Singapore takes pride in its workforce. You know that natural resources are limited as well as workforce which is why employers and the government are doing its best to improve productivity. Improving productivity is an essential key in achieving economic success as well as sustained prosperity.
In fact, the government stressed that improving productivity and raising it is at the core of the economic agenda. There are different ways to raise productivity. In the case of the country, it focuses on capital investment, skills training, business and technological innovation as well as importing foreign labours. All these things but they overlooked one factor that can make or break the workforce’s productivity – power of happiness.
Employers and business owners fail to consider this important factor. Happiness refers to an emotional or mental state defined by enthusiasm, passion, joy and even satisfaction. There is no doubt that happiness can improve memory and innovation. This is according to many psychologists. There is a clear and positive connection between the employee’s happiness and productivity. In simple terms, happy employees are more productive.
There was a study in 2014 conducted by the University of Warwick’s Department of Economics about worker’s productivity. According to the research led by Daniel Sgroi and Andrew Oswald, happy employees are 12% more productive while unhappy employees are 10% less productive. The research had more than 700 respondents.
Fortune Magazine listed Google, a US internet giant, as the world’s most valuable company and it is regarded as the pioneer when it comes to the happiness of their employees. In fact, Google is considered as the number one employers of Fortune – this is actually their seventh time this 2016.
However, Singapore’s workforce is not known to be happy. Actually, United Nations Sustainable Development Solutions Network put the city in the 24th place (out of 158 countries) in the 2015 World Happiness Report. To further strengthen United Nation’s claim, there was a study conducted by the Human Resources Institute and Align Group way back 2014. The study revealed that employees here are “under happy” – with a score of fifty nine out of one hundred in terms of workplace happiness index.
Traditional employers would not usually care about the emotional wellbeing as long as the employee achieves deliverables and targets. Little do they know that happiness is an important thing. It is like a fuel that can drive the economy. The employers should look for ways to boost productivity through programs that seek to create a happy workplace for everyone. Cooperation from the private sector and the government can make a difference at the end of the day.