Read Time: 1 minute, 10 seconds
Who:
Physicians surveyed as part of Medscape’s 2023 Physician Lifestyle and Happiness Report.
The Findings:
In 2021’s report, 55% of surveyed physicians across all specialties reported they would opt to take a pay cut in exchange for improved work-life balance. According to Medscape, that number remained relatively consistent in 2022, with 53% of respondents agreeing.
By The Numbers:
- In 2019, just over 50% of participating physicians said they would not take a pay cut for improved work-life balance.
- The most significant shift came during the COVID-19 pandemic. In 2020’s report, roughly 47% of respondents said they would take a pay cut. That number jumped to 55% in 2021.
- Approximately 47% of this year’s survey respondents said that a cut in income would not be worth the improved balance.
Quotes:
- “On average, doctors were increasingly ready to choose better work-life balance during the height of COVID-19. Now that the worst of the pandemic is behind us, the hope is that the slight increase in how often physicians responded no to this question will become a trend.” – Medscape
- “The National Bureau of Economic Research ran this choice by average American workers and found that 40% would take a pay cut. Perhaps the demands of medicine make the trade-off more appealing to doctors, or maybe it’s a more manageable decision given their incomes.” – Medscape
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