It goes to show that money can’t make people happier. What’s more, overworking which leads to more money can make people more miserable.
It stands to reason that happiness in the workplace can increase productivity. Although, it’s not something that most companies care for, and it’s certainly not a norm to which all business strive.
Happiness is simply ignored. The emphasis has always been on money and revenue. Everyone in a company needs to strive for making more money, and if they become miserable and stressed in the process – it doesn’t matter, as long as the money is coming in.
However, this bleak outlook is not necessarily going to be a norm for much longer. Many modern businesses and startups place a lot more value on happiness among the workforce, and we’ll tell you why in this article and how every company can benefit from such a strategy.
The Importance of Happiness at Work
The fact is that most businesses and organizations that care about happiness at the workplace know that it’s beneficial in many ways. It makes sense for the sake of happiness itself but also from a financial standpoint – because happy workers are productive workers.
And that’s not some idealized world – it’s a reality. That’s a reality to which many are working towards as it benefits everyone, and you can create it as well. All leaders need to strive towards happiness for their employees and themselves because happiness and well-being are the things that matter in the end.
Don’t think of this as empty words, as many studies confirm the importance of happiness at work.
A massive study from 2018 in the UK analyzed some 35,000 employee ratings on Glassdoor, and it has found a definitive link between employee satisfaction and financial performance in the company. The average findings were 10% to 16% increase in annual revenues when workers are happier. That’s not a small and negligible number.
When it comes to salespeople, a study has found that happier employees can hike sales by some 37%.
The best example of the importance of happiness is the stock prices of Fortune’s 100 best companies to work for. They rose by 14% per year for several years in a row. There was an increase for companies not on the list, but those numbers were usually around 6% on average.
Another interesting thing is that the current system where performance warrants higher pay but disregards happiness often leads to more mental health problems among workers.
It goes to show that money can’t make people happier. What’s more, overworking which leads to more money can make people more miserable. That’s precisely why we need to strive for more happiness at the workplace as that’s the best way to improve the health of everyone in the organization and increase its profitability at the same time.
It’s certain now – a happier workplace leads to more productivity and thus higher revenues for the company.
Happiness at work and the future of work is one of the five huge topics we’ll discuss at the 2020 World Happiness Agora. We will also discuss the future of health, the future of education, the future of self-mastery and social development, and the future of transformative technologies.
Each topic will have a whole day’s worth of discussions by professionals and leaders of today, and you can join us in our effort to create a better world for everyone!