Tempering hard times: integrating well-being metrics into utility analysis

Tziner, Aharon and Fein, Erich C. and Birati, Assa (2014) Tempering hard times: integrating well-being metrics into utility analysis. Industrial and Organizational Psychology: perspectives on science and practice, 7 (4). pp. 554-568. ISSN 1754-9426

Abstract

This article highlights the virtue of integrating well-being metrics (e.g., psychological well-being, perceived meaning) into aspects of utility analysis for the purpose of enhancing human resource management strategies and worker performance. We present the reader with a review of conceptual and practical developments in this field and examples of utility analysis calculations, while we advocate for the necessity of including well-being metrics in utility analysis for the 21st century. The basic thrust of this effort is to encourage the greater employment by managers of quantitative models that allow decision makers to generate all the factors needed to estimate long-term financial gains and/or losses before any intervention strategy is implemented in the workplace. As indicated, the use of quantitative models to estimate the net financial gains of using particular intervention strategies, accompanied with the value estimation of certain types of employee states (e.g., psychological well-being) and worker behaviors (e.g., employee turnover), can ultimately save companies from making gross tactical errors and, more positively, can assist management in promoting the organization's long-term economic goals in conjunction with the enhanced well-being of employees.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: © 2014 Society for Industrial and Organizational Psychology. Permanent restricted access to published version due to publisher copyright policy.
Faculty / Department / School: Historic - Faculty of Health, Engineering and Sciences - School of Psychology, Counselling and Community
Date Deposited: 12 Apr 2015 22:53
Last Modified: 14 Apr 2015 00:48
Uncontrolled Keywords: employee well-being; utility analysis; industrial and organisational psychology
Fields of Research : 15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150311 Organisational Behaviour
17 Psychology and Cognitive Sciences > 1701 Psychology > 170107 Industrial and Organisational Psychology
15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150305 Human Resources Management
Socio-Economic Objective: B Economic Development > 91 Economic Framework > 9104 Management and Productivity > 910401 Industrial Relations
Identification Number or DOI: 10.1111/iops.12195
URI: http://eprints.usq.edu.au/id/eprint/27054

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