We analyze the determinants of job satisfaction of PhD holders in Spain. Specifically, we consider overall job satisfaction as well as basic and motivational satisfaction, following Herzberg's typology (based on Maslow's hierarchy of needs). Using representative data for Spain's PhD population--collected from the Spanish Survey on Human Resources in Science and Technology (2009)--we report an analysis by gender and the institutional sector (university and non-university) in which employees work. We employ Ordinary Least Squares (OLS) regressions to identify the determinants of basic and motivational satisfaction in the workplace and an ordered logit model for overall job satisfaction. Results do not allow us to confirm Herzberg's factor differentiation for Spanish PhD holders since the factors of basic motivation (including salary or working conditions--needs of "safety") have a bearing on all types of job satisfaction (and not solely on the basic satisfaction of PhD holders). Our results do not show any significant differences by gender. However, it seems that meeting these "basic" needs is less important for the job satisfaction of PhD holders working in universities. The results seem reasonable in a Southern European country where the monetary conditions of the labor market are worse than those in other developed countries.