Trust is integral to well-being
I just found an article from Economists John Helliwell (who writes regularly about ‘trust integral well-being’), and Haifang Huang from the University of British Columbia, they have quantified the four key factors to job satisfaction and what they are worth.
- Trust = the equivalent of a 36% pay rise (if trust is missing in an organisation you might need to pay 36% more to keep the same level of job satisfaction)
- Variety of project = the equivalent of a 21% payrise
- High degree of skill required = the equivalent of a 19% payrise
- Adequate time to complete work fully = the equivalent of an 11% payrise
Trust creates a sense of well-being… and it, in turn, makes not just our businesses more successful but society as a whole, as explained in the book Well-Being for Public Policy
The authors explain the reasons why subjective indicators of well-being are needed. They describe how these indicators can offer useful input and provide examples of policy uses of well-being measures. The book then delves into objections to the use of subjective well-being indicators for policy purposes and discusses why these objections are not warranted. Finally, the book contains answers pertaining to the measures that are currently in use and describes the types of measures that are most likely to be valuable in the policy domain.