Abstract
The purpose of this quantitative correlational study was to determine if and to what extent a relationship exists between employee monetary compensation and employee general, extrinsic, and intrinsic job satisfaction in Fortune 500 companies within the United States of America. The theoretical framework was drawn from the theory of work adjustment and self-determination theory. Data were collected through emailing the questionnaire comprised of the Minnesota Satisfaction Question and demographic questions to LinkedIn members resulting in a sample of N= 129 employees of Fortune 500 companies within the United States of America. Research question one resulted in p=. 290, demonstrating a moderate positive relationship between an employee’s rate of monetary compensation and the employee’s general job satisfaction. Research question two resulted in p=. 227, demonstrating a weak to moderate positive relationship between an employee’s rate of monetary compensation and the employee’s extrinsic job satisfaction. Research question three resulted in p=. 325 demonstrating a moderate positive relationship between an employee’s rate of monetary compensation and the employee’s intrinsic job satisfaction. The Minnesota Satisfaction Questionnaire was tested for reliability with a Cronbach’s alpha of. 940 for general satisfaction,. 888 for extrinsic satisfaction, and. 897 for intrinsic satisfaction demonstrating a high level of reliability. The findings of this study demonstrate employee monetary compensation matters with respect to an employee’s satisfaction with one’s job.
Keywords: employee satisfaction, employee motivation, employee performance, monetary compensation, Minnesota Satisfaction Questionnaire, MSQ, theory of work adjustment, self-determination theory, Fortune 500 companies, United States of America.