the happiness dividend

Aside from recruitment and retention, research suggests there are other significant benefits for companies who are able to keep their staff happy.

Multiple studies have linked happiness and workforce engagement to better business outcomes. A meta-analysis of hundreds of independent studies across more than 70 countries concluded that there is strong correlation between employee satisfaction and productivity.

Globally, it is estimated that there are 12 billion days of lost productivity every year due to anxiety and depression, while the global cost of these two mental health disorders is estimated at $1 trillion a year.

“Even if you're not motivated to focus on employee happiness for moral grounds, then data shows that it's a very powerful and effective business strategy,” Pacey says. “So even if employee happiness isn't one of your key metrics, then it correlates with the other key business metrics you are trying to drive.”

All of the above demonstrates the imperative for companies to invest in the wellbeing of their people.

a proactive approach

As with many problems, prevention is often better than cure.

Organisations have sometimes been reactive to wellness issues, offering helplines or counselling once a problem has emerged. However, more forward-looking firms should think about employee happiness proactively, and also consider it as part of broader strategic decision-making.

In addition to wellness training itself, there are many other ways that employers can help create happier staff. For example, helping employees to envision their career and work out a tangible way of getting there.

People often move jobs out of a desire to move up the career ladder. Making sure there is a clear internal path for progression will help employees stay for longer.

There’s also a huge opportunity to use coaching to help employees understand what they really want or need from their work life. Once these desires are expressed and understood, it is likely that firms can explore alternative options, such as reskilling or internal mobility.

Ultimately, employers who listen to what their employees want are more likely to be able to offer solutions. That gives employees a greater chance of being happy and offers employers the benefit of higher engagement and reduced turnover.

categories

tags