Want to make your team happier today? Give them each £20.

Studies show that if you give everyone in your team £20 today you WILL make them happier.

But the real question is… what should you encourage them to spend it on to maximise their happiness per pound?

Last week, I bought myself a hoodie on Vinted – that made me pretty happy. But the week before that, I went out for coffee with some friends, and that made me even happier. And the week before that, I went for a long walk in the mountains with my family, followed by lunch on a terrace with stunning views – and that made me even happier!

Experience + nature + family / friends = best value for money

Experience + nature + family / friends = best value for money

So, how should you spend money to get the biggest happiness boost?

Research says, if you want to maximise your happiness / £, you should spend your money in the following order …

1. Experiences with friends in nature

2. Experiences with friends

3. Experiences

4. Stuff

So, next time you’re feeling a little low, don’t go shopping - call a friend and go for a walk and a pint. It’ll work far better.

However a study from 2008 has found an even better way to spend your money, a way that will not only boost your happiness but someone else’s too.

The Best Way to Spend Money, According to the Experts

In 2008, psychologists Elizabeth Dunn, Lara Aknin, and Michael Norton ran a simple yet fascinating experiment. They gave people between $5 and $20 and asked them to spend it on themselves or on someone else. Then, they measured their happiness at the end of the day.

Those who spent the money on others reported being significantly happier than those who spent it on themselves. Interestingly, the amount ($5 or $20) didn’t make much difference – it was the act of giving that mattered.

So, what has this got to do with work?

It turns out, quite a lot.

Employees who help others at work feel more competent and connected (Grant and Gino 2010). In fact, Adam Grant found that those who help others in the workplace can often be the most successful. In one study where employees were asked to carry out random acts of kindness, the givers became happier and more satisfied in their roles.

But it’s not just the givers who benefit.

Employees who feel supported are significantly happier than those who don’t – and they’re also less likely to want to leave their job.

The importance of a best friend at work

Every year Gallup runs a well known study called “the importance of a best friend at work.” They ask participants whether they have a best friend and then measure workplace satisfaction, intention to leave and likelihood to recommend their company.

People who report they have a best friend at work report higher levels of workplace satisfaction.

People who report they have a best friend at work report higher levels of workplace satisfaction.

The results?

People who say they have a best friend at work:

• Are less likely to want to leave

• Report higher levels of workplace satisfaction

• Are more likely to recommend their company as a great place to work

So, if you want to feel a little happier this week at work, give someone a little help. It’ll make you feel better and they will feel they are supported. And, as feeling supported is one of the key drivers of workplace happiness, they’ll feel happier too.

Tip of the week

Help someone out. Find an opportunity to be kind. Whether it is answering a question posted in your chat channel or volunteering to help someone you see is struggling. Just show someone you’re there for them.

Power tip

If you’re a leader and you want your team to be a little more generous, here's a simple idea:

Create a Slack channel or Teams group where people can ask for help. You’ll be surprised how willing people are to lend a hand.

According to the US Surgeon General, feeling supported at work is one of the key drivers of workplace happiness. When people feel supported, they experience higher levels of wellbeing at work.