New job satisfaction data reveals an interesting paradox

Forget what The Rolling Stones said, US workers can get some satisfaction. According to a newly released annual survey from the Conference Board, a business-research group, 62.7% of US workers say they are satisfied with their jobs, a 0.4% increase over the previous year and the highest job-satisfaction rating since the survey began in 1987.

But the data also reveals a never-before-seen paradox, per Allan Schweyer, a principal researcher at the Conference Board.

Despite overall satisfaction increasing, each one of the 26 specific categories that workers were also asked about saw a decrease in satisfaction. The steepest drops were registered for wages, promotions, health plans, and bonuses.

Some other takeaways:

• Covid-era job switchers are far less satisfied. Overall job satisfaction among people who have switched jobs since the pandemic began is down 5.6%, driven by factors like inflation eating into increased earnings, leadership quality, communications, interest in the work, coworkers, and job security.
• Men are happier with their jobs than women. ~65% of men say they are happy with their jobs, compared with ~60% of women. The largest gaps in satisfaction between men and women were related to the financial benefits of work.
• Culture is key. Over three-fourths of all job stayers, defined as those who intended to remain in their jobs, said they were satisfied with the organizational culture of their employer. For job leavers, defined as those who intended to move on, 21.8% were satisfied with culture. This 55+% gap was one of the highest ever reported.
• Job satisfaction is highest among those on a hybrid schedule. In 2023, 65.5% of hybrid workers reported overall job satisfaction, slightly higher than 64.1% of fully remote workers. People who work full time on-site reported the lowest satisfaction, at 60.2%.

The overall economy is also a paradox. While workers have reasons to feel optimistic – unemployment is low, and household wealth has been bolstered by rising stock and home prices – there are also reasons to feel pessimistic. Inflation is down from a year ago but still squeezing households, and mortgage rates and home prices in the stratosphere make it difficult to move or purchase a first home.

👀 Looking ahead… Job satisfaction may be at record levels, but many workers still feel the grass is greener on the other side. 85% of US professionals are considering looking for another job this year, according to a recent LinkedIn poll.