If employers fail to address the issue of employee well-being, they may face significant consequences in the near future.
According to the latest Well-Being at Work report by Deloitte, a staggering 80% of employees attribute their declining well-being to work-related stress over the past year. This survey, conducted in collaboration with Workplace Intelligence, reveals alarmingly low levels of well-being among employees, indicating a crucial need for more support from C-suite executives.
Failure to address this issue could result in the loss of top talent — including leaders — to competitors, a decline in retention rates, and a significant decrease in employee engagement.
The report further reveals that 60% of employees, 64% of managers and 75% of C-suite executives are seriously considering leaving their current jobs in search of opportunities that prioritize their well-being. Additionally, a significant 74% of respondents prioritize improving well-being over advancing their careers.
Evidently, employees are motivated to enhance their well-being, but they face significant obstacles primarily stemming from their work environments. Heavy workloads, stressful job conditions and long working hours are the top barriers hindering employees’ well-being.
“Leaders should be immensely concerned that work continues to be the primary reason why people are both physically and mentally unwell,” said Dan Schawbel, managing partner at Workplace Intelligence. “Employees need to be able to take time off and disconnect, and they shouldn’t be in a constant state of stress and exhaustion due to their jobs. Work can and should be compatible with wellbeing — and it’s up to leaders to deliver on that promise.”
Employee Well-Being is a Business Imperative
This report arrives at a time when mental health problems are significantly impacting the financial performance of companies. The World Health Organization estimates that depression and anxiety result in the loss of 12 billion working days annually, amounting to $1 trillion in lost productivity. In the United States alone, mental health issues cost businesses $4.75 billion in lost productivity and unplanned absences.
Extensive research indicates that prioritizing employee well-being benefits the bottom line. Organizations that prioritize employee well-being experience increased productivity, loyalty and retention rates, as well as reduced medical costs. The report emphasizes the need for employers to shift their focus from short-term gains to a long-term perspective that places people above profits.
“For employers, the path forward will likely require a strong focus on delivering immediate impact but ultimately should shift toward a more long-term view — one that prioritizes people over profits,” the report said. “To achieve this, leaders should increase their support for their managers, and they also should hold themselves and their organizations more accountable.”
To foster accountability, 76% of C-suite executives agree that measuring and monitoring workforce well-being is essential, and 83% believe it should be discussed at the board level. Additionally, 85% of executives believe organizations should be mandated to publicly report their workforce well-being metrics.
Enhancing Employee Well-Being
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