A recent study conducted by Compare the Market has shed light on the primary determinant of job satisfaction in the modern workplace: work-life balance. The report, which surveyed 3,000 individuals worldwide, with a subset of 1,001 respondents from Australia, revealed that 15% of participants cited work-life balance as the key factor influencing their job satisfaction.
Among the various factors contributing to job contentment, respondents also highlighted making a positive impact on others (13.2%), receiving adequate compensation (13.1%), feeling respected and valued by colleagues (13.1%), and having an ideal work location (12.9%).
Overall, an encouraging 62.9% of respondents expressed contentment with their current employment status. Notably, business owners emerged as the most satisfied group across all roles. In Australia specifically, business owners reported the highest level of satisfaction at 90.9%, followed by senior management (81.8%) and individuals in accounting roles (71.4%).
Most workers are happy at their current job and prioritised a good work-life balance than good pay.
Adrian Taylor, the Executive General Manager of General Insurance at Compare the Market, highlighted the significance of work-life balance in employee satisfaction, stating, “Most workers are happy at their current job and prioritised a good work-life balance than good pay.”
However, despite the majority of respondents expressing satisfaction with their current roles, a notable 6.3% globally reported dissatisfaction, with 30.8% feeling neutral about their job situation. In Australia, roles perceived as the least satisfying included analytics (27.3%), administrative (13.6%), and finance (13.6%).
Taylor emphasised the correlation between employee satisfaction and workplace safety, pointing out that dissatisfied employees tend to exhibit riskier behaviours. Consequently, he stressed the importance of public liability insurance for businesses to mitigate potential losses resulting from accidents involving third parties.
Interestingly, the report also revealed that high job satisfaction does not necessarily translate to job retention. Despite reporting the highest satisfaction rates, a significant 71.9% of employees in senior management roles admitted to actively considering job changes.
The comprehensive report encompassed responses from a diverse pool of participants, including 1,001 Australians, 1,001 Americans, and 1,000 Canadians.
