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Labour market policy and well-being APPG on Well-Being Economics 10 th March 2014, London

Labour market policy and well-being APPG on Well-Being Economics 10 th March 2014, London Saamah Abdallah Centre for Well-being nef (the new economics foundation).

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Labour market policy and well-being APPG on Well-Being Economics 10 th March 2014, London

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  1. Labour market policy and well-being APPG on Well-Being Economics 10th March 2014, London SaamahAbdallah Centre for Well-being nef(the new economics foundation)

  2. Policy should seek to enhance people’s well-being:“it will lead to government policy that is more focused not just on the bottom line, but on all those things that make life worthwhile.”David Cameron, Nov 2010 …So how does that apply to labour market policy?

  3. Key job-related well-beingdeterminants: • Work-life balance and working hours • Fair pay • Job security • Safe working environment • Achievable, job-fit and skill-use • Relations at work and with managers • Control • Social value

  4. Fair pay Understanding Society Survey, 2009-2010

  5. Job security • Having a temporary contract incurs a life satisfaction penalty beyond any impact resulting from the lower income(0.52 points biggest difference) European Quality of Life Survey, 2011

  6. Job security • How likely do you think it is that you might lose your job in the next 6 months? (13% in UK say it is likely or very likely – higher than many countries) European Quality of Life Survey, 2011

  7. Working hours • Negative effect affects over a quarter of working adults in sample • Significant effect even when excluding top income quartile European Quality of Life Survey, 2011

  8. Work-life balance • Work/life balance is strongest predictor of stress, fifth strongest predictor of life satisfaction and third strongest predictor of overall well-being European Quality of Life Survey, 2011

  9. Unemployment European Quality of Life Survey, 2011

  10. What are the objectives of labour market policy? Employment rate Well-being Working hours Labour market policy Job security Productivity Income

  11. Potential applications • Minimum wage • Labour market flexibility • Working time directive

  12. Minimum wage Employment rate Well-being Working hours Raising minimum wage Income Productivity Job security

  13. Labour market flexibility Employment rate - 1% - 1.2 per person Well-being Working hours Enhancing job security Income Productivity +0.4 per person Job security + 10%

  14. Labour market flexibility Worked example: Assuming everyone had life sat 7.0 before intervention

  15. Working time directive Employment rate Well-being Working hours Implementing working time directive Income Productivity Job security

  16. Job quality ?  £££ Well-being Promoting job quality Job quality Productivity Income

  17. Questions • What would a well-being approach to labour market policy look like, and what evidence is needed to underpin it? • What are the implications for this approach for: • Low pay – e.g. the minimum wage • Job security – e.g. employment protections • Working hours – e.g. Working Time Directive • Job quality – e.g. promoting employee well-being

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