For my doctoral dissertation I completed last year I did quantitative research on employee morale comparing Holacracy and Traditional Hierarchy employees.
I survey 500 people from 17 different departments from both organizational structures with a 5 point Likert scale for this research and found this;
Overall Mean average score for employee morale
Holacratic : 3.96
Traditional Hierarchy : 3.265
I did a lot more calculations using this data in my dissertation but this is the most basic showcase that Holacracy promotes a better work environment for employees. If you're curious to read all of the research let me know.
Dr. Mark Smith