The Great Resignation during the pandemic saw workers quit their jobs in droves, but a new survey finds that many regret jumping ship.
The survey of U.S. workers by the member think tank The Conference Board revealed that those who changed jobs were significantly less satisfied with their new positions than their colleagues who stayed.
The survey found issues with leadership and culture created the greatest gaps in job satisfaction between the switchers and stayers.
Money also factored in.
Higher wages enticed many to take new jobs in the COVID-era, but those who switched jobs now report less satisfaction with wages. This may be due, in part, to inflation.
While overall job satisfaction remained virtually unchanged—ticking up 0.4 points to 62.7 percent—sentiment declined across all 26 components of job satisfaction compared to 2022.
The least satisfied group were those who worked fully on-site at 60.2 percent, while satisfaction for fully remote workers was 64.1 percent.
Overall job satisfaction for hybrid workers was 65.5 percent.
The survey found women are far less satisfied than men. For the sixth year, women reported being significantly less satisfied across nearly all 26 job satisfaction components surveyed.
The largest gaps between men and women related to wages, bonuses, potential for growth, health benefits (including mental health policies) and retirement plans.
The largest declines were in financial benefits such as bonuses, hard base benefits, wages and promotions.
“After more than a decade trending upwards, overall U.S. 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.”
Job switchers’ overall job satisfaction was down 5.6 percentage points, according to the survey. Factors driving job dissatisfaction included leadership quality, communications, interest in the work, co-workers and job security.
Newer workers also expressed more dissatisfaction.
Overall, satisfaction was lowest among those who worked in their current job between six months and three years, the survey found.
Almost half of those who said they intended to leave their jobs within six months were workers in their jobs for fewer than three years. The survey found this was due largely to dissatisfaction with bonuses, promotions, training, recognition and performance reviews.
Once an employee hits the three-year mark, satisfaction increases substantially.
Satisfaction climbed from 58.2 percent to 63.6 percent once an employee met the three-year threshold and continued to increase until employees reached the 10-year mark.
Workers are placing a bigger premium on culture and work experience than before, according to the survey findings.
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, U.S. 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.”