Workers are the unhappiest they've been in 3 years—and it can cost the global economy $8.8 trillion

Workers are unhappier now than they were at the height of the pandemic. 

That's at least according to new research from BambooHR, which found that job satisfaction has suffered a steady decline since 2020 and taken a sharp drop this year. 

The HR software platform analyzed data from nearly 60,000 employees at over 1,600 companies across the globe between January 2020 and June 2023. 

"Employees aren't experiencing highs or lows — instead, they are expressing a sense of resignation or even apathy," the report notes. "Most simply accept that morale is getting worse."

While it's true that more companies have recognized the importance of work-life balance in the wake of the pandemic and implemented policies — extended time off, the option to work remotely — to help workers achieve that, it's not just when or where they work that's causing employees grief.

Research shows that the biggest cause of job dissatisfaction is unfair treatment at work: inconsistent compensation, lack of support from co-workers and bosses or unreasonable workloads, to name a few examples.

"The most common complaint I hear is a loss of control," Srikumar Rao, the author of "Happiness at Work," tells CNBC Make It. "The pandemic showed us, at a very visceral level, just how little control we have over our lives and our careers … it's hard to make peace with that kind of realization."

Inflation, widespread layoffs and uncertainty over return-to-office policies are all troubling employees and creating a "deep sense of unease" in workplaces, Jenn Lim, CEO of the organizational consultancy Delivering Happiness, points out. 

At the start of 2023, roughly three-quarters of adults said they felt anxious about the economy, while nearly half were concerned about having poor work-life balance, according to a Harris Poll/Fast Company survey of more than 1,000 adults.

Another factor driving employee unhappiness is the lack of meaning people feel in their roles, says Emily Liou, a career happiness coach and former recruiter. 

"There's been a real shift in the way people look at their careers thanks to the pandemic and the 'great resignation,'" Liou explains. "I don't hear as many people saying 'I want to make more money' or 'I want to climb the corporate ladder.' Now, it's 'I want to feel more connected to my work,' and 'I want to be excited about what I'm doing.'"

New Gallup research shows that remote employees, in particular, feel increasingly disconnected from their workplaces' mission and purpose. 

The lack of a shared mission and purpose can be detrimental to employees' overall happiness and performance.

According to Wharton psychologist Adam Grant, employees who understand their work has a meaningful, positive impact on others are not just happier than those who don't; they're more productive, too. Additionally, one study found that raises and promotions are more common among people who find their work meaningful. 

Focusing on employee engagement and satisfaction isn't just important for mental health in the workplace — it can also make or break a company's bottom line. 

Gallup found that businesses with engaged workers see higher profits and significantly less turnover and absenteeism than businesses with unhappy workers, among other benefits.

In fact, Gallup reports, employee disengagement costs the world $8.8 trillion in lost productivity, equal to 9% of global GDP.

But the news isn't all bad for bosses. It doesn't take much to motivate an unhappy employee, says Lim. 

"It's all about creating an environment of belonging, hearing and being understood," she says. "You don't need to fix everyone's problems in a day — even aiming to have one meaningful conversation or check-in with the people you manage, once a week, can make a huge difference." 

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