According to a recent research report by The Society for Human Resource Management (SHRM), employees in the US are now connecting their compensation to their happiness at work. The report, Job Satisfaction and Engagement: The Road to Economic Recovery, revealed that when asked what was very important to them, 60 percent of the participants said compensation/pay, which made it the biggest contributor to job satisfaction. SHRM conducted the survey in 2013 and polled 600 randomly selected employees at small to large companies.
Compensation/pay held the top spot in the employee satisfaction survey before the recession hit, specifically between 2006 and 2007. During the years of the recession, compensation/pay held lower rankings. SHRM conducts this survey annually.
“Incomes have grown slowly since the recession, and that undoubtedly is having an impact on workers’ priorities and one explanation for the leap to the forefront by compensation,” said Evren Esen, director of SHRM’s Survey Research Center.
Other noteworthy data the survey showed include that four generations of workers ranked compensation/pay as either the top or second-choice aspect of job satisfaction and employees at all job levels, with the exception of executives, ranked compensation/pay as one of the top three contributors to overall job satisfaction.
For more information on how compensation affects job satisfaction, retention and recruiting, please join us for the 2014 Compensation and Benefits Conference at the McKimmon Center on August 14 and August 15. Specific presentations that will focus on employee compensation and salary data include:
The Future of Attraction, Retention and Motivation: How Compensation Fits into the Process Anne Ruddy – WorldatWork
Taking the Mystery Out of Salary Survey Data Sherry Hubbard-Bednasz – CAI
Proactive Uses of Compensation Analysis – An Employer’s Perspective Kaleigh Ferraro – CAI & Member Company Panel
Additional topics presenters will cover include: why performance management fails, driving engagement and reinforcing culture, building high-performing teams, controlling healthcare costs, wage and hour regulations, retirement planning, and more! Visit www.capital.org/compconf for detailed information about speakers and session topics. Register today!
Photo Source: Miran Rijavec Stan Dalone