Do linking social, human and financial capital matter for the labour force in Lao PDR? The relationship between occupational well-being and life satisfaction

Abstract

The labour force is the cornerstone of the economy of Lao People's Democratic Republic (Lao PDR). Labour market growth seems to be vigorously increased by using labourers' capital to foster work-related employees’ well-being, through enhancing their life satisfaction. This study examines whether linking social, human and financial capital are important for the labour force in Lao PDR and whether there is a positive relationship between occupational well-being and life satisfaction. The authors tested the hypotheses using partial least squares structural equation modelling (PLS-SEM). Using a systematic sampling approach, the study employed structured interviews; data were collected from 1,037 members of the labour force, between 2017 and 2019. The structural model indicated that linking social and human capital and occupational well-being were significantly positively related to life satisfaction. However, the present study found that financial capital was non-significantly related to life satisfaction. The substantive and practical implications of these findings are discussed. This is the first research study to investigate the relationship between occupational well-being and life satisfaction using a Laotian sample.