Businesses need to harness the power of giving.
"Great leaders are great givers" - John Maxwell
I have often been told that money cannot buy us happiness. But now scientist beg to differ. They say it can make us happy...as long as we spend it to someone else!
According to three scientific studies done by University of British Colombia Professor Elizabeth Dunn and her team, "regardless of income, those who spent money on others reported greater happiness, while those who spent more on themselves did not."
In test, those giving money away were far happier than others spending it on luxuries for themselves. Giving away as little as a couple of ringgit daily is enough to significantly boost happiness levels, according to Harvard professor Michael Norton.
The same can be said of countries. According to a global study by Arwin and Lew, "the statistical evidence from this study therefore suggests that as far as happiness is concerned, it is better to give than to receive aid." Leveraging the World Database of Happiness, this study found that countries that gave more aid had a direct correlation with happiness whilst receiving aid did not impact happiness.
Interestingly, it seems the same for businesses. Businesses that are primarily focused on enhancing shareholder value (i.e. receiving profits), have unhappier people compared with start-ups and social enterprises (companies that give to its communities).
In fact, in a recent UK poll, people in large companies have a far higher disposable income than their grandparents, yet are not happier. Unhappy people mean lower productivity and higher health care costs.
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