The Team Happiness Index is a measure of the overall satisfaction and well-being of the team members. It gauges their morale, engagement, and job satisfaction. A high Team Happiness Index signifies that team members are satisfied with their roles, have a positive relationship with their colleagues, and feel supported by the organization. A high Team Happiness Index can positively impact team's performance and creativity. A low index might suggest potential issues that need attention to maintain team motivation and well-being.