Happiness, Wellbeing, Culture, and Motivation in the workplace
Over the years studies have consistently shown a strong correlation between investing in your team’s happiness, wellbeing, culture, and motivation, and tangible financial benefits for your organization.
While we at Premier Team Building have documenting and studying this for many years, here are some Australian studies and statistics to best help you understand the financial value of investing in your team
Increased Productivity:
A study by the University of Melbourne (2016) found that employees who reported higher levels of job satisfaction were 12% more productive than their less satisfied colleagues. And this makes sense, if you are doing a choir, or task, which you don’t enjoy, get no satisfaction from it, then you only do the bare minimum to complete the task. If you hate making the bed, but you have to do it, you’ll only do the bare minimum to make the bed.
When it comes to developing powerful teams and organisations, we want people who are willing to think outside the box, do things better because it’s right, and ultimately if you’re staff is satisfied they are 12% more productive.
Reduced Turnover:
The cost of replacing an employee in Australia is estimated to be between 16% and 200% of their annual salary according to the National Centre for Vocational Education and Training (NCVET).
Over the years we’ve spoken with many companies, and our reports show that it can cost a company 20-60K per person they have to replace. This is due to downtime, posting of job ads, interviewing, training, upskilling and more.
Investing in employee wellbeing can significantly reduce turnover as happy and healthy employees are more likely to stay with their company. A study by the Australian Institute of Health and Welfare (AIHW) found that workplace stress is a significant contributor to job dissatisfaction and turnover. Australian Institute of Health and Welfare (AIHW) – Mental health and work
How many staff, on average do you replace each year due to turnover? Let’s say its 5 staff. To keep it simple, let’s say if costs you 40K per person you need to replace. If on average, you replace 5 people, your company is losing 200K each year, due to staff turnover.
Now our Culture Workshops and training packages do not cost 200K to run. Even if they cost you 80K for a 12-month development program and you only lost 2 employees not 5, you would save 120K. Financially it makes sense to keep employees
Improved Customer Satisfaction:
A study by the Customer Service Institute of Australia (CSIA) found that a 1% increase in employee engagement leads to a 0.8% increase in customer satisfaction.
How many times have you been trying to find ways to improve customer satisfaction? Did you consider looking internally at your team? If people are engaged and happy, they’re going to pass that along to customers, who will in turn spend more with you.
Mental Health And The Workplace
A study by the Black Dog Institute found that mental health conditions cost the Australian economy an estimated $179 billion per year, with a significant portion of this cost attributed to workplace productivity losses.
A study by beyondblue found that one in five Australians experiences a mental health condition each year, highlighting the widespread impact of mental health on both individuals and workplaces.
A positive Mental Health Culture is key for building a supportive network. If your team feels safe and supported, they’re more likely to ask for help and in turn hopefully take less days off and be more productive.
The importance of safety can’t be minimised for how much profit it can generate a company. If people do not feel safe, not only does it impact their productivity or sick days, but it also hinders their creativity and problem solving. Two skills all companies rely on for growth and development
How Premier Team Building Can Help:
At Premier Team Building we offer various events and workshops designed to foster your team’s happiness, wellbeing, culture, and motivation, leading to the financial benefits outlined above. You can explore our website, take our team assessment quiz or contact our team to discuss specific solutions tailored to your team’s needs and goals.
By investing in your team’s wellbeing, you can create a positive and productive work environment, leading to improved financial performance for your organization. Remember, these are just a few examples, and the specific benefits for your company will vary depending on your industry and unique circumstances.
Our team is ready and able to support you in developing a customised culture development plan to ensure you can make the best choices for your team, moving forward.