The stock prices of companies with high morale outperformed similar companies by nearly three to one during , says a new study; those with low morale lagged by nearly five to one.

The key question: Does morale create higher performance or does greater performance lead to better morale? The relationship goes both ways, says industrial psychologist Dr. David Sirota--each is a cause of the other. Sirota and colleagues report the results of their latest study in the book, The Enthusiastic Employee: How Companies Profit By Giving Workers What They Want. They compared stock prices of 28 publicly traded companies with a total of more than 920,000 employees, companies their firm had surveyed over the past four years to determine levels of morale. Then they compared those companies' results to industry average stock prices for more than 6,000 companies. Gains for the 14 high morale companies averaged 16% in compared to an average 6% gain for the others. And the six low morale companies went up just 3%--five times less than others in their industries. Employees have pride in their employer and good, productive relationships with fellow employees. "Employees who work for companies where just one of these factors is missing are three times less enthusiastic than workers at companies where all elements are present, and are correspondingly less productive." The book is available in our bookstore; for a copy, go to

# 20055 Press release, SIROTA CONSULTING, 4-11-05

COPYRIGHT Work & Family Connection, Inc.

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