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American consulting firm Bain & Company has been ranked as the best place to work in 2014, according to an annual survey of employee satisfaction, knocking Facebook off the top spot.
Jumping from fourth place last year, the Boston-based firm scores highly on a variety of company rankings, including Vault's 'Consulting 50' and Consulting magazine's 'Best Firm to Work For' survey.
Employees have praised the company for fostering a collaborative environment, maintaining a smoothly-functioning meritocracy, and ensuring a continuous learning curve.
(Read more: The Best Jobs for 2013)
The survey by career website Glassdoor asked U.S.-based employees to rate how satisfied they are with their company overall, as well as key workplace factors like career opportunities, compensation and benefits, culture and values. The survey was conducted online and on an anonymous basis. Companies were graded on a scale of 1 to 5 - with 5 representing the highest level of satisfaction.
""We are incredibly proud to be named the #1 Best Place to Work," said Russ Hagey, Global Chief Talent Officer at Bain & Company- which scored 4.6.
"For more than 40 years, we have placed significant focus on creating an outstanding professional and personal work experience that in turn has fueled our growth anchored in a mission of delivering results for clients and organizations around the globe," Hagey said.
(Read more: Office party: Career builder or career killer?)
Despite slipping down the rankings, Facebook CEO Mark Zuckerberg has the highest approval rating of all company heads, according to a separate survey by Glassdoor published earlier this year.
Meanwhile, Google, which is famous for offering lavish perks to its employees - from free gourmet food and snacks to nap pods – ranked in eight place.
(Read more: Americans hate their jobs, even with office perks)
"The people are fantastic, the work is challenging and the environment is a lot of fun. The perks are a lot of fun. The culture is very open which makes the experience very positive," a Google employee wrote on the Glassdoor site.
—By CNBC's Ansuya Harjani; Follow her on Twitter: