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The impact of well-being on performance

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19th Nov 2013
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In the last 12 months the Chartered Accountants’ Benevolent Association (CABA) has seen a substantial increase in demand for emotional well-being support, which has been linked to the effects of the recession, says Jessica Pryce-Jones of the iOpener institute.

Accounting professionals are under mounting pressure to perform with fewer resources and tighter deadlines.

The levels of happiness and well-being felt by employees directly impact their performance and can be finely calibrated. The iOpener Institute has collected more than 30,000 management interviews assessing the identifiable key components of happiness at work: Positive factors such as recognition, respect, and time on task; as well as negative indicators such as likelihood of leaving or sick days.

The happiest employees are 50% more productive and take only 33% of the sick leave, compared to the least happy employees.

At a time when senior management are looking to get the most from the workforce, it is critically important to look at what effect the period of downturn has had on individual employees and how this can be minimized.

There are some simple steps managers can make to improve employee well-being:

  • Effort: This involves providing employees with clear goals, and precise and well-articulated objectives that lead to those goals
  • Short-term motivation: Good organisations encourage motivation by helping partners and workers own issues and take responsibility, at a level that fits with an individual’s skills, strengths and expertise
  • Culture: Performance and happiness at work are both boosted when people feel they fit within their organisational culture. Firms can address this by being as transparent as possible about why decisions are made and why resources are allocated in the way they are
  • Long-term engagement: This is about the commitment between employee and employer. Leaders need to regularly and convincingly show how what they do adds value beyond just the numbers. Numbers matter but the human perspective matters more to individuals
  • Self-belief: If employees are not confident, they won’t make decisions, take risks, or invest in development. Confidence is the gateway to performance and our data shows that a primary indicator of confidence is that things get done

Some managers may feel that a fall in the level of employee happiness and therefore performance or productivity is inevitable. And that continued fear of job loss is enough of a driver. That’s a mistake; fear brings burnout over the long term. But in the short term and while we continue to face tough times, happiness adds real and tangible value to the bottom line.

 

Jessica Pryce- Jones is joint founder and partner of the iOpener institute for People & Performance which offers a range of robust and proven solutions to help companies build a people strategy that will maximise the performance, productivity and happiness of employees.

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