How to be happy - countries, companies, employees & people

One in six employees is suffering from mental health problems.

 

I have been interested in health and wellbeing, both at an academic & personal level, for quite a few years now. This event was centered around Professor Lord Richard Layard of the LSE and Jan-Emmanuel de neve of Oxford University's new book 'Wellbeing: Science & Policy'.

Professor Layard (who taught me Economics back in the day) began with Thomas Jefferson's quote that 'The care of human life and happiness is the only legitimate object of good government' 

- Professor Layard also said that the UK's opposition (Labour) leader has committed to making wellbeing, not GDP alone, one of his key drivers of policy. 

How do Professors De Neve and Layard measure happiness? It's simple yet brilliant. The survey-takers just ask this:

It's a powerful question - more predictive of your longevity than running a battery of medical tests with your doctor (the famous 'medical'). I urge you to ask that about your own life, your work, your relationships, and your home. 

Professor Layard said he could think of no more important question for the government. I can think of no more important question to ask yourself. 

Professor De Neve has researched tracking companies' share price performance that rated happiest versus a range of other key indices. 

As you can see from the chart below, happier companies outperformed all other indices and were exceptionally resilient during downturns. 

                                                    

His research at Oxford's Said School of Business also shows that happy employees are 13% more productive. This holds obvious implications for CEOs, CFO's and heads of Human resources.

What causes happiness? Is it income? Education? Physical health? No, actually, the most significant correlation is with Mental health, as you can see below. 

The only correlation that the speakers did not cover was that of friendship. I'd like to explore how friendship affects happiness since I believe it has a strong correlation with it.

At the end of the talk, we had the opportunity to ask questions. So I asked;

'bearing in mind that Sir Keir Starmer has said that he would pursue policies of wellbeing in his next government; assuming that his government wins the next election, and that you have a 'one shot' chance to implement the most impactful 'wellbeing policy', what would it be?'

Unsurprisingly the speakers said they would tackle mental health, which they have already been working on - helping over 700,000 people with their initiatives. However, they said they would focus specifically on addiction (substance abuse, alongside other addictions like eating disorders and gambling).

Later that evening, having dinner with a friend, we discussed that response. My friend told me he was surprised since he thought this would affect a small number of people in society. 

Yet around 8 percent of the population are addicts; 6 percent are addicted to alcohol. Less than 10 percent of them have received any help. 

Even the well-educated Oxford graduate who joined me for the event, did not realise the extent of this mental health crisis and the misery it's causing.