CORPORATE HAPPINESS INDEX
A Benchmark for Happy Workplaces
Underscoring the importance of a supportive and fulfilling work environment
Amid a multitude of crises and uncertainties, corporates are being challenged to navigate a key factor driving company success: corporate happiness. In today’s corporate milieu, fostering workplace happiness has become a critical priority for organisational wellbeing.
According to Gallup’s State of the Global Workplace report, the global share of engaged employees – i.e. those who are involved in and enthusiastic about their work – remains at 23 percent, matching the record high set in 2022.
However, the majority of employees fall into other categories: 62 percent are not engaged, performing only the minimum required and lacking inspiration; and 15 percent are actively disengaged – they’re dissatisfied with their jobs and management, and actively seeking new opportunities.
The 2024 Gallup report reveals a troubling outlook for employee wellbeing in Sri Lanka. Leading South Asia in daily stress levels, an alarming 62 percent of Sri Lankan workers report feeling stressed throughout most of the workday.
This report also sheds light on emotional challenges with 31 percent of Sri Lankan workers experiencing daily anger and 39 percent contending with persistent sadness. Amid the ongoing brain drain, frequently discussed in LMD’s Burning Issues column, nearly 47 percent of Sri Lankans are either actively seeking or considering new job opportunities.
These findings indicate that employee engagement levels worldwide remain consistent with the previous year. Interestingly, the key driver of this engagement is the presence of effective managers at the business unit level, rather than broader macroeconomic factors such as national labour policies or job market conditions.
No organisation exists in isolation, unaffected by broader macroeconomic trends and government policies beyond its control. The interplay between micro and macro level factors is crucial for leaders to consider as they navigate the ever evolving workplace landscape.
Given that most people spend a substantial portion of their waking hours at work, it’s no surprise that our jobs can profoundly impact mental health and wellbeing. While work can contribute to stress, sadness and frustration, most employees find fulfilment, purpose and happiness.
Amid these numerous challenges, the Corporate Happiness Index (CHI) compilation was commissioned by LMD to PepperCube Consultants, marking Sri Lanka’s first publication dedicated to assessing employee happiness within organisations. This initiative adds yet another distinguished undertaking to Media Services’ portfolio of annual publications and rankings.
Respondents were asked to nominate a single entity for each of 16 attributes. These entities were then grouped under their parent companies with the overall ranking determined by aggregating nominations across all attributes, allocating equal weights to each attribute. Entities with fewer than two nominations were excluded from the final index calculation.
The index highlights the top 20 organisations under the Corporate Happiness Index Hall of Fame. Leading the list is MAS Holdings with John Keells Holdings (JKH), Hayleys, Unilever Sri Lanka and Commercial Bank of Ceylon (ComBank) rounding out the top five.
Moreover, the top 10 includes Dialog Axiata, Sampath Bank, Hemas Holdings, Brandix Lanka and Hatton National Bank (HNB).
Occupying positions 11 to 14 are LOLC Holdings, Softlogic Holdings, Ceylinco Holdings and People’s Bank.
Cargills (Ceylon) and Ceylon Biscuits are ranked 15th, while Bank of Ceylon, SLT-MOBITEL and WSO2 share 17th place. HSBC and Maliban Biscuits Manufactories complete the list at No. 20.
Under the MAS Holdings umbrella, respondents voted for Bodyline, Linea Aqua, MAS Intimates – Slimline, Silueta and Unichela.
As for JKH, the nominated entities include Ceylon Cold Stores, Cinnamon Hotels & Resorts, DHL Keells, Infomate, Jaykay Marketing Services, Nations Trust Bank, South Asia Gateway Terminals (SAGT), Union Assurance and Walkers Tours.
As for conglomerate Hayleys, entities such as Alumex, Amaya Resorts & Spas, CMA CGM Lanka, Dipped Products, Hayleys Advantis, HJS Condiments, Kelani Valley Plantations, Singer (Sri Lanka), South Asia Textiles, Talawakelle Tea Estates and The Kingsbury were voted for by respondents.
Unilever Sri Lanka’s votes were derived from Pureit Sri Lanka while Axiata Digital Labs received votes under the Dialog Axiata brand.
Additionally, Atlas Axillia and Hemas Hospital were nominated under Hemas Holdings, while the emerging brand Moose Clothing Company polled under parent company Brandix Lanka.
In the case of 11th placed parent company LOLC Holdings, entities voted for included Brown and Company, Browns Hotels & Resorts, Browns Plantations, LOLC Finance and LOLC General Insurance.
Softlogic Holdings (No. 12) garnered votes for Asiri Hospital Holdings, Burger King, Softlogic Finance, ODEL, Softlogic GLOMARK and Softlogic Life Insurance.
As for People’s Bank in 14th place, People’s Leasing & Finance received votes while Cargills Bank and KFC polled under Cargills (Ceylon), which ranked 15th. Additionally, CBL Natural Foods was voted under Ceylon Biscuits.
MAS dominates the survey by leading in 13 of the 16 key attributes – including workplace camaraderie, career progression, workplace flexibility, gender balance, corporate heritage, corporate leadership, open culture, rewards and perks, recreational facilities, remuneration scales, training and development, work environment and work-life balance.
ComBank and JKH round up the top three slots for workplace camaraderie, while John Keells Holdings and Commercial Bank secure second and third places respectively in the context of career progression.
Dialog Axiata is ranked second with Virtusa in third place for workplace flexibility, following MAS.
Meanwhile, JKH and Hayleys take second and third place respectively for maintaining gender balance, as well as in the categories of corporate heritage, workplace leadership, rewards and perks, and recreational facilities.
Additionally, Hayleys is the runner-up, ahead of Unilever Sri Lanka, in fostering an open culture within the organisation.
Unilever secures second place in the remuneration category, followed by Hayleys. In the training and development category, John Keells Holdings is No. 2 with Unilever Sri Lanka taking third place.
For creating a suitable work environment, Brandix Lanka ties with JKH for second place. And as for the much discussed work-life balance culture, Dialog Axiata is second – behind MAS – with John Keells Holdings trailing in third place.
Meanwhile, JKH is ranked the highest in the workplace diversity and financial stability attributes, while Hemas Holdings takes the lead for health and wellbeing.
The CHI underscores the pivotal role of cultivating a supportive work environment amid today’s complex business challenges. As organisations grapple with high stress levels and disengagement, the index offers a benchmark for assessing and enhancing employee wellbeing.
By prioritising certain attributes, companies can improve engagement and satisfaction, and also drive overall organisational success. So as we navigate an increasingly dynamic workplace landscape, fostering corporate happiness emerges as a key strategy for long-term resilience and growth.
