If you don’t, you may want to.
Research conducted by the Gallup organization has summarized the Five Essential Elements of Wellbeing as their scientists have explored the demands of a life well-lived.
According to their research, the five essential 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
What the research has shown is the absolute correlation between those thriving or suffering across the five areas and their contribution on the job.
For example, according to the article The Economics of Wellbeing by the Gallup organization, the number of sick days, or days when poor health keeps people from doing their usual activities, is a relatively direct metric that can be compared across different levels of wellbeing.
The difference in the annual per-person cost of lost productivity due to sick days for those in the middle of the struggling zone of Gallup’s Wellbeing hierarchy and those in the lower band of the thriving zone is $3,384. For every 100 people, that difference represents $338,400; $3.4 million for every 1,000; and $33.8 million for every 10,000 people.
Even more shocking is the incidence of disease. Those who are struggling or suffering realize medical costs of new incidents of disease that are two times higher than those who are thriving.
The economic differences between those who are thriving and those who are struggling or suffering are substantial and have practical relevance to any organization. These are the hard-dollar costs that can be quantitatively measured through research. Obviously, improving these metrics within a company will be beneficial.
The real opportunity lies in creating places where people want to come to work. While this is a bit more difficult to show quantitatively, the anecdotal evidence is simple. In their article Six Mistakes That Drive Away Your Rising Stars, the Corporate Leadership Council states that companies that can create a strong rational and emotional commitment by their employees to the organization increase employees’ intent to stay by more than 50%. Further, employees that see the connection between their work and the strategy of the organization show engagement levels up to 30% higher.
Please note that these opinions are our own and do not necessarily reflect those of LPL Financial or Global Retirement Partners.