NEW
YORK, May 6, 2024 /PRNewswire/ -- The Great
Resignation saw workers quit their jobs in droves—but many are now
regretting it. A new survey of US workers reveals those who changed
jobs since the pandemic are significantly less satisfied with their
jobs than their colleagues who stayed.
What's causing job hoppers to regret their decision? The
Conference Board survey found that leadership and
culture saw the greatest gaps in satisfaction between the
job switchers and job stayers.
But aside from "people issues" moving the needle, money also
matters: Higher wages enticed many to take new jobs in the
COVID-era, but those who switched jobs now report less
satisfaction with wages. This is possibly due to inflation taking a
bigger bite out of their paychecks.
While overall job satisfaction remained virtually
unchanged—ticking up 0.4 points to 62.7%—every individual driver of
job satisfaction declined. The largest declines were primarily in
financial benefits such as bonuses, hard base benefits, wages, and
promotions—underscoring the sting of stubborn inflation.
"After more than a decade trending upwards, overall US worker
job satisfaction may have finally plateaued," said Allan Schweyer, Principal Researcher, Human
Capital, The Conference Board. "To avoid declining job
satisfaction, leaders should maintain or improve key drivers such
as flexible work arrangements and career development opportunities
while ensuring that wages and core benefits remain
competitive."
Key findings include:
The grass isn't always greener. Workers who changed jobs
since the pandemic began are far less satisfied.
- Workers who left their jobs since the pandemic's onset are much
more dissatisfied than those who didn't.
- Job switchers' overall job satisfaction is down 5.6 percentage
points—a big decline.
- Driving the dissatisfaction: leadership quality,
communications, interest in the work, co-workers, job
security.
Newer workers are also less satisfied.
- Overall satisfaction was lowest among those who worked in their
current job between 6 months and 3 years.
- Almost half of those who said they intended to leave their jobs
within 6 months were workers in their jobs for fewer than 3
years.
- They expressed greater intent to leave within the next 6 months
due largely to dissatisfaction with bonuses, promotions, training,
recognition, and performance reviews.
Staying put has its benefits: Once an employee hits the
three-year mark, satisfaction increases
substantially.
- Satisfaction rose from 58.2% to 63.6% once an employee met the
three-year threshold.
- Satisfaction continued to increase until employees reached the
10-year mark.
Has job satisfaction finally plateaued? Every single driver
of satisfaction declined.
- Sentiment declined across all 26 components of job
satisfaction, compared to 2022.
- Overall satisfaction remains virtually unchanged—ticking up 0.4
points to 62.7%.
Workers feel the bite of inflation.
- The largest declines in satisfaction were primarily in
financial benefits such as bonuses, hard base benefits, wages, and
promotions.
The least satisfied group is fully on-site workers. The
hybrid model wins the day.
- Fully on-site workers reported the lowest job satisfaction at
60.2%.
- Satisfaction for fully remote workers was 64.1%.
- Overall job satisfaction for hybrid workers was
65.5%.
Women are far less satisfied than men.
- For the 6th year in a row, women are significantly less
satisfied across almost all 26 job satisfaction components
surveyed.
- The largest gaps between men and women were related to wages,
bonuses, potential for growth, health benefits (including mental
health policies), and retirement plans.
Workers are placing a bigger premium on culture and work
experience than before.
- While wages and key benefits remain vital to job satisfaction,
in 2023 workers were more focused on positive work culture and
experience than they were the previous year.
"This year's survey results indicates that job satisfaction is
about so much more than wages," said Diana
Scott, US Human Capital Center Leader, The Conference Board.
"While wages and key benefits still matter, workers were more
focused on positive work culture and experience. Provided pay and
benefits are competitive, leaders will gain the most by offering
strong growth opportunities, quality leadership, and work-life
balance."
About The Conference Board
The Conference Board
is the member-driven think tank that delivers Trusted Insights for
What's Ahead™. Founded in 1916, we are a non-partisan,
not-for-profit entity holding 501 (c) (3) tax-exempt
status in the United States.
www.ConferenceBoard.org
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SOURCE The Conference Board