Abstract
This paper addresses the question to what extent workplace perception affects the subjective well-being of older workers in their jobs. We use several dimensions of workplace perception to estimate their importance for job satisfaction. Our results show that older workers’ happiness in the job strongly depends on job rewards, in particular on opportunities to develop new skills, receiving support in difficult situations, and recognition for their work. These dimensions of workplace attributes are merely psychological by nature; in contrast, salary opportunities and socio-demographic dimensions have a weaker impact on job satisfaction, if at all.
Highlights
The question how workplace perception relates to subjective well-being in the job is largely investigated, but not in particular for the older workforce
We study the impact of a selected set of self-perceived workplace variables on job satisfaction
While we know that factors like health and financial incentives are important considerations in the retirement decision, relatively few studies have dealt with the workplace perception as such and its influence on job satisfaction near retirement
Summary
The question how workplace perception relates to subjective well-being in the job is largely investigated, but not in particular for the older workforce. We study the impact of a selected set of self-perceived workplace variables on job satisfaction. This paper attempts to close this gap in the literature by identifying more psychological factors that increase or decrease happiness of older workers. Legislature in many countries has identified the need for targeting policies to keep older workers in their jobs. Demographic shifts in the age distributions of developed countries have caused pension systems based on intergenerational redistribution to experience longterm financing issues. Retirement and the lack of demand for older workers deteriorate the finances of pay-as-you-go pensions even more. While we know that factors like health and financial incentives are important considerations in the retirement decision, relatively few studies have dealt with the workplace perception as such and its influence on job satisfaction near retirement.
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