Does Wage Influence the Level of Job Satisfaction? Case Study of the Czech Republic

Abstract

Human resources are one of the most important and the most significant factors that influence the success or failure of a company in a competitive market economy, their job satisfaction is an outstanding condition. The presented study examines how the development of wage amount determines the level of job satisfaction with wages, i.e., the overall level of job satisfaction in the Czech Republic. To determine the level of job satisfaction a questionnaire survey was repeatedly performed-in 2013 and 2015 (1,950 respondents, i.e., 1,547). The dependence between wage development and the level of job satisfaction cannot be unequivocally confirmed because in 2012 there was an annual increase in the average wage of 634 CZK and satisfaction with this determinant was 3.18. Over the next two years there has been an overall increase of 602 CZK (when in 2013 the average wage actually decreased), even then the satisfaction increased toa level of 3.31. This satisfaction can be explained by the fact that after the reduction of the average wage in 2013 there was an increase again. To find dependency it is necessary to create a longer time series, therefore, allowing to examine the long-term satisfaction.