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Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece

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  • Ioannis Theodosiou

    (University of Macedonia,Centre for European Labour Market Research (CELMR), University of Aberdeen Business School)

  • Konstantinos Pouliakas

    (Centre for European Labour Market Research (CELMR),University of Aberdeen Business School)

Abstract

Using data from eight waves (1994-2001) of the European Community Household Panel (ECHP), this study examines whether significant differences exist in the perceived quality of high and low-paid jobs in Greece. After correcting for the potential selectivity problem that is prevalent in the study of the effect of low pay status on job satisfaction, evidence is presented that low wage workers are significantly less satisfied with their jobs compared to their higher-paid counterparts. Further analysis of the specific facets of jobs reveals that the lower average satisfaction of low-paid employees in Greece arises not only due to their lesser pay, but mainly because of the inferior type of work that they perform. Low-paid workers in Greece therefore seem to suffer from a double penalty, as their jobs are also of bad quality. In view of this segmentation, combined with the fact that Greece remains a low wage economy, it becomes evident that policies that centre on the quality of jobs are of equal importance to those that focus on the level of pay that they provide.

Suggested Citation

  • Ioannis Theodosiou & Konstantinos Pouliakas, 2005. "Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece," Economic Bulletin, Bank of Greece, issue 24, pages 83-115, January.
    • Handle: RePEc:bog:econbl:y:2005:i:24:p:84-115
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    Cited by:

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    2. Papaspyrou Theodoros, 2012. "EMU sustainability and the prospects of peripheral economies," Economic Bulletin, Bank of Greece, issue 36, pages 7-29, April.
    3. Hiona Balfoussia & Heather Gibson, 2010. "Inflation and Nominal Uncertainty: the case of Greece," Economic Bulletin, Bank of Greece, issue 33, pages 63-78, May.
    4. Dimitra Dimitropoulou & Anastasia Koutsomanoli-Filippaki & Evangelos Charalambakis & Georgios Aggelis, 2014. "The financing of Greek enterprises before and during the crisis," Economic Bulletin, Bank of Greece, issue 39, pages 7-20, July.
    5. Zacharias Bragoudakis & Stelios Panagiotou, 2010. "Determinants of the receipts from shipping services: the case of Greece," Economic Bulletin, Bank of Greece, issue 34, pages 41-55, September.
    6. Ilias Livanos & Evi Tzika, 2022. "Precarious Employment in Greece:economic crisis, labour market flexibilisation, and vulnerable workers," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 171, Hellenic Observatory, LSE.
    7. Vassilis Th. Rapanoss & Georgia Kaplanoglou, 2010. "Independent Fiscal Councils and Their Possible Role in Greece," Economic Bulletin, Bank of Greece, issue 33, pages 7-20, May.
    8. Petros M Migiakis, 2010. "Determinants of the Greek stock-bond correlation," Economic Bulletin, Bank of Greece, issue 33, pages 79-90, May.
    9. Costas N. Kanellopoulos, 2012. "Employment and worker flows during the financial crisis," Economic Bulletin, Bank of Greece, issue 36, pages 31-41, April.
    10. Costas N. Kanellopoulos, 2014. "The private sector Greek labour market during the crisis," Economic Bulletin, Bank of Greece, issue 39, pages 21-36, July.
    11. Faidon Kalfaoglou, 2012. "Bank capital adequacy framework," Economic Bulletin, Bank of Greece, issue 36, pages 43-81, April.
    12. Theodoros Mitrakos & Panos Tsaklogou & Ioannis Cholezas, 2010. "Determinants of the wage rates in Greece with an emphasis on the wages of tertiary education graduates," Economic Bulletin, Bank of Greece, issue 34, pages 7-40, September.
    13. Theodore Mitrakos & Panos Tsakloglou & Ioannis Cholezas, 2010. "Determining factors of youth unemployment in Greece with emphasis on tertiary education graduates," Economic Bulletin, Bank of Greece, issue 33, pages 21-62, May.
    14. Nikos G. Zonzilos & Zacharias G. Bragoudakis & Georgia I. Pavlou, 2009. "An analysis of the reliability of first (flash) quarterly national account data releases for Greece," Economic Bulletin, Bank of Greece, issue 32, pages 39-51, May.
    15. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, issue 37, pages 7-21, December.
    16. Sophia Lazaretou, 2014. "The smart economy: cultural and creative industries in Greece: can they be a way out of the crisis?," Economic Bulletin, Bank of Greece, issue 39, pages 73-103, July.
    17. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, issue 37, pages 43-54, December.
    18. Alexandra Gkliati & Anna Saiti, 2016. "Job Satisfaction in the Health Care Sector: Empirical Evidence from Medical Care in Greece," European Journal of Economics and Business Studies Articles, Revistia Research and Publishing, vol. 2, May - Aug.
    19. Theodoros M. Mitrakos & George T. Simigiannis, 2009. "The determinants of Greek household indebtedness and financial stress," Economic Bulletin, Bank of Greece, issue 32, pages 7-26, May.
    20. Christos Papazoglou, 2009. "Is Greece's export performance really low?," Economic Bulletin, Bank of Greece, issue 32, pages 27-37, May.
    21. Aikaterini Chaireti, 2014. "The housing situation of residents of Greece in the time of crisis 2008-2012," Economic Bulletin, Bank of Greece, issue 39, pages 105-141, July.
    22. Faidon Kalfaoglou, 2014. "European banking union: “Europeanising” banks’ financial safety net," Economic Bulletin, Bank of Greece, issue 39, pages 37-72, July.
    23. Livianos, Ilios & Tzika, Evi, 2022. "Precarious employment in Greece: economic crisis, labour market flexibilisation, and vulnerable workers," LSE Research Online Documents on Economics 115058, London School of Economics and Political Science, LSE Library.
    24. Heather Gibson & Hiona Balfoussia, 2010. "The impact of nominal and real uncertainty on macroeconomic aggregates in Greece," Economic Bulletin, Bank of Greece, issue 34, pages 57-71, September.

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    More about this item

    Keywords

    job satisfaction; low-paid versus high-paid jobs; Greek labour market;
    All these keywords.

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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