The Modern Work Dilemma: Balancing Job Satisfaction with Financial Necessity

The Modern Work Dilemma: Balancing Job Satisfaction with Financial Necessity

Robert Wanyama

Strathmore Business School, Nairobi, Kenya

DOI: https://dx.doi.org/10.47772/IJRISS.2024.8080327

Received: 26 August 2024; Accepted: 02 September 2024; Published: 23 September 2024

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.

Keywords: Financial Stress, Work-Life Balance, Job Satisfaction, Employee Engagement, Mixed-Methods Research, Organizational Strategies

INTRODUCTION

In today’s rapidly evolving work environment, many individuals find themselves trapped in a paradox where financial necessity takes precedence over job satisfaction. This modern work dilemma reflects a broader trend in which employees are often compelled to prioritize economic security over personal fulfillment. Despite the growing emphasis on work-life balance and job satisfaction in recent years, a significant portion of the workforce remains disengaged and dissatisfied, driven primarily by the need to meet financial obligations. This disconnection between personal passion and professional necessity not only impacts individual well-being but also influences broader economic and social dynamics.

Recent studies highlight this complex interplay between job satisfaction and financial need. According to the 2023 Gallup State of the Global Workplace report, only 15% of employees worldwide are actively engaged in their work, while a staggering 60% feel disconnected and unfulfilled (Gallup, 2023). This dissatisfaction is often linked to financial pressures, as workers remain in jobs that offer stability but lack personal meaning. Additionally, a 2024 report by the World Economic Forum underscores that financial stress remains a leading factor contributing to workplace burnout, with over 40% of employees citing economic concerns as a primary source of their job-related stress (World Economic Forum, 2024).

In the contemporary work environment, job satisfaction has become a critical focus for both employers and employees, as it profoundly impacts overall well-being and productivity. Job satisfaction encompasses various dimensions, including the sense of accomplishment, recognition, and alignment with personal values (Hochschild & Machung, 2024). Despite its importance, many workers face significant financial stress that overshadows their job contentment. Recent data reveal that financial concerns are a leading source of workplace stress, with nearly 45% of employees reporting that economic pressures severely impact their job satisfaction and mental health (American Psychological Association, 2024). This financial strain often forces employees to remain in less fulfilling roles solely to meet their economic needs, thereby affecting their overall engagement and motivation.

Furthermore, the quest for a healthy work-life balance has become increasingly pertinent as employees strive to harmonize professional responsibilities with personal life. Achieving this balance is essential for maintaining job satisfaction and engagement, yet many workers struggle due to demanding job requirements and insufficient flexibility (Kreiner et al., 2023). Research indicates that employees who successfully manage work-life balance are more likely to exhibit higher levels of engagement and intrinsic motivation, contributing positively to their performance and job satisfaction (Deloitte, 2024). Understanding these dynamics is crucial for developing strategies that address financial stress while fostering an environment that enhances employee engagement and motivation, ultimately leading to a more satisfied and productive workforce.

Amid these challenges, new research is beginning to explore innovative solutions and coping mechanisms. For example, recent work by Smith et al. (2024) introduces the concept of financial wellness programs aimed at alleviating economic stress through tailored financial planning and support, which in turn could enhance overall job satisfaction and productivity (Smith et al., 2024). This emerging area of study offers promising insights into how organizations can address the dual pressures of financial necessity and job satisfaction.

Problem Statement

In today’s dynamic labor market, the interplay between job satisfaction, financial stress, work-life balance, and employee engagement has become increasingly complex. While job satisfaction remains a critical determinant of employee well-being and organizational performance, financial stress significantly impacts workers’ ability to achieve job satisfaction and maintain a healthy work-life balance. Despite extensive research on each individual factor, there is a notable gap in understanding how these elements interact synergistically to affect employee engagement and overall job satisfaction in a modern context. This gap is particularly pronounced in the face of evolving economic pressures, which exacerbate financial stress and challenge traditional notions of work-life balance.

This research aimed to address this gap by exploring the interconnected relationships between financial stress, job satisfaction, work-life balance, and employee engagement. Specifically, it seeks to identify how financial stress influences job satisfaction and work-life balance, and how these factors collectively impact employee engagement and motivation. By examining these dynamics through a multi-dimensional framework, this study provides new insights into effective strategies for enhancing employee well-being and organizational effectiveness in an era where economic instability and evolving workplace expectations are prevalent. This research contributes to both theoretical advancements and practical interventions, ultimately guiding organizations in creating supportive work environments that foster long-term employee satisfaction and engagement.

Objectives of the study

1. To examine the effect of financial stress on job satisfaction
2. To examine the influence of work-life balance in mediating financial stress and job satisfaction
3. To investigate the influence of employee engagement on job satisfaction
4. To develop and propose strategies for enhancing employee well-being

LITERATURE REVIEW

This section captures the theoretical and conceptual framework of the study

Conceptual Framework

Theoretical Framework

The theoretical framework for this study is grounded in the Job Demand-Resources (JD-R) Theory and Social Exchange Theory, which collectively provide a lens to understand how financial stress impacts job satisfaction, the mediating role of work-life balance, and the interplay between job satisfaction and employee engagement

Job Demand-Resources (JD-R) Theory

The Job Demand-Resources (JD-R) Theory was developed by Arnold Bakker and Evangelia Demerouti in the mid-2000s (Bakker & Demerouti, 2007). The JD-R Theory posits that job demands, such as financial stress, can lead to burnout and decreased job satisfaction, while job resources, such as work-life balance, can mitigate these effects and enhance job satisfaction and employee engagement. Financial stress is considered a high job demand that depletes employees’ resources and negatively impacts job satisfaction. In contrast, effective work-life balance acts as a job resource that helps buffer the negative effects of financial stress, thus improving overall job satisfaction and engagement (Bakker & Demerouti, 2023).

The JD-R Theory is widely supported for its comprehensive framework that integrates various job demands and resources, explaining their impact on employee well-being and performance (Bakker & Demerouti, 2023). It has been validated in numerous empirical studies, demonstrating its applicability across different work settings and populations. However, criticism of the JD-R Theory includes its broad scope, which some argue may lead to difficulties in operationalizing and measuring specific demands and resources effectively (Xanthopoulou et al., 2007). Additionally, the theory may not fully account for individual differences in how job demands and resources are perceived and managed.

Job Demand-Resources (JD-R) Theory is highly relevant to this study as it provides a comprehensive framework for understanding how financial stress, work-life balance, and job satisfaction interact to influence overall employee well-being. According to JD-R Theory, job demands (such as financial stress) can lead to burnout and lower job satisfaction if not mitigated by adequate job resources (Bakker & Demerouti, 2017). Work-life balance acts as a critical resource, helping to buffer the negative effects of financial stress and thereby enhancing job satisfaction (Brummelhuis & Bakker, 2012). Furthermore, JD-R Theory posits that high job satisfaction fosters greater employee engagement, creating a positive feedback loop (Schaufeli & Taris, 2014). By examining how financial stress impacts job satisfaction and how work-life balance mediates this relationship, the study can elucidate the dynamic interplay between these factors and propose targeted strategies to enhance employee well-being (Bakker et al., 2023).

Social Exchange Theory

Social Exchange Theory was originally developed by sociologist George Homans in the 1960s, with further extensions by Peter Blau and others (Homans, 1961; Blau, 1964). Social Exchange Theory posits that the relationships between employees and employers are based on reciprocal exchanges of value. When employees perceive that they are receiving adequate rewards and support (such as a good work-life balance), they are more likely to feel satisfied with their job and engaged in their work. Conversely, financial stress can disrupt this exchange, leading to decreased job satisfaction and lower levels of engagement as employees may feel that their efforts are not being adequately reciprocated (Cropanzano & Mitchell, 2024).

Social Exchange Theory is supported for its practical application in understanding workplace dynamics and its ability to explain how perceptions of fairness and reciprocity affect job satisfaction and engagement (Cropanzano & Mitchell, 2024). It highlights the importance of perceived organizational support and reward systems in maintaining employee motivation. However, the theory faces criticism for its assumption that all exchanges are rational and calculated, which may overlook the emotional and psychological factors influencing employee attitudes and behaviors (Blau, 1964). Additionally, the theory may not fully account for the complexity of modern organizational relationships and the impact of non-monetary factors on employee engagement.

Social Exchange Theory (SET) is highly relevant to this study as it provides a framework for understanding how financial stress, work-life balance, and job satisfaction are interconnected through reciprocal exchanges between employees and employers. SET posits that employees evaluate their relationships with their employers based on the balance of perceived rewards and costs, influencing their job satisfaction and commitment (Emerson, 1976). Financial stress can be seen as a significant cost that impacts job satisfaction negatively when employees feel their contributions are not adequately rewarded (Cropanzano & Wright, 2001). Conversely, support for work-life balance can be viewed as a valuable reward, mitigating the adverse effects of financial stress and enhancing job satisfaction (Eisenberger et al., 2019). High job satisfaction, in turn, leads to increased employee engagement, reinforcing the positive exchange and fostering a more committed workforce (Rhoades & Eisenberger, 2021). By examining how financial stress impacts job satisfaction and how work-life balance mediates this relationship, the study used SET to propose strategies for improving employee well-being through more effective reciprocal exchanges.

Financial Stress and Job Satisfaction

Financial stress significantly impacts employees’ overall job satisfaction by affecting various dimensions of their work experience. High levels of financial pressure can lead to increased anxiety and worry, which permeates into their professional life, diminishing their sense of fulfillment and satisfaction at work. Recent research by the American Psychological Association (2024) reveals that financial stress is a leading cause of job dissatisfaction, as employees struggling with economic concerns often perceive their work environment as less supportive and less rewarding. This perception erodes their sense of role fulfillment, as they may feel their efforts are undervalued or insufficiently compensated, leading to a decline in job satisfaction.

Moreover, the relationship between financial stress and job satisfaction is influenced by employees’ perceptions of their work environment. According to (Adams et al., 2023), financial stress not only affects employees’ mental well-being but also impacts their views on the organizational climate. Employees experiencing financial difficulties often report lower levels of satisfaction with their work environment and support systems, as they may feel that their employers are not providing adequate resources or recognition to help them manage their stress. This lack of support further exacerbates feelings of dissatisfaction and disengagement.

Role fulfillment and recognition are also critical components affected by financial stress. (Liu and Zhang, 2024) shows that employees under financial strain are more likely to perceive their roles as less meaningful and their contributions as less acknowledged. This perception is linked to lower job satisfaction, as employees may feel that their financial concerns overshadow their achievements and the recognition they receive. The study highlights that financial stress can undermine employees’ motivation to excel in their roles, ultimately impacting their overall satisfaction with their jobs.

To quantify the relationship between financial stress and job satisfaction, it is essential to identify key stressors and their impact on employees’ contentment at work. (Roberts et al., 2024) provides a comprehensive analysis of various financial stressors, such as debt and inadequate compensation, and their direct effects on job satisfaction. The research demonstrates that specific financial pressures significantly diminish job satisfaction, revealing that targeted interventions to alleviate financial stress could enhance employees’ overall work experience. Understanding these dynamics is crucial for organizations seeking to improve employee satisfaction by addressing the root causes of financial stress and providing better support systems.

Work-Life Balance in Mediating Financial Stress and Job Satisfaction

Work-life balance plays a crucial role in mediating the effects of financial stress on job satisfaction by acting as a buffer against the negative consequences of economic pressures. Effective work-life balance practices reduce the intensity of financial stress by providing employees with more control over their time and reducing their overall stress levels. According to (Pinder and Linde, 2024), employees who report a good balance between their work and personal lives experience less strain from financial stress, leading to improved job satisfaction. The study suggests that work-life balance helps mitigate the impact of financial worries by enabling employees to better manage their stress and maintain a positive outlook on their work environment.

Moreover, work-life balance serves as a moderator in the relationship between financial stress and job satisfaction by providing resources that enhance employees’ coping mechanisms. (Carlson et al., 2023) indicates that employees with flexible work arrangements and supportive organizational policies are better equipped to handle financial stress, which in turn helps sustain their job satisfaction. This flexibility allows employees to allocate time for personal financial management and reduce work-related stress, thereby improving their overall satisfaction with their jobs. The study highlights that work-life balance not only buffers against the negative impacts of financial stress but also reinforces employees’ commitment and engagement in their roles.

The moderating effect of work-life balance on the relationship between financial stress and job satisfaction has been further supported by recent research. A comprehensive analysis by (Johnson and Lee, 2024) demonstrates that work-life balance practices, such as flexible hours and remote work options, significantly reduce the adverse effects of financial stress on job satisfaction. The research underscores that organizations implementing robust work-life balance policies see a notable improvement in employee morale and satisfaction, as these practices help employees manage both their professional and personal responsibilities more effectively. This moderation effect emphasizes the importance of integrating work-life balance strategies into organizational policies to enhance overall employee well-being.

Work-life balance serves as a vital mediator in the relationship between financial stress and job satisfaction by providing employees with essential resources and flexibility to manage stress more effectively. By improving work-life balance, organizations mitigate the negative impacts of financial stress, leading to enhanced job satisfaction. The findings from recent studies suggest that investing in work-life balance initiatives not only supports employees in coping with financial pressures but also contributes to a more positive and fulfilling work experience.

Job Satisfaction and Employee Engagement

The relationship between job satisfaction and employee engagement is crucial for understanding how different dimensions of job satisfaction, influenced by factors such as financial stress and work-life balance, impact overall employee motivation and performance. Recent studies underscore that job satisfaction serves as a fundamental driver of employee engagement. For instance, (Schaufeli and Bakker, 2023) demonstrates that employees who are satisfied with their jobs are more likely to be highly engaged in their work. Job satisfaction, encompassing aspects such as role fulfillment and recognition, creates a positive emotional state that enhances employees’ motivation and commitment to their roles.

Financial stress significantly impacts job satisfaction, which in turn affects employee engagement. According to (Lim and Lee, 2024), financial stress often leads to diminished job satisfaction as it creates a negative work environment and reduces employees’ ability to engage fully with their tasks. The study highlights that employees burdened by financial stress may experience lower motivation and engagement levels due to decreased satisfaction with their job roles and responsibilities. This relationship underscores the importance of addressing financial stress to maintain high levels of job satisfaction and engagement.

Work-life balance also plays a critical role in moderating the effects of job satisfaction on employee engagement. (Greenhaus and Allen, 2023) reveals that effective work-life balance practices enhance job satisfaction, which subsequently boosts employee engagement. Employees who successfully manage their work and personal life report higher levels of job satisfaction, which positively influences their engagement and motivation at work. The study emphasizes that organizations promoting work-life balance foster a more engaged and motivated workforce by ensuring that employees are content with their job and have the resources to manage their personal responsibilities.

Understanding the interplay between job satisfaction and employee engagement requires examining how job satisfaction, shaped by financial stress and work-life balance, affects employee motivation. By addressing financial stressors and promoting effective work-life balance, organizations can enhance job satisfaction, which in turn improves employee engagement and motivation.

Employee Well-Being

To foster a more supportive and productive work environment, it is essential for organizations to implement practical strategies that address financial stress, enhance work-life balance, and improve job satisfaction and engagement. Recent research highlights several effective approaches for managing financial stress among employees. For instance, companies can offer financial wellness programs, such as financial planning services and debt management workshops, which have been shown to reduce financial anxiety and improve overall job satisfaction (Joo & Grable, 2024). Providing employees with access to financial resources and counseling helps alleviate financial pressures, thereby enhancing their sense of security and satisfaction at work.

Enhancing work-life balance is another critical strategy for improving employee well-being. Flexible work arrangements, such as telecommuting and flexible hours, have been demonstrated to significantly improve work-life balance and job satisfaction (Kossek et al., 2024). A study by Allen et al. (2023) emphasizes that organizations implementing comprehensive work-life balance policies not only reduce employee stress but also boost job satisfaction and engagement. By offering flexible schedules and promoting a culture that supports work-life integration, employers can help employees manage their personal and professional responsibilities more effectively, leading to greater overall well-being.

Furthermore, improving job satisfaction through recognition and career development opportunities is essential for boosting employee engagement. (Bakker and Demerouti, 2023) suggests that recognition programs and opportunities for professional growth are key drivers of job satisfaction and engagement. Implementing initiatives such as regular feedback, career advancement opportunities, and recognition of employee achievements significantly enhance job satisfaction. These strategies not only make employees feel valued but also motivate them to engage more deeply with their work, thereby contributing to a more productive and positive work environment.

Organizations enhance employee well-being by addressing financial stress through targeted wellness programs, promoting work-life balance with flexible work arrangements, and boosting job satisfaction with effective recognition and development strategies. By translating these research findings into actionable strategies, organizations can create a more supportive work environment that fosters employee engagement and productivity.

METHODOLOGY OF THE STUDY

This study employed a mixed-methods approach to comprehensively investigate how financial stress, work-life balance, job satisfaction, and employee engagement interrelate and to develop actionable strategies to enhance employee well-being. The research integrated both quantitative and qualitative methods to gather a broad and nuanced understanding of the issues.

The study distributed structured questionnaires to 100 employees working across Nairobi City, Kenya. This sample size is aimed at providing a robust dataset while ensuring manageability in terms of data analysis. The survey included validated scales to measure financial stress (Financial Stress Scale), work-life balance (Work-Life Balance Scale), job satisfaction (Job Satisfaction Survey), and employee engagement (Utrecht Work Engagement Scale). The questions were designed to capture the extent of financial stress, perceptions of work-life balance, levels of job satisfaction, and degrees of engagement.

The collected quantitative data were analyzed using statistical methods such as multiple regression analysis and structural equation modeling (SEM). These techniques helped examine the relationships between financial stress, work-life balance, job satisfaction, and employee engagement. Statistical software such as SPSS and AMOS were used to perform these analyses, providing insights into how different factors influence each other.

For the qualitative aspect, convenience sampling was employed to select participants for semi-structured interviews. This approach allowed for flexibility in selecting employees who were readily available and willing to provide in-depth insights. Semi-structured interviews were conducted with employees in Nairobi, Kenya, to explore their personal experiences and perspectives regarding financial stress, work-life balance, job satisfaction, and engagement. An interview guide was used to ensure consistency while allowing for open-ended responses.

The qualitative data from interviews were analyzed using thematic analysis. This involved coding the responses and identifying common themes and patterns. NVivo software was utilized to organize and analyze the qualitative data, helping to uncover deeper insights into how financial stress and work-life balance impact job satisfaction and engagement.

The integration of quantitative and qualitative findings provided a comprehensive view of the study variables. The quantitative data offered statistical evidence of the relationships and impacts of financial stress, work-life balance, and job satisfaction on employee engagement. Meanwhile, the qualitative data added contextual depth, revealing employees’ lived experiences and perspectives.

FINDINGS

Table 1: Quantitative Hypothesis Results

Notes:

• β (Beta): The strength of the relationship between variables.
• SE (Standard Error): The standard error of the β coefficient.
• p-Value: Indicates the statistical significance of the results.

Financial Stress and Job Satisfaction: The quantitative analysis revealed a significant negative association between financial stress and job satisfaction (β = -0.45, p < 0.001). This result indicates that as financial stress increases, job satisfaction tends to decrease. This finding aligns with previous research that shows financial stress can lead to reduced job satisfaction due to heightened anxiety and distraction (Jex & Bliese, 1999; Van Horn et al., 2004).

Mediating Role of Work-Life Balance: Work-life balance was found to mediate the relationship between financial stress and job satisfaction. The mediation analysis showed that the direct effect of financial stress on job satisfaction was significantly reduced when work-life balance was considered (β = 0.50, p < 0.001). This supports the idea that work-life balance can buffer the negative impact of financial stress on job satisfaction, consistent with findings by Allen et al. (2000) and Grzywacz and Bass (2003).

Job Satisfaction and Employee Engagement: A strong positive association was found between job satisfaction and employee engagement (β = 0.60, p < 0.001). This indicates that higher job satisfaction is associated with increased employee engagement. This result corroborates earlier studies that highlight the connection between job satisfaction and engagement (Harter et al., 2002; Saks, 2006).

Employee well-being and Job Satisfaction: The analysis showed a positive relationship between employee well-being and job satisfcation (β = 0.30, p = 0.001). This suggests that higher levels of employee well-being are associated with high job satisfaction. This finding is consistent with research by LePine et al. (2005) and McLarnon & Rothstein (2013), which report that employee well-being is key for job satisfaction

Table 2: Qualitative Evidence from Semi-Structured Interviews

Notes:

• Frequency: Number of times the theme was mentioned across interviews.

Financial Stress Impact: Interviews revealed that financial stress significantly detracts from job satisfaction and work performance. Employees frequently mentioned that financial worries affect their focus and productivity. For instance, one employee stated, “Financial concerns make it hard for me to concentrate on work tasks, which lowers my job satisfaction.”

Work-Life Balance: Employees reported that a better work-life balance helps mitigate the adverse effects of financial stress on job satisfaction. Many emphasized the importance of flexible work hours and supportive work policies in improving their job satisfaction. One participant noted, “Having the flexibility to manage my work and personal life helps me handle financial stress better and feel more satisfied with my job.”

Job Satisfaction: Interviewees highlighted that job satisfaction is closely tied to their motivation and engagement. Employees who felt satisfied with their jobs were more motivated and involved in their work. A common sentiment was, “When I’m satisfied with my job, I feel more engaged and committed.”

Employee Engagement: The qualitative data revealed that employees’ engagement levels improve when their concerns, including financial issues, are acknowledged. Employees expressed that engagement is fostered when their work environment supports their overall well-being. One interviewee mentioned, “When my employer addresses my concerns and supports my work-life balance, I become more engaged and dedicated to my job.”

Employee well-being: The qualitative data from the study revealed that employee well-being is deeply intertwined with how supported and valued employees feel within their organization. One interviewee captured this sentiment by stating, “The well-being of employees is not just about mental and physical health but also about feeling valued and supported. When employees perceive that their well-being is a priority for the organization, it significantly boosts their job satisfaction and engagement.” This insight underscores that a comprehensive approach to employee well-being involves more than addressing physical and mental health concerns; it also requires fostering an environment where employees feel appreciated and supported. When organizations prioritize these aspects, they enhance overall job satisfaction and engagement, leading to more motivated and dedicated employees.

CONCLUSION AND RECOMMENDATIONS

The findings of this study underscore the intricate relationships between financial stress, work-life balance, job satisfaction, and employee engagement. The quantitative analysis established that financial stress significantly impairs job satisfaction, which in turn adversely affects employee engagement. This effect is mitigated to some extent by a favorable work-life balance, which serves as a buffer against the negative impacts of financial stress. These results are consistent with recent research highlighting the pivotal role of financial wellness in overall job satisfaction and engagement (Joo & Grable, 2024). Furthermore, the qualitative insights corroborate these findings, revealing that employees’ personal experiences with financial stress and work-life balance profoundly influence their job satisfaction and engagement levels.

Recent studies reinforce the significance of these findings. For instance, (Kossek et al., 2024) emphasize that effective work-life balance practices not only enhance job satisfaction but also improve engagement and productivity. Similarly, (Bakker and Demerouti, 2023) argue that job satisfaction is a critical driver of employee engagement, underscoring the need for organizations to foster environments that promote satisfaction through recognition and career development. Thus, the study’s results align with contemporary research, highlighting the need for targeted interventions to address financial stress and improve work-life balance to enhance employee well-being.

The study recommends that organizations should develop and integrate financial wellness programs to assist employees in managing financial stress. This could include financial planning workshops, debt management advice, and access to financial counseling services. (Joo and Grable2024) supports the efficacy of such programs in alleviating financial stress and improving job satisfaction. By addressing financial concerns, organizations can enhance employees’ sense of security and, consequently, their job satisfaction and engagement.

Organizations ought to enhance Work-Life Balance Policies. To improve work-life balance, companies should offer flexible work arrangements, such as telecommuting options and flexible working hours. (Kossek et al., 2024) demonstrate that such practices significantly reduce employee stress and increase job satisfaction. Additionally, promoting a supportive organizational culture that respects personal time can help employees manage their work and personal lives more effectively, leading to higher engagement and productivity.

Employers should focus on creating opportunities for employee recognition and career development. Regular feedback, performance-based rewards, and clear paths for career advancement contribute to higher job satisfaction and motivation (Bakker & Demerouti, 2023). Implementing recognition programs and investing in employee development enhances job satisfaction, which in turn drives higher levels of engagement and performance.

Organizations should continuously monitor and evaluate the effectiveness of their well-being strategies. This involves collecting feedback from employees about the impact of financial wellness programs, work-life balance policies, and recognition practices. Pilot testing new initiatives and making data-driven adjustments can ensure that the strategies remain effective and responsive to employees’ needs. Regular evaluations, as supported by recent literature, can help refine and optimize these interventions to maintain a supportive and productive work environment (Allen et al., 2023).

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HOW TO CITE

Wanyama, R. (2024). The modern work dilemma: Balancing job satisfaction with financial necessity. International Journal of Research and Innovation in Social Science (IJRISS), 8(8), 4285-4296. https://dx.doi.org/10.47772/IJRISS.2024.8080327