The Blubber

Workers are the unhappiest they've been in 3 years—and it can cost the global economy $8.8 trillion, per CNBC.

New research conducted by BambooHR suggests that employee job satisfaction has been on a steady decline since 2020, reaching a notable drop this year, despite improvements following the peak of the pandemic.

BambooHR, an HR software platform, analyzed data from nearly 60,000 employees across over 1,600 companies globally from January 2020 to June 2023.

The report observes that employees are currently not experiencing extreme highs or lows; instead, many seem to express a sense of resignation or even apathy towards their job satisfaction, with a prevailing belief that morale is deteriorating.

While many companies have acknowledged the significance of work-life balance post-pandemic and introduced policies such as extended time off and remote work options to help employees attain that balance, the causes of employee discontent go beyond when and where they work.

Research indicates that the most significant factor contributing to job dissatisfaction is unfair treatment at work. This encompasses issues such as inconsistent compensation, a lack of support from colleagues and superiors, and unreasonable workloads, among others.

One common grievance is the sense of losing control, as Srikumar Rao, author of "Happiness at Work," explains. The pandemic underscored the limited control people have over their lives and careers, making it challenging to come to terms with this realization.

Inflation, widespread layoffs, and the uncertainty surrounding return-to-office policies are causing employees to experience a "deep sense of unease" in their workplaces, as noted by Jenn Lim, CEO of the organizational consultancy Delivering Happiness.

At the beginning of 2023, a Harris Poll/Fast Company survey of over 1,000 adults revealed that approximately three-quarters of adults felt anxious about the economy, while nearly half expressed concerns about maintaining a healthy work-life balance.

Another factor contributing to employee unhappiness is the lack of meaning people find in their roles, says Emily Liou, a career happiness coach and former recruiter. The pandemic and the "great resignation" have led to a shift in how individuals perceive their careers. More people now emphasize feeling connected to their work and being excited about their tasks rather than merely seeking higher pay or climbing the corporate ladder.

Recent Gallup research indicates that remote employees, in particular, are feeling increasingly disconnected from their organizations' mission and purpose. This lack of shared mission and purpose can have adverse effects on employee happiness and performance.

According to Wharton psychologist Adam Grant, employees who recognize that their work has a meaningful, positive impact on others are not only happier but also more productive. Additionally, studies have shown that people who find their work meaningful are more likely to receive raises and promotions.