FEATURE
their position. Just over one-half of those
in the sample were married; two-thirds
of respondents were women.
This final report draws upon the survey
results2 and discussions at two related
convenings where survey findings were
presented: Financial Security and the
Leadership Pipeline, convened by TIAACREF and Independent Sector on April
3, 2012, and the CEO Summit Session
with TIAA-CREF President and CEO,
Roger Ferguson, at the 2011 Independent
Sector Annual Conference. Both gathered
sufficient financial resources to ensure their
long-term financial security. At the same
time, over three-quarters report access to
an employer-sponsored retirement plan
or plans; almost one-third have access to
a defined benefit pension plan and more
than two-thirds to a defined contribution
plan, such as a 403(b) plan.
What drives dissatisfaction with financial
preparations for retirement? It appears
that an inability to save enough concerns
sector workers. While 76% are currently
saving for retirement, less than 20%
satisfied with their current
employment. Personal
satisfaction with the mission
of their work is an important
driver in these employees’
career decisions, with more
than 90% saying it is a strong
consideration.
•
Nonprofit employees also deem
salary and career advancement
important. Sixty-seven percent
of women and 47% of men
reported salary as a strong
The majority of full-time employees in the sector are extremely or very satisfied with
their current employment. While their career decisions are motivated less by financial
considerations and more by personal satisfaction with the mission of their work, it
appears that compensation is nonetheless a nagging issue for many.”
sector leaders to examine the financial
security issue, identify roles for leaders,
and consider next steps.
Summary of Findings
The majority of full-time employees in
the sector are extremely or very satisfied
with their current employment. While
their career decisions are motivated
less by financial considerations and
more by personal satisfaction with
the mission of their work, it appears
that compensation is nonetheless a
nagging issue for many. Almost one-half
have considered leaving the sector for
better compensation elsewhere. Career
advancement opportunities are also a
concern among the nonprofit workforce.
Almost one-half of sector employees are
not satisfied with their ability to prepare
financially for retirement. More than 40%
do not feel that they are accumulating
12 | FALL 2014
of these savers are extremely or very
confident that they are saving the right
amount.
Household debt is an issue for some –
20% of full-time employees in the sector
classify their level of household debt as
a major problem and 38% classify it as
a minor problem. Those with a major
debt problem are the least likely to be
saving for retirement.
By comparison, research focused on
the perceptions of financial security
among all U.S. workers suggests that
while some of these issues are specific
to the nonprofit sector, some concerns
are prevalent across sectors.3
consideration. Satisfaction
with career advancement
opportunities varies with career
stage, but overall only 30% are
very or extremely satisfied and
36% are somewhat satisfied.
Salary considerations
•
Almost one-half of employees
have considered leaving the
sector for better compensation
elsewhere.
•
Forty-two percent of employees
feel they are not accumulating
sufficient financial resources to
ensure their long-term financial
security.
Key survey findings
Satisfaction and career advancement
•
A majority (59%) of nonprofit
employees are very or extremely
Retirement planning
•
Most employees are covered by
a retirement plan at work: 30%