Report: The Economics of Wellbeing
Whether you manage a few people, lead a large group, or run an entire organization, you are already in the business of managing employee wellbeing. The research on this topic is quite clear: Your work force’s wellbeing has a direct impact on your organization’s bottom line.
Even if you have never thought of your employees’ wellbeing as “your business,” each person’s wellbeing is critical to achieving an organization’s goals and fulfilling its mission. Every day in your organization, people don’t show up, don’t give their best effort, erode your productivity, and cost you millions of dollars because of poor mental and physical health. You also have employees who engage their colleagues and customers, generate new ideas, and save your organization thousands of dollars in health care costs because they take responsibility for their health. Simply put, the wellbeing of your employees can be measured, managed, and quantified.
Since the mid-20 century, Gallup scientists have been exploring the demands of a life well-lived. Recently, in partnership with leading economists, psychologists, sociologists, physicians, and other acclaimed scientists, they began to explore this topic in greater detail. From various in-depth analyses, including random samples from more than 150 countries and areas around the world, they studied the common elements that best differentiate lives that are spent thriving from those that are spent struggling or suffering.
As they completed this research, five distinct statistical factors emerged. These core dimensions are universal and interconnected elements of wellbeing, or how we think about and experience our lives. These five elements are:
- Career Wellbeing: how you occupy your time and liking what you do each day.
- Social Wellbeing: having strong relationships and love in your life.
- Financial Wellbeing: effectively managing your economic life to reduce stress and increase security.
- Physical Wellbeing: having good health and enough energy to get things done on a daily basis.
- Community Wellbeing: the sense of engagement and involvement you have with the area where you live.
To learn more about the Economics of Wellbeing, please download this insightful report.