The role of money in employees’ life: Connection with psychological characteristics of the company staff

Abstract

In the course of empirical research, a connection was established between the psychological characteristics of employees (social-psychological attitudes, job satisfaction and life satisfaction) and their assessment of the role of money in their lives. There is a positive statistically significant relationship between such social-psychological attitudes of company staff as the focus on “result”, “selfishness”, “freedom”, “power”, “work” and their assessment of the role of money in life (as the degree of such social and psychological attitudes increases, the staff's positive attitude to the role of money in life is growing). At the same time, the most complete assessment of the role of money (positive assessment on most indicators) in the lives of staff is provided by such social and psychological attitudes as “power orientation” and “work orientation”. In addition, a negative statistically significant relationship was found between such attitudes as focus on “process”, “altruism”, “money” and assessment of the role of money (as the degree of such attitudes increases, a positive attitude towards the role of money in life is reduced on most indicators). There is also a statistically significant relationship between job satisfaction and life satisfaction of the staff and their assessment of the role of money. It was found that the assessment of life satisfaction of the staff contributes to a more complete and holistic assessment of the role of money in their lives, compared with job satisfaction, and provides a more “collectivist” profile for assessing the role of money. It is concluded that the use of established patterns is appropriate in the implementation of psychological counselling of company staff on this issue, as well as in the development of monetary policy of organisations.