This article analyses the determinants of job satisfaction amongst Spanish academics, paying particular attention to the impact of research productivity and differences across graduation cohorts. Research productivity is a very relevant factor in explaining job satisfaction in academics in different stages of their career. Interesting differences across graduation cohorts are found as regards the impact of research productivity and other satisfaction drivers, such as other research outcomes--research stays abroad and cooperation with teams abroad--and teaching load, marital status and young children. Higher education institutions aiming to foster productivity and stability in their academic staff should adapt their incentive systems to the preferences and concerns of this particular type of worker and promote their internal motivation.