The economic value of happiness

It's July, the start of our new financial year and the time of year when we reflect on our roles and objectives. Some lucky people will be absolutely clear about their purpose and how they bring value to the workplace. Others, possibly more than we might imagine, will be a little less certain.

One of the areas where I am clear about my purpose and the value I bring is my willingness to have open and honest conversations with people about what they are doing. Not only am I willing to give up the time, but I'm genuinely interested in helping people be their best, whatever that is. Often that starts with a question of "what makes you happy?"

I am an avid believer in the economic value of happiness. I used to think this was me just being a bit soft - wanting the people around me to be happy - but I've come to realise that a happy workforce has a strong commercial value. Happy people are engaged people and engaged people create value. Happy people with a focus on their own wellbeing and that of their colleagues are also more likely to be present with fewer days lost to sick leave be it mental or physical. It makes absolute sense. As ever while the what might be obvious, the how can be more difficult. How do you create a happy workforce?

One study in the US reinforced the importance of a positive mindset (so true - glass half full approach) and providing an environment where people can do their best by:

• Giving staff the ability to make decisions
• Sharing information
• Minimising stress and poor behaviours
• Offering performance feedback.

Easy huh?!? In my world, we require our senior people to be self starters. Past a certain grade you have a significant amount of autonomy in what you do day to day, often more than people realise. This means very little is set in stone (as long as you deliver on a set of core metrics) but it also means you have to decide what you will focus on. Making a basic assumption of 'do what makes you happy' is a good starting point, assuming that's something we can monetise of course!

The other question I explore is "what does success look like for you?". The basic premise that 'more is better' is changing. Global warming, disruptive technology, consumption taxes, the sharing economy - these mega trends are changing the way that new generations are valuing success. Having it all might mean something very different to my children and so defining what matters is vital if you are going to be confident and happy.

For me, I'm learning to be comfortable with the value I bring in the workplace. If I can help others to get to that point by sharing my experience and my time, that's going to bring its own reward.