Davos 2024: Building Resilience

Keywords: Resilience, Mental Wellbeing, Sustainable Business, Davos

Author: Lisa Munro

Date: 15 January, 2024, Worklife Digital

Today marks the start of Davos 2024, the World Economic Forum’s Annual Meeting in Switzerland, in which delegates from many sectors converge for several days of talks and meetings to address urgent global issues. This year’s collaborations include building resilience for the next generation.

Amidst climate uncertainties, geopolitical volatility, and technological upheavals, building resilience extends beyond infrastructure and economies. It reaches down to the bedrock of society – our people. And within this crucial domain, prioritising the mental wellbeing of our workforce emerges as a powerful yet often overlooked strategy.

Companies investing in their employees' mental wellbeing are not simply offering perks; they are actively aligning themselves with a core tenet of Davos 2024. Here's how:

Building Individual Resilience

- Equipping for uncertainty: Today's workplace demands constant adaptation. By prioritising access to mental health resources, companies empower employees to navigate stress, anxiety, and uncertainty – key ingredients of individual resilience. Programs like mindfulness training, cognitive behavioural therapy, and stress management equip individuals with coping mechanisms for a world characterised by rapid change.
- Cultivating psychological safety: Psychological safety, an environment where individuals feel comfortable voicing concerns and taking risks without fear of judgment, is vital for innovation and growth. Investing in mental wellbeing fosters trust and open communication, leading to stronger teams, more agile decision-making, and ultimately, a more resilient organisation.
- Boosting emotional intelligence: Effective mental health support fosters stronger emotional intelligence. Employees become better at managing their own emotions, understanding others', and effectively resolving conflicts. This emotional agility translates into stronger interpersonal relationships, better collaboration, and a more resilient organisational culture.

Organisations Investing in a Resilient Future

- Preventing future challenges: Mental health issues in the workforce are costly, both in terms of productivity and human capital. By proactively investing in prevention and early intervention, companies can avoid the significant financial and human costs associated with untreated mental health problems, building a more resilient and productive workforce for the future.
- Attracting and retaining talent: In today's competitive talent market, companies that prioritise employee wellbeing stand out. A focus on mental health demonstrates a commitment to a holistic employee experience, attracting and retaining top talent who value more than just a paycheque. This creates a virtuous cycle of investment and returns, further bolstering organisational resilience.
- Shaping a healthier society: Companies have a significant role to play in shaping the overall societal landscape. By prioritising employee mental wellbeing, they become beacons of change, influencing other organisations and policymakers to adopt similar practices. This creates a ripple effect that can build a more resilient and mentally healthy society for future generations.

The importance of prioritising employee mental wellbeing extends beyond mere corporate social responsibility. It aligns with the very heart of Davos 2024's themes, playing a crucial role in building individual and organisational resilience in the face of rapid change. By investing in their employees' minds, companies not only build a stronger workforce but also contribute to a more resilient and equitable future for all.

This alignment between workplace mental health and global resilience extends beyond mere theoretical arguments. Tangible examples abound. Unilever's Thrive program reduced employee absenteeism by 25% and presenteeism by 30%. Aetna's mental health initiatives led to a 26% reduction in healthcare costs. These successes demonstrate the practical impact of prioritising employee mental wellbeing, not just on individual well-being but also on organisational and societal resilience.

As the world grapples with complex challenges, focusing on employee mental wellbeing is not just a benevolent act; it's a strategic investment in a more resilient future. By prioritising the minds behind the machines, companies can truly embody the spirit of Davos 2024 and contribute to building a better tomorrow, one mindful employee at a time.

WorkLife Digital is a global mental-wellbeing consultancy driven by the mission to improve the sustainability of businesses. Our psychological wellbeing tool, Worklife Quotient (WL-Q), is modelled on cutting-edge scientific research and provides organisation-wide measurement and intelligence on the mental wellbeing levels and psychological resilience of staff. WL-Q also assesses the impact of organisational practices (i.e. people and culture, leadership styles, organisational purpose and values, social impact) that have a direct influence on staff wellbeing and provides strategic recommendations on addressing risks and promoting strengths.

For more information, get in touch at lisa@worklife.digital