Abstract
It is known employee job satisfaction is related to employee motivation, performance, retention, and other factors which are beneficial to the employee and the employer. In recent decades, some have used the work of Self-Determination Theory to claim pay is irrelevant and promote the idea it is an employee’s commitment, attitude, and the programs the employer offers the employee that are important to employee satisfaction, motivation, performance, morale, and retention. However, the work of Self-Determination Theory has neither stated nor confirmed this concept. In a study considering if and to what extent a relationship exists between employee rate of monetary compensation and employee job satisfaction, it was found a statistically significant positive relationship exists between employee rate of monetary compensation and employee overall, extrinsic, and intrinsic job satisfaction. The sample consisted of N = 129 employees of Fortune 500 companies within the United States of America. Utilizing Spearman’s rank-order correlation employee overall job satisfaction resulted in ρ = .290, employee extrinsic job satisfaction resulted in ρ = .227, and employee intrinsic job satisfaction resulted in ρ = .325 all demonstrating a positive relationship with employee rate of monetary compensation. This article discusses the current literature, results, and implications.
Keywords
Employee Satisfaction, Employee Motivation, Employee Performance, Monetary Compensation, Income, Minnesota Satisfaction Questionnaire, MSQ, Theory of Work Adjustment, Self-Determination Theory, Employee, LinkedIn, Fortune 500 Companies, United States of America
Entire article available at DOI: 10.4236/jss.2022.109021