Happy workers make companies more money

Happiness is a worthwhile goal for. And in fact, there are benefits to happiness that go beyond the warm and fuzzies. Happy people happy workers make companies more money positivity into other facets of life — including their workplaces. Employee happiness is becoming a key consideration of modern work life. Companies that create happy workforces through tactics like offering benefits and volunteering often see higher productivity and higher retention. In other words, when employees are happy, everyone wins. Download your Employee Happiness Toolkit .

In this ultra-competitive recruitment and hiring environment, retaining current employees is a critical component of firm success. Not only is a low turnover rate good for the bottom line, but it also means you are creating and building upon a firm foundation for the future. Retaining employees does not always come down to paying them more than anyone else. Hiring managers, HR experts and business leaders weighed in on the best ways to keep employees satisfied when salary isn’t the driving factor. Top employers create an environment where employees feel connected to the organization and have a positive work experience that’s part of a rich, fulfilling life. Benefits such as clear and frequent communication on company happenings, individual and department direction, and big-picture company direction make all the difference in employee happiness. You should always be transparent by sharing what you’ve learned and a course of action for addressing the issue. For example, after a recent companywide engagement survey, we chose to share our results with all employees. We not only communicated our top areas of success but also our areas for improvement and how we planned to address them moving forward. Transparent communication and a simple acknowledgment that we heard you can go a long way. These employees are your superstars, so you can be confident they will get their work done as well as enjoy a few extra days of well-deserved time off with family and friends. Casual conversations in the break room can become collaborative conversations.

Make it inviting and effective, with nice furniture, tables, and snacks and beverages, if possible. It’s critical for businesses to have regular career-planning discussions with their employees. As part of training and development, make sure employees are aware of the different types of career paths or job opportunities throughout the company. We’ll also help employees to grow and develop, whether by taking on new desired responsibilities or challenges, taking courses to learn new skills, or furthering knowledge of the company by traveling on company business trips. Find people who share the operational values of your organization from the outset, test for fit early, and allow growth opportunities to express that value. We’re fanatics about initiative and constructive impact. Our team members are consistently rewarded with higher-value projects following a constructive initiative. When they do become disenchanted, it is usually because they don’t like their boss, aren’t engaged or feel like they have stopped learning.

2. Make employees part of the big picture.

Being happy at work means thoroughly enjoying what you do and loving where you work. Unfortunately, this is a dream for most people — many of us wake up dreading each and every single work day and literally have to consistently drug ourselves with caffeine to keep going through the day. The few who enjoy their jobs are usually also very good at them and it is such employees that organisations need to find and keep. On the other hand, when employees are not happy they put in a minimum effort to avoid being fired at best and at worst, they could completely sabotage the entire company.

In Summary

Most people would like to believe that there’s a kind of economic karma: Companies that treat employees well will see their stock prices rise, and those that treat employees badly watch their stocks fall. In theory, benevolent employers should have an advantage. It’s a philosophy Dodson embraces in his own company. And, in fact, there’s fairly solid evidence that companies that treat employees well see their stocks prosper. It’s just that some companies that aren’t noted as great workplaces can see their stock prices rise, too. Consider Google, nearly universally acclaimed as a great place to work. Google’s offices abound with areas designed to promote interaction, from a bowling alley in Mountain View, Calif. The computer search company has a great health plan, a college reimbursement plan, legal aid, even travel assistance. Or consider Marriott, which offers employee discounts at its thousands of hotels worldwide. Work there 25 years, and you get free stays at the company’s hotels and timeshares.

Happy Employees Are More Productive

Realistically, almost no one has the capacity to be productive for 80 hours a week, and trying only makes workers miserable and negatively impacts their mental health. So, how do these financial habits impact companies? Participants who watched these videos and then completed tasks performed at a higher and more accurate level. As long as you point out the good and bad performance and give suggestions about how they can do better, your employees will welcome the feedback and will work to become better. By Susan M. I see people in their 30s spending on buying bigger assets with large loans and having a high-expenses lifestyle; again, saving little. This attitude makes the meeting tedious and unpleasant. Molinger and Etkin believe that the difference between these two approaches to work lies in the feeling of productivity. Finally, with many junior level jobs getting automated, people wanting to retire and follow their dreams beyond 50, and jobs not easily available for people above 45 years, it is high time that employees think about being financially prepared. Treat people nicely. Compnies are only some of the factors that affect joney of happiness in the workplace, but they are important core components. If your employees all sat down and shared their salaries, would some experience hurt feelings? Employees seriously want to know how they are doing. One bully can severely damage happiness in your department.

1. Make work-life balance a priority.

An employee’s financial companids being is in the best interest of the employer as. Recently, a movie of an Indian superstar saw huge marketing and unprecedented attention across media, specially on social moge. I got forwards of receipts from cinema houses of bulk bookings made by companies. What surprised me was the fact that employers were ready to spend in lakhs and also give the day off, and that employees were ready to brave rain and traffic to watch a 3-hour movie.

I work with employee engagement teams EE in the course of my work to spread financial awareness. However, when EEs run financial awareness programmes, the turnout is usually low. One human resources HR head mentioned to me that you do programmes on important issues like financial planning or mental health, and the teams have to push employees to attend; but if even a small time reality show jake comes, a huge audience is in attendance. Typically, I find that in companies where the average employee age is above 30, employees are more serious about such programmes.

My view is that companies and the government need to make financial awareness mandatory, the way prevention moneg sexual harassment has been treated. The reason is simple.

Looking at the financial habits of various age groups, people in 20s are in the mode of taking maximum loans to buy the latest clothes, accessories and gadgets. These people would be stuck with huge debt and would not be able to get further loans easily given their credit scores. I see people in their 30s spending on buying bigger assets with large loans and having a high-expenses lifestyle; again, saving little.

People in their 40s have different worries—how to pay for higher education of their children and plan for retirement. Attrition: It is a well known fact that employees switch jobs for small gains. Instead of focusing on making money work for them, youngsters working in BPOs tend to spend on clothes, gadgets, moee and pa rtying.

In our sessions, we run a small non-essential expenses exercise. Healthcare costs: With employees in 30s and 40s having financial worries, healthcare costs of companies are bound to be affected. Companies focus a lot on physical health programmes; why not on financial health as well, since this will impact their outgo on account of healthcare costs?

Productivity: Employees being distracted by their financial worries will finally lead to loss of productivity. But mmore have hardly seen companies conducting personal finance sessions for middle- and senior level employees. HR feels that these employees would already have advisers and, hence, do not need such sessions. However, the fact is that most senior level executives hardly have time to spend on their portfolios and would not mind a second opinion. Employees dilly dally if asked to attend sessions, citing meetings, calls and other excuses, since money management is not in their list of priorities.

This is simply because people feel they have enough to spend for their current needs. But what about future needs? Make it mandatory: The downside with this workera that most programmes that are mandatory are run almost mechanically by employees, without much involvement. Giving learning credits: This could help in generating more interest among the junior employees, and get them to participate in the programmes.

Promotion: HR could promote financial wellness as a cool and funky thing, the way marathons are promoted. Regular contests, quizzes and financial clinics should be held for employees. Specific programmes: There should be targeted programmes for different bands in the organisation.

Maybe getting the leadership team involved to lay emphasis on the benefits of financial wellness and show the way would be a good starting point. Finally, with many junior level jobs getting automated, people wanting to retire and follow their dreams beyond 50, and jobs not easily available for people above 45 years, it is high time that employees think about being financially prepared. And employers can contribute to this by helping employees keep their costs down and optimising productivity.

This will help reduce attrition and also increase employee loyalty. Mrin Agarwal, financial educator; founder director, Finsafe India Pvt. Ltd; and co-founder, Womantra. You are now subscribed to our newsletters. So, how do these financial habits impact companies?

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Do you prioritize employee recognition? Does your physical office environment promote a positive culture? Do you provide your employees with everything they need to thrive and succeed? Before you go to all that effort, you might first want to know: What are the real business benefits of happy employees? Can an employee with a smile on their face really offer much more than an employee who is just watching the clock? The study also found that unhappy workers were 10 percent less productive than the average. In a nutshell, happy employees are more likely to exceed expectations, achieve goals, and perform at higher rates than unhappy employees are.