Social capital and job satisfaction: The case of Europe in times of economic crisis

This study uses data for 23 countries elicited from the 2010/11 wave of the European Social Survey to examine the stability of social capital as a predictor of job satisfaction at a time of economic crisis. The analysis reveals a remarkably resilient impact of social capital and its constituent components during the economic downturn. However, this resilience is much less pronounced when the focus is on countries where the crisis was most severe, suggesting an economic development threshold below which certain social capital components lose their associational impact. However, religious activity is significantly associated with workers’ job satisfaction in these economies, providing comfort during times of socio-economic difficulty. The extent of organizational trust, measured by proxy variables for participative decision-making, has by far the strongest association with job satisfaction. This suggests that employers need to think again about the way they treat their employees to maximize the benefits of social capital and, ultimately, improve the job satisfaction scores of their workers.