A model of job satisfaction integrating economic and work environment variables was developed and used for testing interactions between rewards and work environment hazards. Data came from a representative panel of Danish employees. Results showed that psychosocial work environment factors, like information about decisions concerning the work place, social support, and influence, have significant impacts on the level of job satisfaction. Maximizing rewards did not compensate public employees to an extent that ameliorated the negative effects on job satisfaction of experiencing low levels of any of these factors whereas influence did not impact job satisfaction of private employees.