As the world of work becomes ever more competitive, isn't it time we admitted there's more to life than money? David Cameron would certainly have us believe so.
Since the Conservative leader's high-profile speech in May, the idea of a 'happiness index' has gathered momentum in the national press. Many column inches have been expended on discussing how happy we are - or aren't.
It's not only Mr Cameron who is pre-occupied with the well-being factor.
His views are compounded by Professor Richard Layard, director of the Centre for Economic Performance at the London School of Economics (LSE). He has written a book on the relation of happiness to economics and purports that 'GDP is a hopeless measure of welfare'.
The fact that our happiness is not increasing along with our bank balances may come as no surprise to those who feel over-stretched by a pressured working life.
A poll carried out by research company Gallup, for example, claims that happiness levels in the UK have declined significantly since the 1950s, although society is at least three times richer.
Mental illness and work-related stress now account for 40 per cent of the 2.7 million people claiming incapacity benefits in the UK, with illnesses such as depression now more common than ever before.
Families are undoubtedly taking the strain. Not only is there pressure on both parents to work, but the hours they must put in are getting longer.
And while state childcare provision has been expanded with the aim of making life easier for families, some now argue that its economic imperative to get parents - and particularly single mothers - back to work, is questionable. Is it, in fact, contributing to the fragmentation of family life?
As long as career success is determined by hours put in, family life seems destined to decline.
Measuring up
What's needed is a new approach to the work-life balance, which implies a change in cultural priorities.
In a series of lectures delivered at the LSE, Professor Layard examined the evidence to suggest that money cannot buy happiness and investigated what does make people feel good.
A happiness index cannot be set in stone but is underpinned by key factors such as reasonable income, satisfying work, a secure family life, a safe community, good health, freedom and moral values.
Although income sits at the top of the list, it seems that once it rises above a certain level, it has a limited impact on an individual's general sense of wellbeing and fulfilment.
There are a variety of factors fuelling stress at work according to Professor Layard. One in particular is performance-rated pay. He says this makes sense when output is simple to measure, as it is for many mechanical tasks, but it is more difficult to apply when the task is multi-dimensional, long-term and based on team work.
In these cases, people find themselves being judged on how they compare to their peers and this comparative approach invariably raises stress and dissatisfaction.
Re-thinking careers
Work-life balance campaign organisation, Working Families, is conducting research, sponsored by blue chip companies based in the City, to develop a model of culture change where all types of workers - including high-flyers - will feel comfortable opting for flexible working.
Jonathan Swan, policy and research officer at Working Families, says, 'People understand the concept of flexible working, but the reality in most companies is that if you work a three-day week, your career will die.'
Mr Swan explains that the point of the research is to try to find a way of embedding flexible working into corporate life.
'In many ways, the psychological contract has been broken,' he says. 'Once, the reward for loyal employees would be that they had a job for life, but now they have to adapt to survive. Individuals have to work harder to be secure in world where companies are constantly scaling down and changing.'
Research is pointing to the fact that flexibility on its own will not raise productivity, although happier workers will undoubtedly be more productive.
'We want to move ideas of good working practice on from being something that is accepted in theory to something that is integral to the way companies operate,' says Mr Swan. 'Women in particular want flexibility, but to get it they have to take lower-paid jobs. Better jobs are sewn up with hours. This is one aspect that the Equal Opportunities Commission is looking at.'
Getting the balance right
Family-friendly working practices would undoubtedly make a significant contribution to most families' index of happiness, where stable and loving relationships are a top priority.
The ideal for many parents - and particularly mothers - is to work part-time. Anne Gunning, education co-ordinator at Riverside Nursery in North Shields, corroborates this.
'Many of the mothers we come into contact with say they would not like to stay at home full time. In fact, they feel more fulfilled working part time and enjoy spending time with their children for the rest of the week.'
Ms Gunning believes that more mothers are taking advantage of new maternity rights and are choosing to stay at home longer with their babies.
'This may have an impact on the bonding process between parent and child, with the potential of long-term benefits for the family,' she says.
At St Mary's Nursery in Hexham, manager Judith Buxton believes that flexible working is beginning to have impact. 'It is something we have introduced ourselves,' she says. 'We recognise that it is a more productive approach to not only retaining staff, but also retaining a high quality workforce in whom we place a very high level of importance.'
Ms Buxton believes conditions have improved in recent years and that the wider range of childcare now available helps families to achieve a better work-life balance.
'Parents can now access nurseries, out-of-school clubs and holiday schemes year-round, many of which run from a one-stop shop like ourselves. While this not only makes it easier, it also supports children's emotional wellbeing as they get to spend valuable time with their siblings at various times of the day. Parents don't have to rely on friends to care for their children nor do they have to keep asking for extra time off, as many flexible working patterns allow parents to work less during the school holidays and more during term-time when they can.'
Feeling secure
Despite these advantages, the UK still boasts the longest working hours in Europe and most people when asked will say they are time-poor, even if they don't feel particularly cash-rich.
It has been suggested by Tony Blair's advisor David Halpern, that one way in which a happier society might be created is by closing the gap between rich and poor. It only seems worth developing progressive working practices if everyone is in a position to benefit from them.
Professor Layard has identified a range of policies which he feels could address some of the work-life ills. He suggests producers matter as much as consumers, and should be motivated more by professional norms rather than ever greater financial incentives.
He also feels that businesses should not promote the search for status, and that dysfunctional advertising should be limited. Secure work should be promoted by reasonable employment protection with secure pensions which may require a state-earnings related scheme.
These seem sensible proposals but who can deny it will take a big shift in political and corporate thinking to bring them to fruition?
Meanwhile the debate is open and, as always, the quest for happiness goes on.
