One of the areas of focus for the Research School of Economics (RSE) is the development of research that maps the effect of organisational processes and relationships on the health and growth of the economy.
This research explores areas such as organisational economics and decision making through an investigation into the relationship between employee well-being and efficiency within firms and organisations. Given the value of firms and organisations to societal wealth, this research has the potential for profound economic impact, both within Australia and globally.
The emphasis of this work has been on translating research outcomes into impact within industry and government, particularly in small and medium firms that receive less public attention. RSE aims to understand better the essential ingredients for a high performing workplace, and RSE academics, such as Professor Kieron Meagher, have already had success in synthesising research results into an evidence-based health check survey for these organisations.
The findings of the survey helped to establish the traits of high performing workplaces, and also provided an inexpensive way for firms of any size to check their own efficiency and performance against a robust benchmark. The survey has since been updated and extended to cover many more organisations, strengthening the relationship between employee well-being and the production of national wealth from within industry and government.
Another aspect of the RSE research focus in organisational economics is an investigation based around the value and role that trust plays between members of a firm or organisation. Ongoing worker relationships produce trust as a way of securing future gains and these relational contracts benefit both parties in the longer term, compared to one-off exploitative actions. More trust leads to an increase in delegation of authority and improved decision making, ultimately making organisations more efficient. This RSE research on organisational economics contributes to societal well-being and national wealth, and is one of the sub-strands of the broader CBE Wealth and Wellbeing theme.
See here for more information about other research agendas and projects within RSE.