Happiness is an emotion that can be learned. However, according to a new study, regular practice and sustained effort with inward-focusing habits, including meditation and gratitude, are required. So, how can employers contribute to this to keep the workforce happy? More importantly, why is happiness important for employees?
Well, employee happiness boosts productivity by 12%.
Is that good enough to take another look at the employee benefits you offer?
Retention rates in companies with happy employees are 4 times higher. Recent statistics show that high employee engagement allows companies to outperform their competitors by 202% when it comes to profitability. As a result, companies experience a 59% turnover reduction and 41% lower absenteeism. Lastly, 16% of unhappy workers always look for a good opportunity to leave their current, depressing role.
Now that you know the “why,” let’s take a look at the “hows”:
Effective Communication
Open and transparent communication fosters trust and creates a positive work environment. Employers should encourage regular communication between managers and employees, provide feedback, and listen to their concerns and suggestions. Transparent communication about company goals, performance, and changes within the organization helps employees feel valued and informed.
Positive Work Environment
Creating a positive and inclusive work culture is essential for fostering employee happiness. Employers should promote respect, diversity, and collaboration among team members and discourage negativity, discrimination, or toxic behavior.
Recognition and Appreciation
Recognizing employees’ efforts and achievements is essential for boosting morale and motivation. This can be done through verbal praise, employee recognition programs, rewards such as bonuses, incentives, or simple gestures like a thank-you note.
Work-Life Balance
Striking a balance between work and personal life is essential for employee well-being and happiness. Employers can promote work-life balance by offering flexible work arrangements, such as telecommuting, flexible hours, or compressed workweeks. Encouraging employees to take regular breaks, vacations, and time off to recharge also helps prevent burnout.
Employee Benefits and Perks
Offering competitive benefits and perks enhances the employee experience and contributes to happiness. This may include health insurance, retirement plans, wellness programs, paid time off, and other fringe benefits such as gym memberships, childcare assistance, or commuter benefits.
Workplace Well-Being Initiatives
Implementing initiatives to support employees’ physical, mental, and emotional well-being can significantly impact their happiness and productivity. This may include wellness programs, mental health resources, stress management workshops, ergonomic workstations, and access to counseling or employee assistance programs.
Regular Performance Reviews
Conducting regular performance reviews helps employees understand their strengths, areas for improvement, and progress toward their goals. Constructive feedback and recognition of achievements motivate employees to continue excelling in their roles and contribute positively to the organization. Performance reviews also provide opportunities for goal-setting, career development discussions, and alignment of individual and organizational objectives.
In conclusion, prioritizing employee happiness is not just a feel-good initiative. It’s a strategic move that directly impacts a business’s success. By investing in initiatives that prioritize employee happiness, businesses can see various benefits, including increased productivity, higher employee retention rates, improved morale, and enhanced performance. Moreover, happy employees are more likely to be engaged, innovative, and committed to the company’s success.
