The bottom line: Human-first equals business success
Investing in a human-first approach yields business benefits. Consider these compelling reasons to prioritise your people:
Talent attraction: The talent that your organisation wants to attract will most definitely use reviews in platforms like Indeed, or Glassdoor to inform their decision to choose your organisation as their employer. Studies show that 86% of job seekers research company ratings before applying, making a positive workplace reputation a non-negotiable for attracting top-tier talent.
Stock market value: We always had strong evidence for the “Happy employees perform better in their jobs” hypothesis. Now, large scale data studies reinforce that “Happy employees impact organisational performance”. Indeed used company-level employee wellbeing measures and found that wellbeing is not only associated with organisation profitability, but also that companies with the highest levels of wellbeing outperform standard benchmarks in the stock market.
Holistic performance: Factors that drive a human-first employee experience are highly correlated with a desirable employee brand, talent attraction and retention, productivity, creativity and supportive relationships with colleagues and supervisors, satisfied and loyal customers and the list goes on …
Closing the gap: From acknowledgment to action
Organisations seeking to be successful in the new world of work would be wise to take note. A recent survey conducted in the US indicates that a majority of executives and managers recognise the importance of workplace wellbeing for competitive advantage, talent retention, and productivity. However, despite acknowledging its significance, only a third of them reported making wellbeing a strategic priority, and even fewer had concrete strategies in place.
This indicates a gap between positive attitudes towards wellbeing and actual implementation of organisation-wide strategies, particularly at the C-suite level.
Are we paying lip-service to Human First?
Hopefully you are one of the Executives in the latter category, saying: “I do care”. But, I probably wonder what the best ways would be to create a people-first organisation.
Navigating the transition: Strategies for implementation
Implementing wellbeing strategies needs to be unique to what matters for employees in your organisation.
Start the conversation: As a leader, opening up conversations about wellbeing or workplaces that value human-first is already part of the change. Every story is a critical data point in your journey. Become the strategic sponsor in the journey.
Measure and understand the data: Utilise scientific measurements to measure not only the wellbeing status of your employees, but also determine why they feel the way they feel. Designing interventions that address the route-cause are significantly more successful than a band-aid solution that you think will improve employee experience.
Build the business case: Getting your CFO, or a senior member that knows the numbers in your business on board is crucial. Eventually, showing that your investment made an impact will be important to improve and tailor your strategy to fit your organisation. Yes, human-first workplaces impact retention, absenteeism, talent attraction, but the idea is that it moves the dial at your key business metrics.
Implement interventions that moves the dial: There is a difference between team-building for the sake of team-building, “flying out all employees at cost, because they are isolated in their virtual spaces” or team-building that focus on purpose, building the resilience of staff, facilitating self-awareness, or addressing blind-spots for better collaboration.
Building a people-first organisation is a long-term investment in the wellbeing of both your organisation and society. Potential employees (and investors) will be choosing between organisations that can demonstrate a commitment to workforce wellbeing and organisations that can’t. It should be obvious which one you want to be.
De Neve, J-E., Kaats, M., Ward, G. (2023). Workplace Wellbeing and Firm Performance. University of Oxford Wellbeing Research Centre Working Paper 2304. doi.org/10.5287/ora-bpkbjayvk
HBR Analytical Services (2020). Cultivating workforce well-being to drive business value. https://bg.hbr.org/resources/pdfs/comm/workplacewellbeing.pdf.
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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 anna-rosa@worklife.digital
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