Making the connection
As the importance of wellbeing is increasingly gaining traction, I feel the time is right to address one taboo subject. That is, the unfortunate truth that some C-suite executives do not fully comprehend the need to make wellbeing a priority. In part, it is related to the outdated mindset that the only way to achieve business success is to keep your nose to the grindstone, forfeit vacation days and make work the center of your life. While, of course, working hard is - and will likely always will be - necessary to achieve hard things, balance is also required. Leaders and organizations must focus on proactive and preventative wellbeing measures as well as more short-term solutions when a wellbeing issue arises.
Until these leaders grasp the business case for wellbeing, we’re not going to get anywhere near achieving the total employee wellbeing for employees that organizations have a duty to strive for.
One of the ways to help push more focus on employee wellbeing is to help C-suite executives understand why they should care more about it and, specifically, how it will benefit the business to make the investments. This can be achieved by drawing from multiple studies, such as those referenced below, that draw a direct line between wellbeing and the bottom line, helping leaders see the value of committing to a wellbeing strategy.
Companies that integrate wellbeing into their organizational purpose, mission and values tend to have a competitive advantage in the marketplace. According to research from The Josh Bersin Company, organizations that leverage the right wellbeing strategies are more than twice as likely to outperform their peers financially, more than five times as likely to have lower annual healthcare claim costs and do three times better at engaging and retaining their employees.
In a study published by the Journal of Occupational and Environmental Medicine, a group of researchers established a clear link between companies that invested in health and wellbeing programs and stock market performance. Over a 14-year period, the stock values of C. Everett Koop National Health Award winners appreciated 325 percent compared to average market appreciation of 105 percent.