Economic and labor market forces matter for worker well-being
1Singapore Management University, Singapore. stay@purdue.edu
Applied Psychology. Health and Well-Being
|February 19, 2013
Summary
Economic factors significantly impact job satisfaction. Higher national GDP and job optimism correlate with greater satisfaction, while unemployment leads to dissatisfaction, influencing overall life satisfaction.
Area of Science:
- Social Sciences
- Economics
- Psychology
Background:
- Societal interest in subjective well-being necessitates understanding economic influences on worker job satisfaction.
- Economic and labor market policies require evidence on the link between economic factors and job satisfaction.
Purpose of the Study:
- To investigate the association between economic factors and job satisfaction globally and over time.
- To determine if economic factors influence job satisfaction or vice versa.
Main Methods:
- Worldwide representative poll of 136 nations using hierarchical linear modeling.
- Time series regression analysis of monthly data from a US national poll (2008-2011).
Main Results:
- Higher national GDP and job optimism were linked to increased job satisfaction.
- Higher unemployment rates were associated with decreased job satisfaction.
- Economic factors partially or fully mediated the relationship between job satisfaction and life satisfaction; unemployment rates predicted job satisfaction over time.
Conclusions:
- Economic conditions are significant determinants of job satisfaction.
- Policies aimed at improving economic factors may enhance worker well-being and job satisfaction.
- Economic factors appear to influence job satisfaction more than job satisfaction influences economic factors.
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