During the height of COVID, many workers quit their jobs in droves, which led to the coining of the term “The Great Resignation,” but are they now regretting it? A new survey of U.S. workers examines job satisfaction among those who left and those who stayed.
As part of a job satisfaction survey conducted in November 2023, The Conference Board asked a series of 27 questions and found that, while overall satisfaction remains high, U.S. workers who changed jobs during the pandemic are less satisfied with their jobs than their colleagues who stayed.
In fact, the survey found a slight increase in overall job satisfaction—ticking up 0.4 points to 62.7%—resulting in the highest rating since the survey’s inception in 1987. However, there was a notable discrepancy, as all 26 subcomponents showed a slight decrease in satisfaction compared to 2022. This suggests that despite a general uptick, the long-term growth in U.S. job satisfaction that the survey has substantiated for the past 13 years might be at risk, the report observed.
That said, job satisfaction may be lower across all subcomponents in 2023 than in 2022 based less on an objective assessment of labor markets at the time and more on negative perceptions of the direction of the U.S. economy, The Conference Board researchers further note.
Buyer’s Remorse?
What’s causing job hoppers to regret their decision? The survey found that leadership and culture saw the greatest gaps in satisfaction between the job switchers and job stayers. Job switchers reported significantly lower overall job satisfaction (down 5.6 percentage points) and less satisfaction than job stayers across 15 of the 26 subcomponents. Importantly, job switchers reported lower satisfaction with leadership and culture in their new jobs, both key differentiators of intent to leave, the firm noted.
Aside from “people issues” moving the needle, money also matters. While higher wages enticed many to take new jobs in the COVID-era, those who switched jobs now report less satisfaction with wages. This is possibly due to inflation taking a bigger bite out of their paychecks, the survey report notes.
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 U.S. worker job satisfaction may have finally plateaued,” noted Allan Schweyer, Principal Researcher for Human Capital at 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 following.
- Newer workers were less satisfied, as overall satisfaction was lowest among those who worked in their current job between six months and three years.
- Nearly half of those who said they intended to leave their jobs within six months were workers in their jobs for fewer than three years.
- They expressed greater intent to leave within the next six months due largely to dissatisfaction with bonuses, promotions, training, recognition, and performance reviews.
Meanwhile, staying put apparently has its benefits. According to the findings, 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.
The survey also found that the least-satisfied group is fully on-site workers, while hybrid workers had the highest level.
- 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 vs. Men
Women were also found to be far less satisfied than men—a finding that has now occurred for six years in a row. The largest gaps between men and women were related to wages, bonuses, potential for growth, health benefits (including mental health policies), and retirement plans. As women constitute nearly half of the U.S. workforce, employers should consider bolstering their efforts at gender equity and providing benefits that better support working women, the survey report suggests.
“This year’s survey results indicates that job satisfaction is about so much more than wages,” said Diana Scott, U.S. Human Capital Center Leader at 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,” Scott further emphasized.
To access The Conference Board’s full report, click here.
