Job satisfaction pays off – a study of the value of job satisfaction
Society has a lot to gain from investing in job satisfaction.
This is the initial conclusion of a long-term research project for Krifa’s Job Satisfaction Knowledge Centre. The goal of the project is to create new knowledge about the economic importance of job satisfaction to society. The analysis is based on a large-scale survey among 4.500 Danish employees, carried out by Statistics Denmark. The data shows that job satisfaction is highly valued by employees: The average Danish employee attributes a value of DKK 155.000 to an increase in job satisfaction from the average to the upper end of the distribution.
Highly relevant for employers, the data also shows a strong association between job satisfaction and labour market movements. Notably, employees are much more likely to remain with their current employer if they are satisfied with their job. Moreover, high job satisfaction is associated with fewer sick days and low stress.
In the next phase of the project, we will study the association between job satisfaction and measures of organizational performance.