The economic recovery has had a confusing effect on wages. Average hourly earnings budged much in the past five years, and only recently have U.S. workers started to see any wage growth. In the meantime, many companies have chosen to reward employees with bonuses, which can have a skewed effect. "When that approach is taken, that can be beneficial for top performers and individuals in key positions, but not across the board" said Evren Esen, director of survey programs at SHRM. Also, when it comes to pay, employees always want more money, Esen noted.

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

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