Sixty-one Percent of Workers are Seeking or Planning to Seek New Jobs

Pandemic of unhappiness: job satisfaction proves elusive for American workers

Grumbling about one’s paycheck or boss is a classic workplace pastime, but current complaints carry a far deeper gravity. It appears that COVID-19’s disruption allowed many Americans to evaluate their careers, and many disliked what they found.

Overall, only half of workers are satisfied with their current jobs. Another quarter are neutral, and 26 percent are dissatisfied.

Levels of satisfaction varied moderately by gender and age, with women less satisfied with their jobs than are men, and older employees more content than younger ones.  The demographic factor most aligned with worker morale was income: employee satisfaction rates were highest among those with the highest salaries.

Yet money alone cannot buy happiness or employee satisfaction. The workers in our study also cited time off, health insurance, schedule flexibility, and positive environment among the most important factors for job satisfaction.

Note: Up to 5 choices allowed

Competitive pay was most important of all, followed by health insurance and paid vacations. Meaningful work also proved influential, along with remote work options – an undeniable legacy of pandemic adjustments.

Unfortunately, these perks prove scarce in today’s workplace, especially for women. Just over one in three employees believe they receive competitive pay and even fewer have meaningful work. Only three of the ten most important criteria for employee satisfaction are present in most positions.

The absence of such qualities has a measurable effect on job satisfaction. Employees enjoying competitive pay, meaningful work, or growth potential were at least twice as likely to be satisfied as those lacking such benefits. Similar drops in satisfaction were noted among those doing without any of the most desirable benefits.

Benefits and job satisfaction

This epidemic of dissatisfaction is not irreversible – nearly two-thirds of respondents offered specific suggestions that would improve their workplace contentment. The most common requests were better pay, more benefits, and remote working options, but also included pleas for cultural improvements like better communication and a greater appreciation of efforts.

Companies that fail to make such improvements are destined to lose dissatisfied employees, with many already looking to make their exits.

High turnover rates likely to continue

Even the most apathetic employers can hold onto staff in tight labor markets, but plentiful jobs create competition for firms in need of workers. Unemployment may soon drop below 3%, supplying Americans with wider employment options – and our analysis found that many are looking for a change.

More than 60 percent of those currently employed are seeking new jobs or will start searching within the next six months.

These numbers also differ noticeably by gender and age. Though men receive more pay and report greater job satisfaction than women, they are still more likely to be on the hunt for new roles. Older employees are less likely to be searching for new roles compared to younger professionals.

Those looking elsewhere most commonly cited financial reasons, but career opportunities proved nearly as impactful.

Note: Multiple responses allowed

These motivations were consistent across demographics, though older employees focused more intently on money and culture while younger workers were more often driven by a desire to improve their careers.

Correlating missing benefits to job hunting activity revealed some specific issues fueling workers’  departures. Seventy-three percent of those who feel underpaid are planning to change jobs, compared to 61 percent of all workers. That number is nearly as high for workers who feel they lack meaningful work or appreciation from their team members.

Note: Includes responses from those currently looking for a new job or planning to do so in the 6 months

With so many already fishing for better gigs, can employers sweeten their bait to keep current workers hooked?

Turning resignations into retention

Retaining good workers helps companies maintain consistency, preserve institutional knowledge, and avoid the inherent costs of bad hires. Fortunately, responsive businesses still have a chance to hold together dissatisfied teams during the Great Resignation.

Among workers looking to leave their current positions, an overwhelming majority suggested their employers could convince them to stay.

Asked how they might be convinced to remain, answers again fell into broad categories. Better pay was the clear winner, suggesting that more intangible improvements aren’t as effective once employees have moved towards the door.

Note: Among those who could be enticed to stay. Multiple responses allowed.

Conclusion

When workers are plentiful and openings scarce, employers suppress wages knowing paychecks are precious. That is the nature of capitalism. When tables turn and positions are unfilled, workers hold the upper hand. That is the situation of the current post-COVID economy.

Quarantine conditions changed employee expectations and redefined workers’ primary needs. In addition to fair pay, Americans now place greater value on flexible hours, remote working options, and performing meaningful work in the quest for a healthier work-life balance. Low unemployment provides leverage to make such demands, and the ability to quit or change jobs if refused.

With companies already increasing incentives and escalating benefits to keep workers, this research supplies a blueprint for success. In addition to money and benefits, employers should prioritize corporate culture, adjust office paradigms, and offer clear career paths to proactively promote worker satisfaction. Dissatisfied workers are far more likely to stray and become more expensive to retain or replace.

Our data

Business.com conducted two online surveys regarding employment experiences, expectations, and satisfaction in February of 2022, involving 991 American adults. 76 percent of respondents were employed full or part-time, 18 percent were unemployed at the time but seeking new jobs, and the remainder were students, retirees, or others looking to (re)enter the workforce. Approximately 50 percent of participants were male and 50 percent were female. 236 were between the ages of 18-24, 367 were aged 25-34, 236 were aged 35-44, 89 were aged 45-54 and 63 participants were 55 years of age or older.