An Epidemic of Dissatisfaction

It’s not much of a secret to corporate leaders that a growing number of workers are expressing unhappiness with their jobs. After all, it was only a couple of years ago that “quiet quitting” and the Great Resignation were making headlines.

But a recent survey of employee drive suggests an even darker picture. Instead of saying that they’re growing, developing, and getting ahead, a shocking majority of employees feel that they are basically just hanging on. Four out of five employees in a new global workplace well-being survey say they are not thriving at work. More than half of those surveyed say they are struggling with stress, aren’t happy with their jobs, and don’t feel their work has purpose. The prevalence of these sentiments among employees is concerning, says Mark Royal, a Korn Ferry senior client partner specializing in employee engagement. “It is getting worse instead of better,” he says.

Employees feel that they aren’t getting ahead for several reasons, but one of the biggest is pay. To be sure, a separate survey by LinkedIn on workforce confidence found that 56% of US professionals are dissatisfied with the money they make. Not coincidentally, that figure aligns with the 57% of employees who say they are dissatisfied with their jobs overall. Dennis Deans, vice president of global human resources at Korn Ferry, says there is still a disconnect between what companies are willing to pay and what employees expect.

“Salaries are down from their peak levels, and people are struggling with that,” he says. In the tech industry, says Paul Fogel, professional search sector leader for software at Korn Ferry, jobs that were paying $275,000 two years ago are now offering $210,000. “That factors into the feeling of not thriving,” says Fogel. The problem for leaders is that feelings often turn into behavior, like low productivity and high turnover. Korn Ferry’s Workforce 2024 report found that “generous compensation” is the top reason talent stays with a company—and low compensation is the top reason it doesn’t.

Leaders can take a number of measures to help employees feel they’re thriving, say experts. A flexible work policy is at the top of that list: In Korn Ferry’s report, professionals cited it as their top consideration when job hunting; in LinkedIn’s survey, remote and hybrid workers were happier and more satisfied with their jobs. Other non-financial rewards that have been shown to increase satisfaction and engagement include employee experiences such as strong recognition programs and education and development opportunities.

Though it may seem counterintuitive, more transparency around pay practices and decisions will lead to more satisfaction among employees, says Tom McMullen, a leader in the North America Total Rewards expertise group at Korn Ferry. “More transparency generally leads to higher levels of trust, because workers feel they are being treated fairly,” he says. 

Learn more about Korn Ferry’s Total Rewards capabilities.

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