US workers who switched jobs since the pandemic's onset are much more dissatisfied than those who stayed, according to a survey by The Conference Board.

It found that overall job satisfaction among job switchers has dropped by 5.6 percentage points. Top reasons for dissatisfaction include leadership quality, communications, interest in the work, co-workers and job security.

Although higher wages enticed many to take new jobs in the Covid-19 era, the survey noted those who switched jobs now report less satisfaction with wages, likely due to inflation eroding their purchasing power.

The survey also found that newer workers are less satisfied, with the overall satisfaction lowest among those in their roles between six months and three years. These workers expressed greater intent to leave within the next six months due to dissatisfaction with bonuses, promotions, training, recognition and performance reviews.

While wages and key benefits remain vital for job satisfaction, workers were more focused on positive work culture and experience in 2023 than the previous year.

“After more than a decade trending upwards, overall US worker job satisfaction may have finally plateaued,” Allan Schweyer, principal researcher, human capital at The Conference Board, said in a press release. “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.”  

However, satisfaction tends to rise once employees surpass the three-year threshold, increasing to 63.6% from 58.2% and steadily climbing until reaching the 10-year mark. 

Despite overall job satisfaction remaining virtually unchanged, up 0.4 points to 62.7%, every individual driver of job satisfaction declined. The largest declines were primarily in financial benefits such as bonuses, hard base benefits, wages and promotions.

Hybrid workers reported the highest satisfaction at 65.5%, followed by fully remote workers at 64.1% and fully on-site workers at 60.2%.

Additionally, women, for the sixth consecutive year, continue to be significantly less satisfied across almost all 26 job satisfaction components, including wages, bonuses, the potential for growth, health benefits (including mental health policies) and retirement plans.

“This year’s survey results indicate that job satisfaction is about so much more than wages,” Diana Scott, US human capital center leader at The Conference Board, said in a press release. “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.”