Money doesn’t always buy happiness! Reviewing a recent article by Martin Binder in the Journal of Economic Psychology (find it here), Christian Jarrett writes in the BPS Research Digest (read it here) that Binder’s study looked at British people working in both commercial and not-for-profit organisations.
One of the surprising findings was that while there are many “perks” in working for a commercial organisation, people in the NFP sector were typically happier with their lives, more satisfied in their jobs, and believed more strongly they were making a difference.
Other findings included:
- For-profit employees would need to earn an additional £27,000 to be as happy as an equivalent NFP employee
- Women and higher education people are more likely to work in the NFP sector
Some may question whether by their very nature happier people are more likely to enter the NFP sector, however Binder does not believe this is the case.
This is a very interesting and challenging research project, and has implications for both sectors of the workforce. What else can for-profit entities do to increase the happiness of their workers, and how do NFP entities ensure they do not exploit the generosity of their happy workers?
Are you happy in your work?
If you would like further information on how Avondale Business School can help your organisation, contact Warrick Long
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