Various literature would state a multitude of variables that would impact job satisfaction. In my research and work with organizations (i.e. conducting organization climate surveys), despite the differences in industry, what was found common were:
1. Nature of the Work itself - what it is that they do and how matched are they against the job's requirements
2. Supervision - the level of interaction between them and their supervisor
3. Teamwork - how well are members of the organization interacting and supporting them
4. Talent Management - their opportunity for growth within the company
5. Performance Management - how they are appraised by the company
6. Leadership and Management - how top management treats them
7. Work Environment - the working conditions of the organization
8. Employee Well-being - the perception of how the company addresses the employee needs
9. Compensation and Benefits - bundled together this talks about benefits and pay
10. Communication - the level of communication between stakeholders within the organization
These factors may go hand-in-hand with Innovation, Organizational Pride and Commitment, Trust and Ethics, Values. Different organizations may measure these variables/factors differently and may put more weight on some as compared to others. However, the mix of all these variables may help measure satisfaction levels.
I see really rich responses from @Ian Kennedy and @Emerald Jay D. Ilac. Benefits such as housing, health insurance and medical facilities are contribute significantly.
In my answer, I shall abide by the 5 variables given but to each one, please allow me to add little explanation. Job satisfaction ,for me, will be realized if there is:
1) Reasonable amount of work within my human capacity.
2) Supervision which does not amount to spying & witch-hunt for "errors" in order to implicate or blackmail me.
3) Adequate salary. I do not accept excuses, which do not exist, about a financial crisis in order to keep the staff underpaid.
4) A fair "for all" transparent system of promotion. When there is secretive promotion committee with "confidential" reports, then there are definite "games".
5) Healthy co-workers in which all have rights & duties towards the organization. When there is an atmosphere "polluted" by hostilities & lack of rapport, then the organization is doomed to failure.
There are many variables that can affect job satisfaction, such as, relations with managers and peers, working condions, promotion opportunities, and awards and recognition.
Dear @Gopinath, I think that all of the factors you mentioned are important and are affecting Job Satisfaction; however, the most important factor is well-paid positions.
As Kamal Eddin Bani-Hani mentioned, balancing out those variables will be desirable but challenging to find that balance anyway. Variables stated by experienced Dr. Nizar Matar are thought-provoking and precious as well.
There are many components to be considered necessary to job satisfaction. These may include pay, promotion, benefits, supervisor personality, co-workers and safety on the job. These job characteristics affect how an employee feels on the job.