Venture 2 March 2009
Staff well-being can increase productivity by 25%
“As well as representing a highly effective way of bringing about good outcomes in many different areas our lives, there is a strong case for regarding well-being as an ultimate goal of human endeavour.” This view was presented by Nic Marks, founder of New Economics Foundation (NEF) as he spoke at a reception hosted by Venture Catalyst, a business networking club.
Mr. Marks further commented that “Humans are now regarded as a company’s biggest assets and in some cases such as the stock market 80% where as 50 years ago the opposite was true with 80% of the assets comprising machinery.
He further suggested that low well-being equated to lower productivity and in some cases a 10% decrease. The impact of low well-being in the work place could introduce apathy toward work, stress, encouraged absenteeism and ultimately lower shareholder value.
During the days of continuous growth and prosperity, one would expect that the well-being of the individual would be in positive equity. However, according to New Economics Foundation (NEF), although the “economic output has nearly doubled in the past 30 years, happiness levels have remained flat. (Source: NEF website 03.03.2009).
Mr. Marks went on to explain that a sense of well-being comes about when people experience good feelings, enjoy a sense of individual vitality, get the opportunity to undertake meaningful, engage in activities which make them feel competent combined with the necessary resources being available to help them when things go wrong. This positive emotional well-being results in less stress, increase creativity and individuals possessing the ability to respond better to social challenges. Businesses owners and employers were therefore encouraged to use timely feedback methods to engage staff to ensure their well-being is high.
Companies therefore needed to encourage creativity and innovation to change the dynamics in the workplace and bring about well-being. Job satisfaction surveys are encouraged to encourage reflection, with feedbacks being used to gauge well-being in the workplace.
Venture Catalyst, who hosted the event for sixty invited guests, at the newly opened Copper Croydon in Beddington, Surrey also took the opportunity to raise funds for the St. Giles School, a school for children with physical and learning disabilities based in south Croydon. A number of division one football shirts autographed by John Salako, former professional footballer were auctioned .
Venture Catalyst is a business networking club founded by David Thackray and operates five branches in Surrey.
Ends.
Further information: Anthea Lashley-Small, Clavel Rowe Public Relations Ltd. 02086418496 / 07960745557
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