Table 7. Regression analysis Independent variables Unstandardized coefficients (B) Standardized coefficients (Beta, β) Sig. (Constant) 0.659 .000 Financial rewards 0.453 0.597 .000 Non-financial rewards 0.387 0.438 .000 R 0.902a R square (R²) 0.813 Adjusted R square 0.810 a. Predictors: (Constant), Financial rewards, Non-financial rewards b. Dependent variable: Job satisfaction
The results shown in Table 7 indicate a relatively high percentage of job satisfaction which can be explained by the variables of financial and non-financial rewards. The coefficient of relationship illustrates that the value of R square is 0.813; which means 81.3% of the variance in job satisfaction was affected by the financial rewards and non-financial rewards.
The column labeled Beta (β) value of Standardized Coefficients indicates the variable that contributes to the dependent variable. ‘Standardized’ means the value for each of the different variables have been converted to the same scale in order to make comparison (Pallant, 2001). These analyses show that job satisfaction is positively influenced by financial rewards (β = 0.597, p < 0.01) and non-financial rewards (β = 0.438, p < 0.01). Comparatively, financial rewards variable has a stronger impact on employees’ job satisfaction and a larger beta value as compared to non-financial rewards variable. This implies that employees are better satisfied by financial rewards than non-financial rewards. As reward like recognition is of little importance, thus it does not influence much on employees’ job satisfaction. Therefore, hypothesis 3 (H3): financial rewards affect job satisfaction was accepted while hypothesis 4 (H4): non-financial rewards affect job satisfaction was rejected. Previous researchers Rehman, Khan, Zaiuddin and Lashari (2010) have also came up with the same finding that financial rewards have higher impact on employees’ job satisfaction than non-financial rewards.