According to a survey of over 15,000 professionals by Vaco, a placement services company, about 44% feel that their compensation is fair – but worker compensation is largely a function of industry. In some roles and careers, the pay satisfaction number is actually higher. Today, finding the right career path is becoming more challenging for professionals and white collar workers. According to recent data from the Bureau of Labor Statistics, nearly 500,000 jobs in professional and business services were eliminated nationwide in September 2024 alone—the most significant cuts in nearly two years. Of the 14.9 million layoffs in the U.S. this past year, 3.7 million were white-collar job cuts. To maximize your compensation, it pays to consider your industry as well as your role. Satisfaction with workers’ compensation is getting harder and harder to find.
Worker’s Compensation Versus Employee Confidence
According the Vaco survey, worker confidence has flagged: 30% of respondents report not feeling confident that their financial status was improving in Q4. That’s a five percent decrease from the previous quarter . “In a year full of economic uncertainty and job market fluctuations, it’s understandable that job seeker and employee confidence has diminished in the fourth quarter,” said Kyle Allen, executive vice president of sales and recruiting at Vaco. “However, as we approach year-end, we’re seeing positive signs—including data that shows job seekers and employees are more confident now than at this time last year. Strong soft skills, adaptability, and problem-solving capabilities are also key traits we see hiring organizations prioritizing today,” he said.
Where Workers Are Satisfied with Compensation: Top 10 Careers
Engineering tops the list of workers who are satisfied with their compensation, where 54% of respondents feel well-paid for their jobs (that’s a 10% increase over the national average of 44%, according to the survey). Consider the highest-paying college majors, five years after graduation: 9 of the top 10 are in engineering. Echoing the rate of wage satisfaction, mid-career compensation tables also point towards engineering, computer science and finance for top pay.
To be sure, satisfaction over your paycheck is only one aspect of your career. Being challenged, valued and supported are also a part of the picture. A big paycheck while working for a narcissist, or in a company where everyone is burning out on overwork, is an unsustainable offer. Being treated fairly, inside a culture that supports your growth, is something that can happen inside any career (when the culture is right). For workers’ compensation in the most satisfying fields, that balance appears to be working.