Today's post peeks into the disadvantage of unhealthy habits that affects one's overall well-being. Today CPR asks the question, what is the cost of poor well-being? Did you know that 90% of the US $4.1 trillion healthcare expenditures are for chronic and mental health illnesses? Below summarizes the cost of poor employee well-being:
75% of medical costs accrued primarily due to preventable conditions
$20 million of additional lost opportunity for every 10,000 workers due to struggling or suffering employees
$322 billion of turnover and lost productivity cost globally due to employee burnout
15% to 20% of total payroll in voluntary turnover costs, on average, due to burnout
Preventing chronic diseases or managing symptoms when prevention is not possible can reduce these costs. The impact of well-being extends far beyond how people feel -- it affects the number of sick days employees take, their job performance, burnout, and the likelihood of leaving your organization. Assuming a holistic approach to well-being isn't just physical fitness or eating well; it's about overall well-being after employees leave the office and return home.
In transforming into a Moral leader, CPR recommends fostering a work culture where your employees can strive, whereby your organization performs optimally. Research illustrates that engaged employees produce far better outcomes. Well-being affects employee engagement. Employee engagement is the single biggest driver of career well-being. When organizations intentionally address well-being and engagement, the effects are additive and mutually beneficial for employees and business outcomes. THE FIVE ELEMENTS OF WELLBEING What are the five common elements people need to thrive in their lives? In partnership with leading economists, psychologists and other scientists, Gallup studied well-being in more than 98% of the world's population. The themes identified in Gallup's research include:
Career Well-being-You like what you do every day.
Social Well-being-You have meaningful friendships in your life.
Financial Well-being-You manage your money well.
Physical Well-being-You have energy to get things done.
Community Well-being-You like where you live.
In addition, Gallup recommends seven catalysts business leaders can use to support and foster a healthy work culture.
Development: Do your development plans include well-being goals?
Recognition: Do you share and celebrate successes?
Communication: Are your messages consistent with a high-performing net-thriving culture, especially from leaders and managers?
Incentives: Do they inspire participation in activities that produce results?
Events: Do they build awareness of thriving netting culture and change behaviors?
Rules and Guidelines: Do they work for or against thriving in each of the five elements?
Facilities: Is it easy to move around your office space, see outdoors and collaborate?
What we can learn from Corporations is that (1) a culture of high engagement can lower the likelihood of new incidents of depression and anxiety, and (2) the five elements of well-being can predict the daily emotions and states of the employee. As business leaders, Gallup recommends combining strengths and well-being at work as the most transformational treatment for resilience and overall well-being.