Workplace Satisfaction at a 20-Year Low: Survey

Job satisfaction has hit a 20-year low, and no one is more dissatisfied than young workers, a new study from MetLife has found.

The 20th annual U.S. Employee Benefits Trends Study was based in part on a November 2021 survey of more than 3,000 employees in U.S. companies. It found that Zillennials, a micro-generation born between 1993-1998, have played a large role in changing expectations when it comes to work.

But it’s not just young workers who are dissatisfied, the report said. Overall, just 66% of employees say they are satisfied with the job they have now—that’s down from 72% in 2021 and 74% in 2019.

The dissatisfaction and “reset” caused by the pandemic resulted in 47.4 million workers quitting their jobs in 2021, with some starting their own businesses but most looking for work that is more fulfilling.

“Employees’ increased propensity to quit their jobs and rising demand for greater flexibility, work-life balance, and more and richer benefits demonstrate just how empowered many workers feel,” the report said.

“Zillennials” are driving change

The report finds younger workers have a new level of influence in the workplace. The Zillennial cohort has increased in size by 5 million workers over the past five years, and more than half of them say having an unfulfilling job is a top source of stress in their lives. The study found that 53% of these younger workers have sought mental health help in the past year, vs. 31% of all employees.

“It’s clear we’ve reached a critical inflection point in the workplace, and employers across industries should not only be taking note but should also see this as an important opportunity for reflection and growth,” said Todd Katz, executive vice president, Group Benefits at MetLife. “As employees rethink not only how, but also why they work, Zillennials are quickly setting a new standard for evaluating the employee experience. By using this generation’s expectations as a barometer for success, employers can evolve to meet their needs in stride – which is important, particularly as Zillennials gain a stronger foothold in the workforce.”

Employee well-being: a win-win

The report confirms a dynamic that many companies have pursued: companies do better when they seek to understand their workers and support their social and mental well-being. Increasingly, employers agree they have a responsibility for the health and well-being of employees—the survey round 86% of companies agreed with that statement in 2022, up from 72% in 2018.

This translates into some new approaches to benefits: for example, more companies are starting to address financial stress among workers. “Employee interest in financial planning workshops and tools has increased by 27 percentage points over the last five years,” the report said. “The proportion of organizations offering such programs has grown dramatically as well, from 18% to 55%, over the same period. And employees who are offered these tools and programs are 48% more likely to say that their financial health has improved in the past 12 months than those who are not.”

The MetLife report projected that employers will continue to address cultural, social, and mental health concerns of workers, and that they can use their benefits programs to optimize the work/life balance for employees.

Katz noted that finding purpose and support in the workplace is especially important to the growing number of younger workers. He said that balanced benefits approach is one way for employers to meet the needs of their workers.

“When it comes to improving job satisfaction, loyalty, and retention, employers need to think of benefits as the foundation of the whole employee experience,” said Katz. “Benefits are critical, but they don’t exist in a silo. Employers should be offering comprehensive packages that both complement and reinforce the other critical elements of the employee experience. If they don’t, they risk losing this vital sector of the workforce to an employer who will.”