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Why IS Employee Wellbeing Key To Innovation?

By 25/05/2019Nov 23rd, 2021No Comments

WHY IS EMPLOYEE WELL BEING KEY TO INNOVATION?

Companies that create exceptional customer experiences can set themselves apart from their competitors. What do my customers want? The savviest executives are asking this question more frequently than ever, and rightly so. Leading companies understand that they are in the customer-experience business, and they understand that how an organization delivers for customers is beginning to be as important as what it delivers. 

 

Happy employees are more likely to feel more empathy for and connect at a deeper level with customers. The level of connection determines the level of innovation as innovation is all about birthing creative customer solutions. Happy employees make happy customers and happy customers make happy investors as they spend more and are more likely to be loyal advocates of their products and services.

 

Empathy enables employees to step into the shoes of another and feel their pain or feel a desire to make their lives better or easier. This is the inspiration required to ideate or create new value. This is the most basic definition of Business Innovation – ideas that are turned into products and services of value.  This new value is termed the Value Proposition – the value the company provides the consumer with their product or service that relieves a pain or enables a gain.

 

WHAT IS EMPLOYEE WELL BEING IN BUSINESS?

 

Happy employees are valued and intrinsically motivated by a compelling shared purpose, finding fulfilment in creating movement towards it.

 

“If you can convince somebody to want something inside for their own personal reason, they really see something that they want to do and they really feel it in their heart — that’s when you get a lot more done,” Wozniak said.

https://www.cnbc.com/2019/05/14/steve-wozniak-why-i-was-able-to-build-a-apple-products.html?__source=newsletter%7Cmakeit

 

These employees are willing to take risks and consider new ideas, essential to innovation. Innovation cultures though don’t magically descend from heaven. The top two motivators are strong leaders who encourage and protect innovation and top executives who actively manage and promote it. In fact, senior executives say their most common sin against innovation is talking it up but failing to act and creating cultures of bureaucracy, hierarchy, and fear.

https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/leadership-and-innovation?cid=other-eml-cls-mip-mck&hlkid=5b321dc9652c45acb4e4f9a6f28404e5&hctky=11181167&hdpid=54248955-2ba7-49ce-bd99-f6ab2aa3c5ef

 

HOW DO YOU CULTIVATE EMPLOYEE WELL BEING IN BUSINESS?

 

It all starts with a compelling purpose, a purpose outside that connects with a purpose inside. A purpose or vision is a future picture that is so desirable it creates collective momentum or energy toward it. The vision is underpinned by a mission which is what the company does day to day to work towards achieving the vision. The foundation of the vision and mission is the company values. The company values create the company culture as they determine the behaviour required to live the company values which in turn makes the vision a reality.

 

These values must incorporate; worker health, business practices and ethical conduct in order to cultivate the wellbeing essential to innovation through connection. Its not about the perks its about how employees are treated by their leaders. Leaders need high levels of emotional intelligence to create an environment of trust and fairness where employees feel truly heard and an environment that inspires them to change and grow for the better.

 

Chopra says the best companies in America all share a single commonality: They treat their employees well. https://www.cnbc.com/2019/05/09/deepak-chopra-happy-employees-are-the-secret-to-a-successful-company.html?__source=newsletter%7Cmakeit

 

WHAT IF YOU DON’T FOCUS ON EMPLOYEE WELL BEING IN BUSINESS?

 

Companies that focus on employee wellbeing make 3 times more revenue and outperform stocks by a factor of 3. https://www.youtube.com/watch?v=PYJ22-YYNW8

 

If a company doesn’t focus on wellbeing it doesn’t mean they won’t innovate or that they won’t make money, what it means though is that they will have to work harder and will churn more employees and more customers. The opportunity cost will be high. They will lose employees and customers of value and innovations never birthed.