ABSTRACT
The science of wellbeing is based on thousands of surveys of millions of people. It is reliable and robust. This means that business can take action to change perceptions of life.
Wellbeing is the degree to which an individual judges the overall quality of their life. On balance, how positive an appreciation does the farmer, factory worker or shopper have of their existence?
Subjective wellbeing, happiness, quality of life and life satisfaction all mean slightly different things. This chapter sets out a focus on how individuals substantively assess their lives.
Wellbeing is made up of positive emotions (such as joy) as well as negative ones (such as anger). But it’s fundamentally about longer-term, deeper evaluations of life in the round. A sense of worth and meaning – a purpose to work and life – is essential.
Emotional reports and life satisfaction assessments measure wellbeing. They paint a pretty poor picture for businesses. We are stressed at work, and most happy when we retire.
There are three vital ingredients to wellbeing that any company can affect: creating employment, improving physical and mental health, and enhancing relationships. Personal autonomy and a safe and green environment have also been shown to improve happiness.
