Are happy employees more productive or are productive employees more happy?

As i read this line in an article written by a professor from IIM, an interesting point of discussion emerged...what increases an employee's longevity in an organisation...his happiness in the organisation or his level of productivity?For that matter, what makes an employee happy?...Lets try to tabulate a few points...

1.Remuneration?
My personal opinion is that though money may be an important component in any decision making process, it assumes a much lower weightage when it comes to deciding an individual's happiness on the job.

2.Productivity?
I would rate this the highest factor contributing to happiness...every individual has a very important need of self-actualisation...a productive job not only caters to that particular need...but also increases self-confidence and raises self-esteem...it goes without saying that these traits automatically alleviate the happiness quotient!!

3.Work-place environment?
Phew...sensitive topic...environment at the workplace is important..if there exits a positive environment...happiness level goes plus-plus...a negative environment....level goes minus-minus...

4.Good leadership?
Difficult to find...but a good role model...creates smiling faces...strongly recommended for happy workplaces...

5.Politics at the work place?
Ouch...strictly negative implications on the happiness quotation...too much energy wasted on stupid stuff....

6.Good Learning environments?
Learning is an ongoing process and very satisfying at that...if a job environment provides some value addition regularly....well...it gives one a reason to be happy...

Maybe we can all sit back and evaluate..how happy we are at our jobs....lets start rating ourselves on a scale of one to ten...and maybe we could figure out more ways to be happy at our jobs!!!!