Commercial life: The private sector's contribution to wellbeing

Abstract

The global attention paid to wellbeing and happiness shows no signs of abating. From Bhutan, the first country to establish wellbeing indicators as a benchmark for social progress, to the announcement of a Minister of Happiness and Wellbeing in the United Arab Emirates in 2016, the move towards establishing policies, practices, and programs to support that which makes life worthwhile and contributes to the development of stronger, more vibrant nations is becoming accepted policy practice. TheWorld Happiness Report has been a contributor to this development by highlighting the need for, and possibility of measuring wellbeing at a national level by GDP, life expectancy, social support, generosity, freedom and perceptions of corruption. While chosen for their impact on wellbeing, we highlight amissing facet; that is, Commercial Life and its related social interactions, emotional experiences and long-term psychosocial outcomes, and propose that it be included as a measure of a nation's wellbeing. Thus, we highlight the importance of the consumer experience, employee wellbeing, and product/service innovation possibilities that can contribute to greater social, environmental, and individual wellbeing and draw upon various theories in positive psychology to inform our approach.