NEW YORK, July 19, 2016 /PRNewswire/ -- Nearly half of US workers are satisfied with their jobs, the highest level since 2005, reports The Conference Board. In fact, job satisfaction has increased steadily every year since 2010.
The Conference Board Job Satisfaction survey is an annual barometer of satisfaction from the perspective of the US worker. Survey results are based on workers' perceptions of their current role and workplace environment. The Job Satisfaction survey questions are asked as part of The Conference Board Consumer Confidence Survey®.
"The rise in workers' job satisfaction is directly influenced by labor market improvements, and the latest annual job satisfaction trends mirror overall gains in the labor market," said Michelle Kan, Associate Director, Knowledge Organization, and a co-author of the report with Rebecca Ray, Executive Vice President, Knowledge Organization and Human Capital Lead, Gad Levanon, Chief Economist, North America, and Allen Li, Associate Economist at The Conference Board. "The rapidly declining unemployment rate, combined with increased hiring, job openings and quits, signals a seller's market, where the employer demand for workers is greater than the available supply."
"When the labor market tightens, employers have a more difficult time finding enough qualified and willing job candidates to fill available job openings," said Levanon. "In these labor market conditions, workers are more satisfied with their jobs in several different ways. These include layoff rates and greater job security, more job opportunities and more job switching, increased wages and increased employer efforts to retain workers."
Examining annual job satisfaction provides useful insights into US employees' sentiments about work and also offers insights into the national labor market and macroeconomic trends. The Conference Board survey results on job satisfaction are part of a long-running comprehensive data set going back to 1987, which allows for demographic and regional comparisons over time. In addition to overall job satisfaction, the report looks at 23 components that contribute to job satisfaction, including wages, job security, promotion polices and health plans. The report finds that workers are most satisfied with their colleagues (58.9 percent), interest in their work (58.8 percent), their supervisors (56.8 percent), the commute (56.7 percent) and the physical workspace (55.6 percent).
Dissatisfaction Highest with Future Pay/Opportunities
According to the report, US employees expressed the lowest satisfaction levels with aspects of work that are dependent on their evaluated performance. The five job components with the lowest satisfaction are promotion policies (23.8 percent), bonus plans (24.3 percent), the performance review process (28.7 percent), educational/job training programs (29.8 percent) and recognition/acknowledgement (31.5 percent). Satisfaction with the potential for future growth is also meager at 33.8 percent.
Source: Job Satisfaction 2016 Edition
The Conference Board
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SOURCE The Conference Board