Why do employers need to improve happiness in their workplace?
Most employers are extremely focused and number of metrics within their business most of which include profitability and efficiency across a business. One metric that many employers don’t spend time looking into is the happinessof their employees. This is a focus that can actually have powerful and sustainable benefits to work environment and can drastically affect employee efficiency, profits and the success of a company. Years of the top advantages of an employer doing research into employee morale and taking steps to improve happiness in the workplace.
- Productivity: while monitoring happiness employers concede an increase of 31% productivity on average and better accuracy in tasks because employees are more interested in supporting the company as well as submitting great work. These statistics come from a meta-study examining 200 different studies conducted on 275,000 people worldwide from a team of psychologists (Lyubomirsky, King, Diener).
- Less sick days: better morale in the workplace also results in less time lost to sick days and absenteeism. When people are excited to come to work and excited to contribute to a company they are much more likely to show up as well as use less of their vacation time because the work environment is less stressful. This also increases the ability to get employees in for overtime, working on weekends and other extra touches that can really help your company thrive.
- Less turnover: when it comes to unlocking the most skills of each of your employees you also need to have a low turnover rate. Once you get skilled labor into your company you need to continuously invest time and effort training your employees; otherwise with a likely high turnaround rate this is time that you are simply investing in people that will be taking that training elsewhere. With more satisfied workers staying at your company they can increase their efficiency, their loyalty, their knowledge and start to go beyond their job requirements to commit themselves to developing your organisation. This is what you want!
Donating just 1% of your earnings as a company to a social fund can also help you address low morale in the workplace.