees considered their level of household debt to be a problem.
- One-third of sector employees reported that they had received retirement planning advice within the past three years.
- Two-thirds had not tried to determine how much money they would need to accumulate for a comfortable retirement.
- Even among savers who were confident that they were saving the right amount, one-third had not attempted such a calculation.
“The survey indicates that while nonprofit employees are satisfied overall with their jobs, they have concerns about their ability to retire comfortably,” Paul Yakoboski, senior economist at the TIAA-CREF Institute, said in the statement.
“The results demonstrate the need for financial planning and advice to help these employees combine the best of both worlds: a fulfilling job and a secure financial future.”