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Many people think the key to business success is innovation, financial management, and marketing strategies. But it’s actually something less obvious to the naked eye: employee happiness and well-being.
So what makes a business successful, and how does employee happiness play a role?
Business Key Success Factors
A successful business is one that is profitable, sustainable, and makes a positive impact on the lives of its employees, customers, and society, as a whole. Achieving these successes can be a challenge. Focusing on management, planning, finances, operations, and marketing is essential to making the most of an investment in order to achieve business goals and objectives.
The customer experience is also a critical business success factor. However, many customer-centric companies have found that customer experience success stems from focusing on employees first. Employees embrace business strategy; if they are disengaged, unhappy, or unwell, it affects every aspect of your business.
Happy Employees are Key to Business Success and Happy Customers
According to a Social Market Foundation study, happy employees are more productive. In fact, Said Business School found that happy workers were 13% more productive, which led to better schedule adherence, more sales, and more sales calls made per hour.
To further exemplify the power of employee happiness, between 1998 and 2005, the stock prices of Fortune’s “100 Best Companies to Work For" rose 14% per year, while companies who didn’t make the list saw only a 6% increase. And happy employees translate to happy customers. Researchers at Aberdeen Group found that companies with an employee engagement program saw a 233% increase in customer loyalty.
Another study by Glassdoor found that for each 1-star improvement in an employer’s rating, their customer satisfaction increased by 1.3 stars. And the effect was over twice as big for businesses where customers regularly interact with employees (such as retail, food services, and tourism). Each 1-star improvement in employee satisfaction at these companies predicted a 3.2-point increase in customer satisfaction. So happy employees truly lead to happy customers and overall business success.
Happy, healthy employees are also more likely to stay with the company for a longer period, reducing the cost of turnover and recruitment.
How to Support Employee Happiness and Well-being
Here are a few things you can do to support your staff’s happiness and well-being:
1. Create a Positive Work Environment.
A positive work environment is one that’s safe, supportive, and inclusive. Foster a culture of trust, respect, and collaboration where employees feel valued and appreciated.
2. Provide Opportunities for Growth and Development.
It’s important for employees to feel they’re furthering their careers. Provide opportunities for training that align with your employees' aspirations, and you’ll see an increase in employee happiness.
3. Encourage Work-Life Balance.
Having a healthy work-life balance is essential for employees' mental, physical, and emotional well-being. If you can, encourage creative working arrangements, such as remote work or flexible schedules.
4. Provide a Corporate Wellness Program
Corporate wellness programs support employees in adopting and sustaining behaviors that reduce health risks and improve their quality of life. By empowering employees to manage and enhance their wellness, these platforms help create a happier, healthier, and more productive workforce–and a more profitable business.
Studies show that companies with effective corporate wellness programs enjoy 11% more revenue per employee, 1.8 fewer absent days per employee each year, and 28% higher shareholder returns.
Support Employee Happiness with a Unique Corporate Wellness Platform
Organizations that prioritize employee happiness are more likely to succeed in the long run. And one of the best ways to support the well-being of your staff is using a corporate wellness platform like Wellics.
Wellics makes it easy for busy managers to encourage employee health and happiness by providing expert-led educational videos, guidance, and support as employees progress on their wellness journey. This unique program also provides tools for you to monitor employee well-being so you can incentivize and reward users for their commitment to self-care and personal development.
With the help of wellness platforms like Wellics, organizations can easily cultivate a culture of positivity and employee happiness–which is truly the key to business success.
Book a demo to learn more about the Wellics platform today.
- Social Market Foundation study
- Study by Said Business School
- Study by Jackson Organization
- Study by Aberdeen Group
- Study by Glassdoor
- Study by NIH
- Study by Gapin Institute