Job satisfaction involves many factors and principal among them is pay. A new study published by PayScale surveyed over 500,000 people and found that 90% of employees think they should be making more but are actually getting paid at, or near, the market average.
One reason for this confusion is that businesses are not always transparent about compensation. Some companies, such as the social media firm Buffer, have gone to great lengths to remove the mystery surrounding staff salaries. The company has developed a transparent salary formula, complete with pay calculator and the relevant variables (cost of living, years of experience, etc.).
Regardless of actual pay, the PayScale survey found that if a Company’s pay process is transparent, an employee is 5.4 times as likely to be happy with their job. Other factors affecting job satisfaction include company outlook and relationship to manager. Makes sense- an employee who thinks their company is growing, with a boss that appreciates their work, is less likely to consider looking for another job.