Happiness and the tech industry, Happy Economics considered

By Lord Mark Price, Founder of WorkL and author of Happy Economics

I have over 40 years of experience in business and my focus now is on making employees happier at work to drive commercial success within organisations. I launched WorkL back in 2017 which now helps over 1000 businesses globally improve the happiness and engagement of their teams. WorkL’s annual Global Workplace Report 2024 has just launched and it reveals that the Tech workforce is the happiest (78%) globally when compared to other industries. But why is this? What is the Tech industry doing so well when it comes to employee engagement?

Happiness and the tech industry, Happy Economics considered

This article will see me examine why employees in Tech are continually the happiest and highlight what leaders can do to replicate the sector’s engagement. This is all taken from WorkL’s Global Workplace Report 2024 and my new book, Happy Economics.

Reflections on the State of Work in 2024

This year’s report sheds light on the evolving challenges and opportunities in the UK workforce. It paints a vivid picture of a nation grappling with rising “worklessness” and declining productivity, compounded by health-related issues. Nearly 18% of workers expressed a need for better sick pay or more sick days, aligning with recent reports labelling the UK “the sick man of Europe.” These findings emphasise the dual concerns of wellbeing and economic performance.

One standout observation is the confidence gap among younger workers, particularly Generation Z, who face stereotypes of lacking ambition or workplace skills. This generation’s low confidence in management points to a need for improved leadership and mentorship tailored to emerging workforce demographics.

Flexibility remains a dominant theme across sectors. Over 4,000 respondents in 2024 highlighted its importance, whether through flexible hours or hybrid work arrangements. While the Technology sector leads in employee happiness, thanks to its innovation and adaptability, Retail and Hospitality lag behind, plagued by recruitment challenges and pandemic aftershocks.

2024 has been a good year for the Technology sector, globally the sector has the best Wellbeing Risk with a score of just 18%. This should be welcome news for global leaders in this industry and it emphasises that their existing workplace policies and support systems are having a positive impact on their employees. Other industry leaders should be looking to what these support systems look like, and adopt them.

My Six Steps to Workplace Happiness outlines the key areas that employers need to focus on to create a happier employee and workplace:

• Reward and Recognition – Every member of an organisation should benefit from its success. A fair salary is essential—no amount of praise can compensate for underpayment. Your compensation structure should meet expectations and motivate employees to go above and beyond.

• Information Sharing – Withholding information can make employees feel undervalued and disconnected from the business. For a team to perform at its best, transparency is essential. Employees at all levels should have a clear understanding of the business, its strategy, performance, customers, and competitors.

• Empowerment – Empowering employees means involving them in decision-making, valuing their ideas, and integrating their feedback into the company’s strategies. Everyone brings unique experiences and perspectives to the table, and only by considering all views can a team achieve the best possible outcome. While individuals may not be perfect, together, the team can be.

• Wellbeing – Employee wellbeing encompasses physical, emotional, and financial health. Addressing all three areas leads to improved engagement and productivity. A positive workplace culture can reduce absenteeism, as engaged employees tend to be healthier and more committed.

• Instilling Pride – Employees who take pride in their work and workplace naturally become advocates, sharing their positive experiences with colleagues, potential hires, customers, and the community. Their pride will be evident when they talk about where they work. Building this sense of pride goes beyond motivational talks or performance reviews—it’s about cultivating an environment where employees truly enjoy and take pride in their roles.

• Job Satisfaction– A range of factors influence job satisfaction, but two stand out; opportunities for personal growth and the quality of the employee-manager relationship. Employees are an organisation’s greatest asset, and high engagement is essential for success. Research shows that respectful treatment and trust between employees and leadership are key drivers of satisfaction. Poor relationships with managers are often the top reason employees leave, regardless of the company’s brand strength.

Lord Mark Price is the founder of WorkL and WorkL for Business, and author of Happy Economics: Why The Happiest Workplaces Are The Most Successful (published by Kogan Page, out now).

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