But for workgroups that had high engagement and high well-being, the results were even better: These teams had 30 percent lower turnover than average. Meanwhile, workgroups that were less engaged and had low well-being had a turnover rate 48 percent higher than average.

Gallup performed a similar analysis with a professional services firm, identifying work groups with average engagement, groups with high engagement but low well-being scores, and groups that showed high levels of engagement and well-being. Here's what Gallup found among the customers of the high-performing work groups:

• 21 percent more likely to say the company shared knowledge with them than responses from average work groups;
• 24 percent more likely to say the company had resolved their problems;
• 20 percent more likely to say the company delivered on its promises;
• 24 percent more likely to perceive that the company was committed to accuracy and quality;
• 17 percent more likely to say that the professional services company had a significant impact on their performance.

"In essence, well-being promotes the greater business good — and what's good for the individual is good for the organization and its customers," Gallup reported. "Because of this, an organization needs to think about the work experience from their employees' point of view and consider whether policies, structures and workplace culture are adding to their well-being or detracting from it."