In a changing and flexible labour market it is important to clarify the role of environmental and personal variables that contribute to obtaining adequate levels of job satisfaction. The aim of the present study is to analyze the direct effects of employability and personal initiative on intrinsic, extrinsic and social job satisfaction, clarifying their cumulative and interactive effects. The study has been carried out in a sample of 1319 young Spanish workers. Hypotheses were tested by means of the moderated hierarchical regression analysis. Results show that employability and personal initiative predict in a cumulative way the intrinsic, extrinsic and social job satisfaction. Moreover, the interaction between employability and personal initiative increases the prediction of these two variables on intrinsic and extrinsic job satisfaction. Results also indicate that higher values of employability when initiative is also high are associated to higher levels of intrinsic and extrinsic satisfaction. These results have implications for theory and practice in a context of new employment relations.