The Modern Work Dilemma: Balancing Job Satisfaction with Financial Necessity

Abstract

This study investigates the intricate relationships between financial stress, work-life balance, job satisfaction, and employee engagement, aiming to develop strategies to enhance employee well-being. Employing a mixed-methods approach, the research combined quantitative and qualitative data to provide a comprehensive analysis. A structured questionnaire was distributed to 100 employees in Nairobi City, Kenya, using validated scales to measure financial stress, work-life balance, job satisfaction, and employee engagement. The quantitative analysis revealed that financial stress has a significant negative impact on job satisfaction (β = -0.45, p < 0.001) and employee engagement (β = -0.30, p = 0.003). Work-life balance was identified as a crucial mediator between financial stress and job satisfaction, reducing the direct negative effects of financial stress (β = 0.50, p < 0.001). Additionally, job satisfaction was positively associated with employee engagement (β = 0.60, p < 0.001). Qualitative interviews supported these findings, with employees noting that effective work-life balance and support from the organization significantly enhance their engagement and job satisfaction. Based on these findings, the study proposes several recommendations for organizations, including the implementation of financial wellness programs, the enhancement of work-life balance policies, and the development of robust recognition and career development initiatives. Continuous monitoring and evaluation of these strategies are also recommended to ensure their effectiveness and relevance. The study’s findings align with recent literature and provide a framework for developing effective interventions to support a more engaged and satisfied workforce.