The general business consensus is that happy employees are more productive. So, are most of today’s employees satisfied with their employment? A Conference Board study conducted in late 2023 seems to give a resounding “yes.”
A CLOSER LOOK
The survey found that 63% of workers are satisfied overall, the highest job satisfaction rating since the survey began in 1987. But this bright report has some dark spots. One is the significant gap in satisfaction between men and women, particularly related to the financial benefits of work, such as wages, benefits, and bonuses.
The survey also noted a never-before discrepancy. Satisfaction decreased across the first 26 questions compared to 2022. Those declines indicate that future job satisfaction overall may be at risk despite the record rating in 2023.
KEEP PACE
While wages and key benefits remain vital to job satisfaction and productivity, respondents focused more on positive work culture and experience than in previous years. This suggests you should prioritize and emphasize factors such as the quality of leadership, career paths, work/life balance, work-from-home and flex options, and workplace culture to drive employee retention, productivity, and job satisfaction. Also, be alert to areas of low satisfaction, such as mental health programs, education/job training, recognition, and workload, and address the gaps in male/female and short tenure/longer tenure satisfaction.
Women remained less satisfied than men in general. This suggests that employers should bolster efforts to provide benefits that better support working women.