This report presents an analysis of employee satisfaction and its impact on the workplace dynamics. It draws on more than 400,000 responses by employees in 100,000 organisations around the world.
is a report compiled by WorkL, and based on the book Happy Economics, written by Lord Mark Price. It examines trends between January and September 2024. The report describes employee satisfaction as an important economic driver, with its influence on organisational success, engagement at work, and productivity.
Lord Mark Price said that the data this year reflects an increasing demand for better wages, flexibility, mental support, and career advancement. These findings indicate that employers need to adapt to changing priorities to remain competitive and retain talent on a global market.
“Workplace satisfaction is crucial for economic success and productivity.” “Companies that prioritize employee engagement and wellbeing see not only a better bottom line, but also a workforce which is motivated, loyal and better equipped for future challenges.”
Happiness Across Industries
The Technology sector is the most happy at work in the world, scoring 78 percent. This score exceeds the global average of only 73 percent. Retail (68%) lags behind the other sectors, which are struggling with lower employee satisfaction and recruitment issues. According to the Office for National Statistics, the hospitality sector continues to struggle with a shortage of staff, as there are over 100,000 vacancies by June 2024. The overall satisfaction with pay is 66 percent.
Nearly half of employees aged between 25 and 34 rated mental health as a crucial factor. The report stresses the importance of employers providing proactive mental health support, and fostering a sense purpose at work.
The report highlights the concerns regarding productivity and “worklessness” in the UK. The report cites poor health and dissatisfaction as major contributors. More than 1,100 UK employee comments were made about health and sick leaves, with 18% calling for more sick leave or better sick pay.
James Perry, co-founder & co-chair of COOK said: “The UK economy’s central problem is a productivity issue, which has an associated problem of worklessness. If we want to turn things around, then the value equation of workers must be changed. We decided very early on in COOK’s journey that we wouldn’t see our co-workers as production units who sold us their time. We chose to view them as real people with families, loves, and lives. “People with concerns and hopes, who are trying to create a better life for themselves and their kids.”
Flexible Work Schedules, Remote Work and a Four-Day Week
Many employees are seeking to reduce travel time or work remotely. Nearly 3,000 respondents cited commuting to be a barrier in achieving a work-life balance. Many respondents requested company cars, travel subsides, and flexible schedules, particularly in the Health and Social Care Sector, where 17 percent of travel-related comments were made.
The report, as companies like Amazon push for the return of office work, highlights the increasing popularity of hybrid and remote work arrangements. This has doubled in the last year. In cases where remote work isn’t possible, the four-day week, which is currently being piloted by several countries, can also boost workplace satisfaction.
Over 4,000 respondents identified the need for more flexibility. Working hours were mentioned the most (20%), but remote or hybrid work was also prominently featured. Financial Services, Technology, and Health and Social Care employees highlighted the importance to work from home or reduce in-office hours for personal needs. Women in the Health and Social Care Sector are more likely than men to consider flexibility essential (64% versus 36%).
Gen Z and the Workplace Dynamics
The modern workplace is being shaped by Generation Z. This group includes employees born between 1997-2012. The report addresses criticisms leveled at this group such as perceived skills gaps or lackluster ambition while highlighting the unique expectations of this group.
Jordan Schwarzenberger is the Co-Founder and Manager of Europe’s largest YouTube group The Sidemen. He said: “Gen Z need to be there. This is now becoming clear. In less stuffy industries Gen Z don’t get stigmatised when they enter, because their presence in these fields are necessary for progress. Particularly in the media. The shift in the way young people are managing corporate culture is a major step-change for millennials, and even Gen X. Gone. After work socials? Can’t afford it. The world has changed dramatically and the older generation will need time to adjust.
“Gen Z is exceptional when it’s great and terrible when it’s not. My experience has shown that this generation is more divided between the good and bad. It’s mainly down to attitude. A solid attitude can be hard to find because of the general apathy that this generation has due to macro-socio-economic factors outside their control. When you do find them, these people are superstars. Over the years, I’ve seen it time and again. “They either have the energy to do it or have no desire and clock out just as quickly as they clock in.”
