For a few years now—especially since the 2008 financial meltdown that ushered in the Great Recession—we’ve heard how pay has become a smaller factor in determining employees’ overall happiness with their jobs.
But, in what could be seen as an indicator of order slowly being restored to the universe, it looks like the money matters most to workers once again.
That’s according to a just-released survey from the Alexandria, Va.-based Society for Human Resource Management. In a poll of 600 randomly selected employees at companies of all sizes, SHRM found 60 percent of respondents citing compensation/pay as the biggest contributor to job satisfaction. According to SHRM, compensation/pay last topped this list during the pre-recession period of 2006 and 2007.
In addition, 56 percent of employees reported receiving a raise in the last year, a six-percentage point increase from 2012. A smaller percentage, however (36 percent), indicated receiving a bonus in the last 12 months; a drop of three percentage points in comparison to 2012.
“Incomes have grown slowly since the recession, and that undoubtedly is having an impact on workers’ priorities and [is] one explanation for the leap to the forefront by compensation,” said Evren Esen, director of SHRM’s Survey Research Center, in a statement.
Esen pointed out that four generations of employees listed compensation/pay as either the first- or second-ranked aspect of job satisfaction. With the exception of executives, employees at all job levels ranked it as one of the top three contributors to overall job satisfaction. At 59 percent, the opportunity to use skills and abilities was the second-most cited factor, tied with job security.
Yes, cash may be king once again. But, as always, there are more variables in the job satisfaction equation. Overall, 81 percent of survey participants said they were satisfied with their current jobs, with many expressing optimism about the future. For example, 79 percent of respondents indicated they were determined to accomplish their work goals and were confident they could meet them. Further, 73 percent said they were satisfied with their relationships with their co-workers, and 70 percent were satisfied with their relationship with their immediate supervisor.
“While many employees emphasize compensation/pay when considering how happy they are in their jobs, a significant proportion also place importance on relationships with co-workers and supervisors,” according to Alex Alonso, vice president of research at SHRM.
“Fostering an environment that treats all employees equally and encourages communication among all levels of workers can be an effective way for employers to earn trust from employees and increase their satisfaction with their jobs.”