Job Satisfaction Hits 51% But Small Businesses Must Still Work to Retain Employees
More than half (51%) of U.S. employes are experiencing greater job satisfaction today than ever before. This follows seven consecutive years of improved employe attitudes about wages and job security, according to a conducted by The Conference Board, a global, independent business membership and research association headquartered in New York City.
The Conference Board surveyed approximately 1,500 employed individuals who together comprise a snapshot of the U.S. workforce, to ascertain the level of employes&rsquo. Job satisfaction. Participants weighed in on 23 components that contribute to job satisfaction.
If you’d like to retain more of your small business employes, the study’s findings provide useful insights. It highlights what employes say gives them the greatest satisfaction in the workplace.
MEDINA, Ohio--(BUSINESS WIRE)--RPM International Inc. (NYSE:RPM), a world leader in specialty coatings and sealants, today announced several new initiatives designed to bolster operational and financial improvement and enhance shareholder value. The initiatives announced today include the appointment of two new independent directors to RPM’s Board of Directors (the “Board”), Kirkland (“Kirk”) B. Andrews and John M. Ballbach, and the formation of a new Operating Improvement Committee (“OIC”) of the Board. As part of its commitment to good corporate governance, the Company also announced that it will approve and recommend amendments to its Amended and Restated Certificate of Incorporation to provide for an annually elected Board. These initiatives follow constructive dialogue and collaboration with Elliott Management Corporation (“Elliott”) and entry into an associated cooperation agreement between RPM and affiliates of Elliott.
RPM’s newly formed OIC will be composed of four independent directors: Kirk Andrews and Robert Livingston, who will serve as Co-Chairs, Thomas...
Factors Contributing to Employe Job Satisfaction
According to The Conference Board, employes are looking at the people at work, followed by commute to work. Interest in work. Supervisor. Physical environment when gauging job suitability. If you're [that contribute to job satisfaction], those are the key factors you should be addressing to improve job satisfaction and enhance workers&rsquo. Productivity in your small business.
“To attract and retain the most productive employes in today’s labor market, companies must make a bigger commitment to addressing the factors [that contribute to job satisfaction] within their control,”. Rebecca L. Ray, Executive Vice President at The Conference Board and a co-author of the report, says in a statement. “Among other steps, that entails addressing the job components with which employes are least satisfied, including job training, the performance review process. Promotion policy.”
2018 Job Satisfaction Statistics
The greatest disappointments for employes in their jobs were identified as workload. Educational/job training programs. Performance review process. Bonus plan. And, in last place, promotion policy.
Generally, employes want to feel like they're growing professionally. And so they're prioritizing components relating to their professional development. If this need isn't met. They don’t get the job satisfaction they want, employes are voluntarily leaving their jobs at a record rate, the report finds.
“As workers continue to voluntarily leave their jobs at a record rate, the need to prioritize components relating to their professional development couldn't come at a more pressing time,&rdquo. Ray says.
Stop Employes Voluntarily Quitting Their Jobs
Employes are quitting jobs confident they’ll get a better one since there are too many jobs and not enough workers to fill them, the report says.
To stop employes quitting their jobs, employers are finding they've to keep sweetening the pot to satisfy their workers for retention and productivity. And this trend is set to continue in coming years.
The Conference Board projects the labor market will continue to tighten through 2018 and 2019. . The organization says .
As a small business owner, you MUST prepare for what’s coming.
“In 2019, we forecast unemployment to dip close to 3.5 percent, a low rate not seen since the 1960s,”. Gad Levanon, another author of the report and Chief Economist for North America at The Conference Board, says in a release. “As a result, we can expect employers to continue reducing educational requirements in the hiring process, leading to fewer workers feeling overqualified in their jobs, which further raises their job satisfaction.”
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This article, “Job Satisfaction Hits 51% But Small Businesses Must Still Work to Retain Employees”. Was first published on Small Business Trends