Much Ado about Salary: A Comparison of Monetary and Non-Monetary Components of Job Satisfaction

Cristina Bernini () and Alessandro Tampieri

Working Papers - Economics from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: We investigate how specific components of job satisfaction influence overall work happiness. We use the British Household Panel Survey (BHPS), which includes measures of satisfaction with total pay, job security, the nature of work, and hours worked. Our analysis employs a multi-level model to assess the variations in job satisfaction among different types of occupations. This approach allows for a clear comparison of both monetary and non-monetary aspects of job satisfaction. Our findings indicate that the importance of satisfaction with salary in explaining overall satisfaction is lower compared to other non-monetary aspects. This result holds true even when we narrow down the sample by considering factors such as gender (males or females), employment type (full-time or part-time), further job satisfaction components (available for fewer years), and examining income as a second-level factor rather than job occupation.

Keywords: subjective well-being; happiness function; job satisfaction. (search for similar items in EconPapers)
JEL-codes: I31 R10 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2023
New Economics Papers: this item is included in nep-eur, nep-hap, nep-hrm and nep-lma
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Persistent link: https://EconPapers.repec.org/RePEc:frz:wpaper:wp2023_06.rdf

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