In recent years, the corporate world has witnessed myriad changes, from the rise of remote work to the Great Resignation. However, a new trend, termed “The Great Gloom,” is emerging, painting a concerning picture of the global workforce’s well-being. According to the first-ever Employee Happiness Index by BambooHR, a cloud-hosted software for HR, employees are unhappier than ever before.

Understanding the Employee Happiness Index

BambooHR’s Employee Happiness Index is a quarterly benchmark report that delves into the Net Promoter Score (eNPS) for employees—a proxy of employee loyalty. The report reflects the results of more than 57,000 global workers across eight industries. The analysis offers a unique insight into the pulse of the global workforce, tracking the highs and lows of job satisfaction since 2020.

The Decline in eNPS Scores

The findings from the inaugural report are alarming: The eNPS has been on a consistent decline since 2020. It’s plummeted by 16% over that period. Even more concerning is the sharp drop of 11% in eNPS from June 2022 to June 2023. This decline rate is nearly 15 times faster than the combined rate of the previous 2 years, indicating that employee happiness is currently at a lower point than even during the peak of the COVID-19 crisis.

Factors Contributing to the Great Gloom

Several factors might be contributing to this pervasive employee gloom. The end of the Great Resignation era could be signaling this Great Gloom. As the availability of better job opportunities decreases, coupled with the waning enthusiasm for remote work and the suffocating grip of record inflation on pay, employees find themselves trapped in a vortex of dissatisfaction.

Furthermore, the report sheds light on the monthly changes in employee satisfaction. While 2020 witnessed dramatic fluctuations, the subsequent years have seen a more stable yet steadily declining trend. This consistent decrease underscores the deep-rooted nature of the Great Gloom, hinting at its potential long-term implications for employers and their ability to attract and retain top talent.

The revelations from BambooHR’s Employee Happiness Index are a wake-up call for organizations worldwide. As the Great Gloom takes hold, it’s imperative for companies to recognize the gravity of the situation and take proactive measures to address employee well-being.

Whether it’s through enhanced engagement initiatives, flexible work arrangements, or financial incentives, the onus is on employers to combat this trend and reignite the spark of job satisfaction among their workforces.

Lin Grensing-Pophal is a Contributing Editor at HR Daily Adivsor.

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