The Pie: An Economics Podcast Pay Isn’t Everything: How Economists Put a Price on Job Perks
Aug 5, 2025
Evan Rose, an Associate Professor at the University of Chicago, specializes in labor markets and job perks. In this discussion, he reveals that job satisfaction extends beyond salaries, spotlighting the significance of flexible hours and workplace culture. By analyzing insights from over 20,000 Danish workers, Rose uncovers how hidden benefits play a crucial role in employee retention. The conversation also touches on the disparities in job value perceptions between the US and Denmark, and concludes with a light-hearted segment on creative pie-making.
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Value of Non-Wage Job Benefits
- Workers value non-wage benefits like flexibility, culture, and stress levels highly.
- These intangible job perks significantly influence job satisfaction and labor market dynamics.
Quantifying Intangible Job Perks
- Surveying over 20,000 Danish workers helps quantify intangible job perks.
- Linking survey results with rich administrative data provides a full picture of job value beyond pay.
Using Pay Trade-offs to Value Perks
- Asking what pay difference would entice workers back to a previous job reveals perceived value of job perks.
- Willingness to take a pay cut or require a bump measures the attractiveness of non-wage amenities.
