Job satisfaction implies that the formula is commensurate-you give some things (work) and in return you get some things (fair pay, benefits, etc.). It doesn't imply that all things are perfect; it just implies that there is equity on both sides of the equation.
Workplace happiness is a whole different ballgame. It implies that an individual's very subjective personal formula for happiness is being met in their workplace; they are satisfied with their job and their criteria for happiness at work are being met. Enough of all things you ever dreamed of in your ideal work environment are being met on a consistent basis and you're hapopy because of that.
Based on these two definitions do you think it's possible for one to be satisfied with one's job and not be entirely happy at work?
If I had to argue about which of the two is more important I would have to side with job satisfaction over workplace happiness. My logic is this: Let's say I have a mortgage, a car note and a kid in college. At the end of the month I need to be able to pay for these expenses and have a few bucks left over for frivilous things. I have a lousy boss, my co-workers are always whining about random crap and every once in a while I have to deal with juvenile nonsense, but at the end of the day, the stuff that I get is commensurate with what I give. My job allows me to pay all those bills and still have a few dollars left for a cup of Starbucks or a bottle of reasonably priced wine. That's not so bad, is it? In this case I may not be comletely happy about the stuff that goes on around me on the job, but it doesn't adversely impact the stuff that I need to get from the job.
Oftentimes, when there is drama going on at work, we get so engrossed in the crap that we lose sight of what's really important. Yes I know it's eight hours of grind but keep in mind that it is grind for a cause. At the end of the day we still control our own destiny because of a little clause that most people don't pay attention to called At Will. At Will is a law in most states that says either you or your employer can terminate employment at any time without any obligation.
At the end of the day, while it's a wonderful thing to work in a place that really excites you, it's not such a bad thing to work in a place that meets you hierarchy of needs is it?
Workplace happiness is not overrated but it's definitely not the end of the world as long as it's considered in proper context.
Next time you have a really bad day at work, think about these two definitions, pour yourself a glass of wine, get a good night's rest and continue you quest the next day.