You Want Your Proof, Here It Is
César Gamio
Founder & Managing Director of Dharma Centre for Wellbeing | International Speaker
It's 2024, and it still baffles me when I'm asked if there is a relationship between employee wellbeing and performance. I feel like I'm being asked, "prove that water can make you wet".
In situations like these, I rely on academia. In May of 2023, Oxford University, with the support of Harvard University, published a paper titled, "Workplace Wellbeing and Firm Performance", to assess the relationship between employee wellbeing and performance. And guess what they found:
In the study, they pointed out that companies spend a considerable amount of money, energy, time, and resources seeking out qualified candidates. Yet, hiring great talent is not enough: "Businesses have to create conditions conducive to their success." In other words, they have to create a culture of workplace wellbeing for their workers to thrive.
After conducting an extensive analysis of companies that take a comprehensive, strategic, and systematic approach to workplace wellbeing, (which included companies that meet national and international standards of workplace wellbeing, as well as those that don't), they concluded that:
"Company wellbeing proves to be a significant predictor of firm performance across a wide variety of indicators. We find that higher levels of wellbeing generally predict higher firm valuations, higher return on assets, higher gross profits, and better stock market performance."
They added that "Across industries, between companies, and over time, workplace wellbeing is proving to be an ever more important predictor of company performance. Organisations seeking to be successful in the new world of work would be wise to take note."
Need more proof? I hope not...
On a separate note, I would like to invite you to listen to our new weekly podcast, Re Engaged @ Work. We have a line-up of expert speakers ready to join me in discussing the crucial elements behind driving employee performance, engagement, and retention.
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