Why Measuring Employee Wellbeing Is Key To Success

Keywords: Mental Wellness, Measurement, Sustainable Business

Author: Lisa Munro

Date: 8 January, 2024, Worklife Digital

The time has come for businesses to shift from crisis management to a proactive stance, adopting strategies that accurately measure and address mental health concerns before they escalate.

Across the globe, workplaces continue to grapple with burnout, stress, and anxiety, impacting not only employee well-being but also business performance.

The statistics paint a concerning picture:

- The World Health Organization estimates that depression and anxiety alone lead to 12 billion lost working days annually, costing the global economy a staggering US$ 1 trillion.
- In the UK, a 2023 report by AXA and the Cebr revealed that nearly half of all workers feel like they are "running on empty," with mental health issues costing businesses £28 billion a year.
- A 2022 study by McKinsey & Company found that 70% of employees globally have experienced burnout.

These numbers aren't merely statistics; they represent real people struggling under the weight of a demanding work environment. The factors feeding this global mental health crisis are numerous and intertwined:

- The intensifying pace of work fuelled by technology and globalisation
- The blurring lines between work and personal life in an "always-on" culture
- Job insecurity and financial worries
- Limited control and autonomy in work environments
- The lingering anxieties and disruptions of the COVID-19 pandemic

Beyond Buzzwords and Yoga Mats: Taking Proactive Steps

Many businesses, seeking to address this silent storm, resort to reactive measures. Lunchtime yoga, meditation apps, and generic "wellness initiatives" become the band-aids slapped on a deeper wound. These gestures, while well-intentioned, often miss the mark, akin to throwing wrenches at a malfunctioning machine without proper diagnosis.

The missing piece is accurate measurement. Just as a factory wouldn't haphazardly replace parts without understanding the source of the malfunction, businesses need to measure employee mental wellbeing to truly grasp the scope and nature of the challenge.

Without accurate measurement, businesses are left in the dark, unable to identify the specific challenges their employees face. A one-size-fits-all approach to mental wellbeing initiatives is insufficient. Accurate measurements allow businesses to tailor interventions that address the unique needs of their workforce, maximising the impact of their efforts.

Moreover, these measurements serve as a vital feedback loop, enabling organisations to track the effectiveness of their mental health initiatives over time. This iterative process ensures that businesses can refine and optimise their strategies, creating a positive cycle of continuous improvement in employee mental wellbeing.

By gathering rich, data-driven insights, businesses can craft targeted and impactful mental wellbeing initiatives. Deloitte's comprehensive analysis of return on investment (ROI) underscores the importance of proactive mental health initiatives. The financial benefits of investing in the mental wellbeing of employees far surpass those associated with reactive approaches.

Studies show that companies with proactive mental health programs see:

- Reduced absenteeism and presenteeism (working while unwell), leading to increased productivity.
- Enhanced employee engagement and motivation, fostering a more innovative and collaborative work environment.
- Improved talent attraction and retention, making the company an employer of choice in a competitive market.
- Reduced healthcare costs associated with stress-related illnesses.

The global mental health crisis in workplaces is a complex challenge, but it's not insurmountable. By moving beyond superficial gestures and embracing proactive measurement, businesses can craft targeted initiatives that truly make a difference. This isn't just about ticking boxes or boosting profits; it's about building a sustainable future where employees can flourish and businesses can thrive, hand in hand.

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