Business Benefits of Happiness At Work
REAL Happiness is becoming a serious business. Here are some of the business case benefits for promoting greater Happiness at work benefits in your company.
There are 3 types of Happiness:
1. Happiness as a Natural charater or Trait – Your Setpoint happuness
2. Happiness as a primary mood, mindset or State happiness
3. Happiness as an emotional spurt or brief experience –
There’s a ton of potentialto be gained from greateter happiness levels at work: Greater profits, costs savings all under pinned by the platform and opportunity to improve performance, productivity and transform your customer service impacts.
By educating and supporting your staff to increase their happiness STATE you also create a more rewarding, positivre and supportive organisational culture and friendly office environment too!
Happier staff are more productive employees and better team players.
Happier staff are more positive, more resilient, more energised, more proactive and healthier with greater wellness. Many studies shows that happier employees are more effective, greater engagement levels, more motivated, provide superior customer service, are more effective in teams and make better leaders. They are the Antodite to team negativity (Losada Lines is VITAL to understand)
Happier staff are healthier staff
Happiness, health and true wellness are totally interconnected. Happier staff are sick less and off fewwer sick days. Happy people heal and recover faster. Happier people step up, show up and deliver more. They are more present, innovate and energised.
Happier staff are more loyal to their Tribe and Culture
Happier staff are less likely to leave the tribe/team. Research recveals that almost one third of people are ready to move to another organisation! Happier people are less likely to just move…. Staff retention with happy people is easier.
Other Happiness benefits for Business
- Talent Retention – hpeople stay longer, create a more friendly workplace culture.
- Talent Attraction. If you have a great organisational culture, great people will want to work for you.
- Innovation. Happier people are more creative, embrace new ideas more readily and implement better.
- Improve Customer service/Advocacy. Any service based organisation will the relationship between the service provider and the service users is critical and is greatly enhanced with more confident happier employees.
- MoreEnjoyment & fun. Who wants to work with unhappy people in an unhappy workplace?
- Promoting mindfullness and happiness at your office will make your workplace a much better place.
What Are the Investments required to create a happier work?
A typical assessment for evaluating happiness at work levels is arounf R650 per person.
Facilitating post assements improvements with Appreciative inquiry processes and REAL Team Building dynamics transformation/ CultureShift will require some investment in time and resources.
Transforming happiness at work levels… can unleash trapped energy hiding within every corner of your organisation.
Assumptions behind Happiness Benefit Calculations
Average wage = $40,000; £24,500
In America the average salary in 2010 was around $40,000
In the UK the salary average for 2010 was £24,000 = approx $39,000.
Consider a “happiness based Productivity gain = 1%
Many studies suggest that the differences between productivity of those with low happiness and well-being and high levels of happiness and wellbeing can be as much as 20%-30%.
Sick Days lost: Sick/absenteeism per year = approx 4 – 8 days
Recent research released the UK suggest that absenteeism is at an all time low of just 4.5 days. Fear and insecurity can also reduce absenteeism but these gains could be lost as and when the economy recovers more positively.
People actually WANTING to be at work is a far better motivator for reducing sick days / absenteeism. This also has the added benefit of people also being PRESENT and energised.
Approx 40% of sick/absent days in UK are directly related to to “mental wellness” issues. These are dominated by stress, conflice and cultural misfit.
Staff Retention / turnover = Around 15% at a cost of 40%-50% of annual Salary replacement.
The average figure for staff turnover/ churn in the UK is 16%. For America it is apprently higher.
The typical costs of each staff leaving are estimated at around 40% of annual replacement salary This figure includes the direct costs of recruiting as well as knock-on effects of hiring temporary staff and/or increased burdens on existing staff.
All in all – the business casae for happiness at work is compelling. Yes the soft stuff is actually the hard stuff that directly impacts the bottom line. To explore how you can improve happiness at work levels and improve customer service, performance and a powerful CultureShift.
Tony Dovale is a Liscenced Practitioner & Facilitator for the Science of Happiness at workTM ©-iOpener Institute UK 2011 and the Author and Developer of The Action Advantage Leadership System
Contact Tony Dovale on 083-447-6300