Boosting Employee Happiness Will Increase Your Bottom Line
Happy employees = more profit.
“Considering that 3 out of 4 startups fail already, the people in charge need to unearth ways to skyrocket and maintain employee happiness and satisfaction. Your startup’s success might depend on it.” — Eric Siu
Most of your employees are not happy.
A recent Gallup report shows that only 31% of the employees in the US are engaged at work. This means that 69% of your employees are unhappy, disengaged, and are not motivated to do their best.
A recent study found that these unhappy employees cost American business more than $300 billion every year.
That is a huge number!
It pays to keep your employees happy.
Here are 4 ways that employee happiness can add to your bottom line.
Increased Productivity
“Happiness makes people 12 % more productive.” University of Warwick
A study conducted at the University of Warwick showed that happy people are more productive. Their research showed that productivity among the happy people increased by an average of 12%, and reached as high as 20% above the control group.
These are some impressive numbers. Just think of what your company could accomplish if your employees were 12% — 20% more productive.
Improved Customer Service And Increased Sales
“If you treat your staff well, they will be happy. Happy staff are proud staff, and proud staff deliver excellent customer service, which drives business success.” — Richard Branson
We have seen that happy employees are more productive, but can they really increase your level of customer service and sales?
The answer is yes.
Happy employees have been shown to be absent less, better support customer needs, and show a more positive attitude. These employees deliver higher levels of customer service which result in happier and more loyal customers.
A Yale University study showed that happy salespeople are more likely to up-sell customers, leave your customers more satisfied, and generate more sales.
Another study published in the Harvard Business Review revealed that keeping your sales team happy can increase sales by up to 37%.
Happy employees lead to happier customers and increased sales
Increased Stock Price
“No matter how we looked at the numbers, Best Places to Work winners were also great financial investments,” — Andrew Chamberlain.
Happy employees are also good news for your organization’s stock price. The stock prices of Fortune’s “100 Best Companies to Work for” rose 14% per year from 1998 to 2005, while companies not on the list only reported a 6% increase.
A culture that keeps employees happy can really pay off when it comes to increased stock price.
The companies with the happiest employees provided an 8% greater annual increase in stock price over the average company.
Increased Retention
“Happy employees = more good ideas = breakthrough products = happy customers.” — Rodd Wagner, Forbes
Not only are happy employees more productive, provide better customer service, and increased sales, but they are also more loyal. Happy employees are committed will stick around longer than unhappy employees.
According to a recent study, 47% of employees are actively looking for a new position because they are unhappy.
Keeping your employees happy will save you money and time to replace them which can cost between 16% and 213% of their salary.
Conclusion
“No matter how we looked at the numbers, Best Places to Work winners were also great financial investments,” said Glassdoor’s chief economist, Andrew Chamberlain.
There are many benefits to keeping your employees happy.
Happy employees are up to 20% more productive.
They keep your customers happy and can increase sales by up to 37%.
They can increase your share price of your stock by up to 8%.
Finally, they are more likely to hang around longer reducing the cost and time required to replace them.
Happy employees are good for the bottom line.
Call To Action
If you want to find the sliver lining in your life, become extraordinarily happy and create the life of your dreams, check out my checklist.
Click here to get the checklist now!
(P.S. I have included some Amazon affiliate links to help defray the ridiculously high cost of my daughter’s education)
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