Value of Intangible Job Characteristics in Workers' Job and Life Satisfaction: How much are they worth?

Using the data from the Spanish survey on life quality at work, we examine the importance of intangible job characteristics in workers’ job and life satisfaction. Our analysis shows that on both job and life satisfaction, the combined monetary value of intangible job characteristics such as flexibility, independence, social usefulness, pleasant work environment, pride, stress and the perception of receiving an adequate wage, is several times more worthy than that of objective job characteristics such as wage, sector and hours of work. Furthermore, we find that some intangible job characteristics such as flexibility, work environment and stress affect directly workers’ life satisfaction rather than indirectly through their effects on job satisfaction.