The Benefits of Happy Staff for Companies

The Benefits of Happy Staff for Companies

Happy people, happy companies!

We spend most of our lives at work. And certainly most of our waking hours. Sometimes we spend more time with our colleagues and clients than we do with our families. So how do we make the best of this so that we and our employees are healthy, happy and thriving.

Huge Benefits of Improved Mental Health

Mental illness is now the leading cause of absenteeism and long-term work incapacity in Australia. But mentally and emotionally checked-in workplaces reap all these benefits:

🤝 Elevate performance (happier people are 12% more productive)

💵 Boost the bottom line (220% greater growth in stock value for firms that invest in health and well-being programs for their workers compared to those that don’t)

🛎️ Reduce staff turnover, recruitment and training costs (the average cost to rehire an employee is about $23,753)

🤒Help lessen absenteeism ($44B is spent on this every year in Australian workplaces)

🌀 Provide purpose and alignment with the values of your company (2/3 executives don’t recognise the drivers to their staff culture)

👍 Attract (and keep) the best in the business (48% more likely that people with low engagement and wellbeing will leave your company)

Doesn’t that sound like somewhere you’d like to work?

A Deep Dive into the Impact of Happy Staff

Do happier workers work better? 🌻

Born in the 1930s, the human relations movement started exploring the link between employee wellbeing and workplace productivity. Since then, we have seen these two develop a stronger and stronger correlation. 🔗

With tightening budgets spread across an ever-changing business landscape, businesses are now asking the question – does higher employee wellbeing have tangible benefits on the bottom line? 💰

A new study by the London School of Economics and Political Science of 1,882,131 employees says yes! ✔️

Krekel, Ward and De Neve’s study found a significant, strong positive effect of employee wellbeing on productivity and firm performance. Higher employee satisfaction resulted in higher levels of employee productivity and customer loyalty, and lower staff turnover. Ultimately, the study determined that higher wellbeing at work is positively correlated with more business-unit level profitability. 💹

The 2019 study was conducted across 82,248 business units, originating from 230 independent organisations across 49 industries 😲. This deep dive ultimately showed that there is a compelling business case for prioritising employee wellbeing in the workplace. 👨‍💼