Employees are your business’s biggest assets. Your company can only grow as rapidly as the growth of the employees that support it. In a market as competitive as today, employees also act as a competitive advantage.
Recent studies have shown that keeping employees happy is a great investment. Businesses whose employees are happy produce better results and can be more agile on the market. Aside from the boost in agility, there are other reasons why happy employees are good for business.
Higher Employee Engagement
Happy employees are 12% more productive according to a study by University of Warwick. The spike in productivity is a great thing for your business, especially when you take into account the collective effect that spike produces when the majority of the employees are happy.
It doesn’t stop at productivity either. Happy employees have higher employee engagement in general. This means they are more likely to take initiatives, come up with creative ideas and solutions, and make steps to further contribute to the success of the company.
Higher employee engagement also leads to lower friction within the organization. Engaged employees will speak up about issues they come across in an attempt to maintain a healthy and pleasant working environment. The business will run at a much higher efficiency this way; the 12% boost in productivity we discussed earlier will have an even bigger impact at this stage.
Fewer (Costly) Errors
The biggest cost for a business isn’t the cost of production or operations, but the mistakes employees make along the way. A simple mistake can lead to a much bigger cost too; when a sales officer failed to meet the customer’s deadline, for instance, the loss in sales can be catastrophic to the business’s growth.
This is where keeping employees happy comes into its own. Happy employees have better ability to stay focused. They are result-oriented and goal-driven too. Pair these traits with the higher employee engagement, and you have the perfect recipe for minimizing costly errors in business operations.
You can use online resources such as SalariesHub.com to find out more about what employees expect from a position or a career. Creating a better compensation package and providing employees with clear career paths are among the best ways to boost employee happiness and increase their ability to perform well at work.
Lastly, there is the added benefit of having a healthier team when your employees are happy. Happy employees live better and longer. They tend to take fewer sick days and are more economical to insure too. These may seem like small advantages to gain, but they are advantages worth pursuing nonetheless.
The attempt to boost employee happiness can go hand in hand with that of creating a healthier team. By introducing a corporate fitness program, for example, you can help employees stay healthy and happy in the long run.
At the end of the day, you don’t need researches and studies to come to the conclusion that happy employees are good for business. Through a better working environment, a clear career path, and a supportive organization, the right investment in employee happiness can produce a great return for the business.
Related content from StrategyDriven