Workers regret quitting during COVID-19 resignation wave

NEW YORK, UNITED STATES — The Great Resignation saw millions of workers quit their jobs, but a new survey reveals many are now regretting their decision to jump ship during the COVID-19 pandemic. 

Fielded in November 2023, the Conference Board’s survey of American workers found that those who changed jobs since the onset of the pandemic are significantly less satisfied with their new roles compared to colleagues who stayed put.

The grass isn’t greener for job hoppers

The survey found that job switchers’ overall job satisfaction declined by a substantial 5.6 percentage points, driven primarily by dissatisfaction with leadership quality, communication, job security, and co-worker relationships. 

Surprisingly, higher wages that initially enticed many to take new jobs during the pandemic are now a source of discontent, with job hoppers reporting less satisfaction with their pay, likely due to the impact of inflation.

The survey also highlights that the least satisfied group within the workforce is fully on-site workers (60.2%), with those adopting hybrid work models reporting the highest job satisfaction at 65.5%. 

Women continue to report lower satisfaction compared to men, marking a six-year trend of significant disparities in satisfaction across almost all job satisfaction components.

“After more than a decade trending upwards, overall US 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.”   

Inflation bites into job satisfaction

While overall job satisfaction remained virtually unchanged at 62.7%, ticking up just 0.4 points, every single driver of satisfaction declined compared to 2022. 

The largest declines were primarily in financial benefits such as bonuses, base pay, wages, and promotions, underscoring the sting of stubborn inflation on workers’ wallets. 

“This year’s survey results indicate that job satisfaction is about so much more than wages,” said Diana Scott, US 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.”

Newer employees are also less satisfied

The survey revealed that overall satisfaction was lowest among those who had been in their current job for less than three years, with almost half of those intending to leave within six months falling into this category. 

This group expressed greater dissatisfaction with bonuses, promotions, training, recognition, and performance reviews. However, satisfaction increased substantially once an employee reached the three-year mark, continuing to rise until the 10-year milestone.