The types of satisfactions that you might obtain from being a formal leader depend on your particular leadership position. Factors such as the amount of money you are paid and the type of people in your group influence your satisfaction. Leaders often experience seven sources of satisfaction.

A feeling of power and prestige. Being a leader automatically grants you some power. Prestige is forthcoming because many people think highly of people who are leaders. A chance to help others grow and develop. A leader works directly with people, often teaching them job skills, serving as a mentor, and listening to personal problems. Part of a leader’s job is to help other people become managers and leaders.

Higher income. Leaders, in general, receive higher pay than team members, and executive leaders in major business corporations typically earn several million dollars per year. Respect and status. A leader frequently receives respect from group members. He or she also enjoys a higher status on and off the job than people who are not occupying a leadership role.

Opportunities for advancement. Obtaining a leadership position is a vital first step for career advancement in many organizations. Staff or individual contributor positions help broaden a person’s professional experience, but most executives rise through a managerial path. A feeling of being in on things. A side benefit of being a leader is that you receive more inside information. As a manager, you might be invited to attend management meetings where you are given information not passed along to individual contributors.

An opportunity to control money and other resources. A leader is often in the position of helping to provide judgement on financial matters and prepare a department budget and authorize expenses.