Is it possible for workers to be generally content with theirjobs but hate everything about work? Employee satisfaction is atits highest level in 10 years, yet workers report lowsatisfaction with their benefits, compensation, time off, and"respectful treatment of employees" at work, according toan annual survey of 600 employees by theSociety for Human Resource Management.

Overall, employee satisfaction climbed to 88 percent. That's upfrom 82 percent in 2008 and up 11 percentage points from the samesurvey 10 years ago. The report attributed the large share ofcontent workers to the improved economy. "Not surprisingly, asthe economy has remained relatively stable over the last couple ofyears, organizations may have found themselves being able toreintroduce incentives and perks that had been reduced oreliminated as a result of the Great Recession," reads thereport.

As organizations eager to attract and retain workers obsessover engagement, perks keep getting nicer—for a segment of workers.Plus, with additional jobs out there, workers have moreflexibility to leave positions they don't like.

The survey found the most important factors for employeesatisfaction to be compensation and "respectful treatment ofemployees at all levels." A very small percentage of respondentssaid they were satisfied with those aspects of their work life—31percent and 23 percent, respectively.

The economic recovery has had a confusing effect on wages. Averagehourly earnings budged much in the past five years, and onlyrecently have U.S. workers started to see any wage growth. In the meantime,many companies have chosen to reward employees with bonuses, whichcan have a skewed effect. "When that approach is taken, that can bebeneficial for top performers and individuals in key positions, butnot across the board" said Evren Esen, director of surveyprograms at SHRM. Also, when it comes to pay, employees alwayswant more money, Esen noted.

As for benefits, organizations cut a lot during the recession, and someare never coming back. "Organizations are still being fiscallyconservative, so they're not investing full force in benefits asbefore," said Esen. Employers largely still offer health benefits, but as costs rise,more of the costs have shifted to workers via deductibles andhealth savings accounts.

The uptick in employee satisfaction might have more to do withperspective: Remember when things were worse? "There's astabilization, so to speak," said Esen. "Employees who are stayingin their jobs are feeling there are things that are improving.There is a sense of the economy improving as well."