Can Money, a Bonus or Salary Raise Empower Wellbeing at Work?
INCREASING EVIDENCE SUGGESTS THAT MONEY CAN BUY HAPPINESS AND WELLBEING, BUT ONLY TO A POINT.
Workplace wellbeing, it seems, can not be bought simply by increasing salaries alone.
Recent studies suggest that there could be a peak salary at which people are more likely to feel satisfied with their jobs or have emotional wellbeing in their life.
Whilst we may expect for employees to feel better the more money they are paid, recent research shows that there may be a cap to the additional benefit a salary rise or bonus could create. Whilst still higher than the average person’s wage, it’s now suggested that job satisfaction comes in, on average, at a cost of 95,000 dollars (around £67,500) and peak emotional wellbeing costing between 65,000 and 75,000 dollars a year (between £46000 and £53000). Similarly, it is suggested that workplace wellbeing may not necessarily be as closely related to salary as one may initially expect.
CAN REGULAR PAY INCREASES HELP WORKPLACE WELLBEING?
It is suggested that incremental pay increases (no matter how big or small) can affect our workplace wellbeing for up to four years. However, what is interesting is that whilst an increase in salary could make you happier, there is a point where earning more could have no additional impact on your wider wellbeing. This is because, or at least so the research suggests, because employees adapt not only to their position and responsibilities but also their pay grade and expectations.
PERKS FOR WORKPLACE WELLBEING
The so-called hedonistic treadmill of pay means that an employer’s plan to strategically give more money to an employee for increased return on investment or output, may not be as useful as it first seems. Workplace wellbeing, it seems, can not be bought simply by increasing salaries alone. Instead of giving additional money at set intervals, employers would be better to reward employees with money for jobs well done on a regular basis and get a system in place at work that focusses in on workplace wellbeing or additional perks to improve output levels, returns on investment and to help reduce absenteeism. (#EmpoweringWorkplaceWellbeing)
WORKPLACE WELLBEING: OTHER FACTORS MAY BE MORE IMPORTANT THAN MONEY
Some suggest that other factors might be much more important than money. These can include equality in pay as well as general ergonomics or outlook within a company’s structure or environment.
Similarly, there is increasing commentary to suggest that what happens outside of work can also affect wellbeing inside of work. Given the statistics on work related musculoskeletal issues that occur in business each year and the cost of these on businesses, focussing in on the mental and physical wellbeing of their workforce in general may be money well spent, even if return on investment may not be quite as direct or immediate as one might hope. Least of all, it’s good to do something before one persons lack of wellbeing spreads and your whole workforce become less productive due to avoidable aches, pains or restrictions.