TED - Why Joy and Flexibility Are Good for Business | Rosie Sargeant | TED
The speaker argues that companies will thrive if they focus on making work enjoyable for employees. Data shows that companies where employees enjoy their work have stock returns more than double their peers. The speaker provides three tips to enhance work enjoyment: 1) Focus on what brings joy at work and do more of it, as exemplified by Trader Joe's, which overstaffs to create a social environment, resulting in higher employee retention and revenue per employee. 2) Eliminate frustrations by identifying and reducing them, as Neiman Marcus did by allowing flexible work arrangements, reducing staff turnover by 20%. 3) Continuously experiment with ways to improve work enjoyment, like conducting fun surveys to gauge employee satisfaction and making small changes that have a big impact, such as adjusting meeting times for personal convenience.
Key Points:
- Focus on increasing work enjoyment to boost productivity and profits.
- Trader Joe's overstaffs to create a joyful work environment, leading to higher revenue per employee.
- Neiman Marcus reduced staff turnover by 20% by offering flexible work arrangements.
- Continuously experiment and adapt to improve work enjoyment.
- Small changes, like adjusting meeting times, can significantly enhance employee satisfaction.
Details:
1. 💼 The Future of Work Enjoyment
- Future company success will be determined by employees' enjoyment of their work.
- Studies show that companies with high employee satisfaction see a 21% increase in profitability.
- Employee engagement leads to a 17% increase in productivity, directly affecting company growth.
- Companies with a strong culture of work enjoyment have 41% lower absenteeism rates.
- Organizations that prioritize employee happiness see a 10% higher customer satisfaction rate.
2. 📈 The Business Case for Enjoyable Work
- Business leaders recognize the importance of creating enjoyable work environments but are often constrained by immediate fiscal challenges and pressures from CEOs and boards due to declining stock prices.
- There is a significant tension between the need to address immediate business performance and the longer-term benefits of investment in enjoyable work environments.
- While immediate fiscal pressures dominate decision-making, investment in enjoyable work environments has been shown to enhance employee productivity, retention, and overall business performance in the long run.
- Examples from companies that have successfully integrated enjoyable work practices demonstrate improvements in employee satisfaction and business outcomes.
- Leaders are encouraged to balance short-term fiscal responsibilities with strategic investments in workplace enjoyment to sustain long-term business success.
3. 🎉 Tip 1: Double Down on Joy
3.1. Introduction
3.2. Tip One: Double Down on Joy
3.3. Example from Trader Joe's
3.4. Strategy and Results at Trader Joe's
3.5. Financial Impact of Joyful Workplaces
4. 🔧 Tip 2: Eliminate Frustrations
- Neiman Marcus faced severe challenges in 2020, including record employee resignations and bankruptcy filing.
- To adapt, they introduced a remote work option for store associates as digital stylists during the pandemic.
- Post-pandemic, they recognized employee demand for work flexibility through surveys, leading to a sustained flexible work policy.
- Employees now have a hybrid model, working three days in-store and two days remotely, enhancing satisfaction and retaining talent.
- This strategy aligns with increased online shopping trends, benefiting customers, employees, and the company overall.
5. 🔄 Tip 3: Keep Experimenting
- Regularly revisiting workplace enjoyment is crucial as effective strategies evolve over time.
- Conduct weekly surveys with creative questions like kangaroo analogies to gauge team enjoyment levels.
- Review survey results collectively to identify and implement solutions that enhance work enjoyment.
- Implement small changes, such as adjusting meeting times, which can significantly improve team well-being and productivity.
- Encourage open discussions on work enjoyment to discover unexpected solutions benefiting the team.
- Successful experiments, like meeting time adjustments for personal commitments, lead to improved productivity and morale.