Final answer:
In the expectancy theory, 'valence' refers to the significance an individual ascribes to the potential rewards of a job, affecting their motivation and job satisfaction. Greater rewards are typically associated with roles of higher functional importance. Job satisfaction is influenced by work content, personality, culture, and other social motives.
Step-by-step explanation:
In the expectancy theory, valence is the importance that the individual places on the potential outcome or reward that can be achieved on the job. This concept is intertwined with the notion that the greater the functional importance of a social role, such as the roles of doctors or lawyers, the more substantial the reward should be. Individuals tend to place different values on the expected outcome, and this valuation affects their motivation level and job satisfaction. For instance, research has shown that work content, which includes variety, difficulty level, and role clarity of the job, is a highly predictive factor of overall job satisfaction, more so than financial rewards.
Furthermore, job satisfaction is impacted by a variety of factors including the individual's personality, the work itself, and the culture they live in. Additionally, individuals may have different social motives, such as needs for achievement, affiliation, and intimacy which also influence their work performance and satisfaction levels. This is especially relevant when taking into account theories such as self-efficacy and Maslow's Hierarchy of Needs, which align individual's needs and beliefs with their motivation and job satisfaction.