Factors Affecting Life Satisfaction with Mediating Role of Work Satisfaction of Employees’ in Insurance Companies in Sri Lanka

Abstract

The study investigates how to work satisfaction influences workers' life satisfaction with job attribute assessment. Two hundred ninety-five operational level employees from 03 insurance companies in Sri Lanka were selected through Simple Random Sampling. The structural equation modeling approach (SEM) was applied to test the hypotheses. It has been discovered that employees' work satisfaction depends on work hazards; job characteristics and job attribute assessment, while job attributes assessment affected work benefits and cost, work hazards and job characteristics. The paper's findings revealed a strong positive relationship between work satisfaction and life satisfaction. It can be concluded that even though labor turnover is high among insurance workers, their life satisfaction depends on work satisfaction. These results denote that managers should specifically attempt to target enhancing work satisfaction by eliminating work hazards and setting job tasks along with building a good rapport with supervisor and employee, according to employee’s job position. The study recommends that policymakers identify workers' felt needs and satisfy those needs for a contented workforce to minimize labor turnover.