According to a recent report by Willis Towers Watson, 55 percent of employers say incorporating wellbeing into their overall benefit strategy is a top priority for the organisation’s benefits programmes. However, on average, employers are still only spending around $150 per employee per year on employee health and wellbeing.
While some progress has been made during recent years and particularly in the last 12 months, my challenge to business leaders now is to be far bolder, more ambitious and build back with wellbeing at the heart of your business strategy.
CEO’s and business leaders spoke of the urgency and shared their views on the cost of mental ill health at Davos in January where it was revealed that the global cost through lost productivity, absences and staff turnover was estimated to be $2.5 trillion annually. If these numbers were seen in any other business department, such as losses in sales or finance, there would be significant action and investment.
The global pandemic we have all experienced over the last 12 months has matured the conversation on wellness within organisations across the Middle East but a handful of mental health focused workshops or an offer of yoga classes once a week will not cut it. Would you cut corners and find cheap quick fixes to your IT infrastructure when it is such a critical element of your business performance and success? It is time to go beyond a short-term tick box exercise and be bold, holistic, and inclusive.
Investors should demand that annual reports report on the health of their people and it should be measured properly and with transparency. If it says on your website and communications that your people are your most important asset, it is now the time to really walk the walk and make significant investment. Old fashioned management styles are out; compassionate and authentic leadership will prevail and deliver business success.
In the seven years since I launched our global Wellbeing @ Work Summits series, there has been significant progress from business leaders and organizations across the world, developing holistic wellbeing and mental health strategies and programmes. I genuinely believe we are at a tipping point and now it is the time to challenge ourselves even further and be more ambitious.
The evidence, data and results clearly demonstrates that effective wellbeing at work strategies encourages human flourishing as well as business prosperity.
Never before has the health of all of us been in such sharp focus than the last 12 months. As we bounce back from a challenging period, it is the health and wellbeing of our colleagues that will ensure our return is successful. Here is to a healthy, productive, and purpose-driven workplace for everyone across the Middle East and the rest of the world.
Chris Cummings, CEO, Wellbeing @ Work Global Summit Series www.fowinsights.com
The virtual Wellbeing @ Work Middle East Summit takes place between 22-24 February 2021 with 30+ thought-leaders from across the region and the world to help leaders and organizations make informed strategic decisions on their workplace wellbeing strategies. Join hundreds of employers at the Summit – further details and registration can be found on the event website here.
by Staff Writer
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Build back with wellbeing at the heart of your strategy
Chris Cummings, CEO, Wellbeing @ Work Global Summit Series looks at whether employers are spending enough on their workforce’s mental health
According to a recent report by Willis Towers Watson, 55 percent of employers say incorporating wellbeing into their overall benefit strategy is a top priority for the organisation’s benefits programmes. However, on average, employers are still only spending around $150 per employee per year on employee health and wellbeing.
While some progress has been made during recent years and particularly in the last 12 months, my challenge to business leaders now is to be far bolder, more ambitious and build back with wellbeing at the heart of your business strategy.
CEO’s and business leaders spoke of the urgency and shared their views on the cost of mental ill health at Davos in January where it was revealed that the global cost through lost productivity, absences and staff turnover was estimated to be $2.5 trillion annually. If these numbers were seen in any other business department, such as losses in sales or finance, there would be significant action and investment.
The global pandemic we have all experienced over the last 12 months has matured the conversation on wellness within organisations across the Middle East but a handful of mental health focused workshops or an offer of yoga classes once a week will not cut it. Would you cut corners and find cheap quick fixes to your IT infrastructure when it is such a critical element of your business performance and success? It is time to go beyond a short-term tick box exercise and be bold, holistic, and inclusive.
Investors should demand that annual reports report on the health of their people and it should be measured properly and with transparency. If it says on your website and communications that your people are your most important asset, it is now the time to really walk the walk and make significant investment. Old fashioned management styles are out; compassionate and authentic leadership will prevail and deliver business success.
In the seven years since I launched our global Wellbeing @ Work Summits series, there has been significant progress from business leaders and organizations across the world, developing holistic wellbeing and mental health strategies and programmes. I genuinely believe we are at a tipping point and now it is the time to challenge ourselves even further and be more ambitious.
The evidence, data and results clearly demonstrates that effective wellbeing at work strategies encourages human flourishing as well as business prosperity.
Never before has the health of all of us been in such sharp focus than the last 12 months. As we bounce back from a challenging period, it is the health and wellbeing of our colleagues that will ensure our return is successful. Here is to a healthy, productive, and purpose-driven workplace for everyone across the Middle East and the rest of the world.
Chris Cummings, CEO, Wellbeing @ Work Global Summit Series www.fowinsights.com
The virtual Wellbeing @ Work Middle East Summit takes place between 22-24 February 2021 with 30+ thought-leaders from across the region and the world to help leaders and organizations make informed strategic decisions on their workplace wellbeing strategies. Join hundreds of employers at the Summit – further details and registration can be found on the event website here.
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