Show Me the Money

By Rick Dacri, Dacri & Associates LLC

“Show me the money.” That’s what workers today are demanding from their employers. In the 2007 Job Satisfaction Survey Report conducted by the Society for Human Resource Management, nearly 6 in 10 employees (59%) reported that pay and benefits were “very important” aspects of employee job satisfaction, making it the most important of the 22 aspects listed in 2007. Pay has been consistently rated as the first or second aspect most important to employees over the last five years.

Employers understand that employee job satisfaction is of critical importance to the success of the organization. As organizations struggle to recruit and retain skilled talent, employers realize the importance of a satisfied workforce. When employees become dissatisfied, organizations experience increased absenteeism and turnover and ultimately lower productivity, quality and service.

The good news in this year’s survey is that 79% of employees reported that they were satisfied with their job, with almost 4 out of 10 employees indicating that they were “very satisfied.”

The top five “very important” aspects of job satisfaction, according to all employees nationally were pay (59%), benefits (59%), job security (53%), work/life balance (52%) and communication between employees and senior management (51%). These results were similar to the 2006 findings.

We can expect that pay and benefits will remain in the forefront of employee needs. As health care and prescription drugs costs continue to rise, more and more employers are asking employees to share more of the costs. Often these costs are outpacing wage adjustments—and these factors will undoubtedly impact employees’ overall job satisfaction.

Employees reported that health care, paid time off (vacation, holidays and sick and personal days), and retirement benefits were the most important benefits to them.

What is very striking about the survey results is what the least important job satisfaction aspects were for employees. Career advancement (28%), job-specific training (27%), and networking (18%) were among the components that were not strongly connected to employees’ overall job satisfaction. These results may require employers to rethink their emphasis on employee career development and advancement opportunities.

It is important to understand what employees are saying nationally. However, for managers, it is even more critical to know what makes your employees satisfied with their jobs and your organization—and you should take immediate steps to find out. There are a number of ways to measure employee attitudes. The very best way is to conduct employee satisfaction surveys followed by employee focus groups. These surveys not only measure the extent to which employees are satisfied, but also, how engaged they are—in other words, dedicated, enthusiastic, and committed to their jobs. Other means include speaking with employees on an individual basis, getting feedback during performance appraisals, and exit interviews. What ever method you choose, immediate action is essential.

Low job satisfaction contributes to many organizational problems, costing employers a bundle. Employers must understand and meet the needs of their employees in order to remain successful. Your organization’s health is riding on it.

Rick Dacri is an organizational development consultant, coach and featured speaker at regional and national conferences. Since 1995 his firm, Dacri & Associates has focused on improving the performance of individuals and organizations. Rick can be reached at 1-800-892-9828, or rick@dacri.com