Overall Workplace Satisfaction Suffers in Q2

Are you satisfied at work?

The rate of raises, bonuses and promotions all plummeted in Q2 of this year, when compared to Q2 of 2016, but a select few are being recognized with larger payouts, meaning companies are most likely trying to retain top talent as the economy improves.

Show Me The Money
Just one in four business professionals received a raise last quarter, according to Office Pulse’s Quarterly Satisfaction Survey, compared to 57% who received a raise in Q2 of 2016.

For those who were recognized, the majority (30%) received the typical 3% raise. However, a lucky 23% earned a raise of 5% or more, up from just 16% who received that much in Q2 last year. Millennials were much more likely to receive a larger payout: 47% of them received a raise of 5% or more, compared to just 19% and 0% for GenXers and Boomers, respectively.

Boomers Banking on Bonuses

Twice as many Millennials (20%) earned a bonus, compared to Boomers (11%), however their payout was much smaller. Nearly 1/3 of Baby Boomers took home $15,000+, while just 7% of Millennials took home that much. And the age old gender gap reared it’s ugly head yet again: 25% of males vs. 9% of females received a bonus of $15,000+.

Micromanagers Under the Microscope
Despite not receiving monetary recognition, most workers (81%) still seem to like their bosses. As always, good communication is the top touted trait in a good boss, while micromanagers are the most likely to be unliked. Millennials (86%) are the age group most happy with their boss.

Promotions Plummet
The percentage of professionals who received a promotion was the lowest it has been in the past five quarters. Just 4% reported being promoted last quarter, compared to 51% who were promoted in Q2 of 2016. Millennials (9%) were the group most likely to have been promoted.

Even though promotions were scarce, 48% of panelists still believe they have room to grow in their company, while 21% plan to leave their current employer in the next year. Interestingly, men were more likely than women (30% vs. 16%) to plan to leave their current company within the next year, despite receiving larger raises and more bonuses. A whopping 61% of Millennials feel they have room to grow, but 25% of them still plan to leave within the next year.

Can’t Get No Satisfaction
With the number of bonuses, raises and promotions all dropping, overall workplace satisfaction not surprisingly also took a hit last quarter. Just a little more than half (56%) of business professionals said they were satisfied with their job, down from 61% in the previous quarter and 81% in Q2 of last year.

Studies show a distinct correlation between workplace satisfaction and productivity. As the economy improves and job openings reach record levels, companies will need to make some tough decisions regarding promotion and pay in order to retain top talent while also maintaining overall workplace satisfaction.

About Office Pulse

Office Pulse by Captivate offers marketers timely analysis and insights from a proprietary panel of upscale professionals in the top markets. The Office Pulse panel of more than 8,000 influential consumers and business decision makers includes C-level executives, Millennials, middle management, small business owners, working women and working moms.

About Captivate

Known for its vast network of nearly 12,000 elevator displays located in 1,600 premier office buildings across North America, Captivate connects advertisers with 13 million unique monthly viewers through creative, research-driven and Nielsen-measured advertising and marketing programs. By engaging its viewers with timely news and actionable information that helps balance the personal and professional demands of the workday, Captivate provides advertisers with a highly desirable and difficult-to-reach audience of affluent and influential business professionals. Founded in 1997, Captivate is owned by Generation Partners. For more information, please visit www.captivate.com.