Should Emotional Well-Being Be Part of Your Corporate Strategy?
According to various studies, the Millennial generation, born between 1981 and 1996, has led the way, making well-being a top priority in their lives.
But should this focus on well-being remain solely focused on personal lives? Many companies think so and maintain workspaces that are neutral and disconnected from their people’s needs. However, they need to realize that this stance affects their collaborators and directly impacts the company.
Returning to Millennials, we have a generation prioritizing flexible work hours and the possibility of remote work. Additionally, they dramatically value a company’s interest in mental health. They will decline job opportunities if they think it could affect their mental health compromised.
Gen Z, Gen Z is the generation most recently entering the workforce. They prioritize a work environment that fosters diversity, inclusion, and supports continuous learning. These values shared by both generations show that there is a direct relationship between emotional well-being and companies. As employers, we can definitely do much to support the well-being of our collaborators.
The American Psychological Association (APA) defines Emotional Well-being as the ability to manage one’s emotions in a healthy way, maintain positive relationships, and face life’s challenges with a balanced and resilient perspective.
This means that focusing on managing our emotions, developing tools to build healthy relationships, and reinforcing our ability to overcome challenges is crucial for our overall development.
It is essential to recognize that our environment and context play a significant role in our journey to acquire and develop crucial tools. This is particularly true in the workplace, where every company has the opportunity to either support and enhance aspects that boost people’s well-being or hinder them.
First and foremost, listen to your people. Conduct regular surveys and ask questions with the intention of learning, listening, and valuing their opinions. This way, we can understand what specific needs or desires our collaborators have to develop not just as professionals but as individuals.
If we already know there are good practices that people value and appreciate, why not start implementing them? If you want to launch a new initiative and test its effectiveness, start with pilot programs, small groups, and control groups to compare results and understand the impact or value they add.
If we want to understand what our collaborators think will benefit them, it’s essential to listen attentively and act on their feedback. Asking for input is pointless if we don’t implement changes according to their needs.
This isn’t just an opinion. Organizations and consultancies have conducted various studies to identify the benefits companies can reap from good practices around well-being.
Here are some of the findings:
- Increased productivity: According to the World Health Organization (WHO), Companies can increase their productivity by up to $5 for every dollar invested in emotional well-being. [1]
- Reduced turnover: A report by Deloitte revealed that companies with mental health programs in place for one year had a median annual ROI of $1.62 for every dollar invested. [2]
- Reduced absenteeism: According to a Gallup study, companies with emotional support programs have up to 53% fewer sick days. This is because employees with good mental health tend to take fewer days off. [3]
- Increased engagement: An APA report found that psychological safety at work fosters creativity, innovation and effective teamwork. [4]
- Better financial performance: A study conducted by Towers Watson shows that organizations with highly effective wellness programs experience a voluntary turnover rate of 9%, compared to 15% in companies with less effective programs. [5]
Despite these benefits documented by renowned institutions, many companies still consider these initiatives an expense. Instead of embracing new ways of doing things or at least testing them, they harm not only their collaborators but also their potential candidates and, ultimately, themselves.
Companies that lack well-being policies or good practices risk damaging their reputations. This leads to a chain reaction: talent retention decreases, trust is lost, their presence on exposure platforms diminishes, and they become less competitive in attracting talent. Talented individuals will leave in search of companies with values more aligned with well-being and care. Negative reviews will pile up, and in short, their Employer Brand will suffer.
But that’s not all. These situations will lead to longer hiring times, higher turnover rates, poor work environments, loss of motivation, and other factors impacting productivity and performance, ultimately affecting business outcomes.
At GBH, we conduct job satisfaction surveys internally or through internationally accredited institutions such as Employers For Youth (EFY) or Great Place To Work (GPTW). Participating in these studies has allowed us to objectively and without bias identify our people’s needs and preferences.
The results of these surveys, aligned with our core values of Be Open, Make It Right, and Do The Right Thing, have helped us identify interests that have led to significant initiatives at GBH.
For example, one of our most proud initiatives is our Remote First policy. This policy allows positions not requiring in-office presence to be performed remotely. This has enabled us to welcome collaborators to the GBH team from locations as far from our headquarters in Santo Domingo as Argentina or Portugal.
This policy has also enabled people who have moved to other countries to continue contributing to the GBH team, regardless of where they now live.
Additionally, we promote flexible schedules so collaborators can continue their studies, attend medical appointments, or accompany their children to school. It’s as simple as talking to their Lead and making a simple request in our talent platform.
At GBH, we also continuously promote activities that support overall health. For example, during Biohacking Wellness Month, we host a variety of events focused on holistic health promotion, from talks with experts on nutrition or mental health to physical challenges and a fitness session in a park in Santo Domingo.
We also offer Sick days, which are in addition to the legal days granted for medical leave. People can use their Sick Days without questions whenever they feel unwell, and we emphasize that these days apply to physical conditions as well as mental health care.
These are just a few examples of what we’ve been doing at GBH for some time now. Our efforts have benefited not only the emotional connection, motivation, and engagement of our people but also had a positive impact on their emotional well-being and mental health.
At GBH, we firmly believe that it is part of our responsibility to support the well-being of our employees, engage in conversations with them, and create spaces where they feel confident and open to express their feelings and what they need from us.
As author and entrepreneur Arianna Huffington says: “Taking care of our employees is not just the right thing to do; it’s also the smartest thing we can do. Workplaces that prioritize well-being see higher productivity and lower turnover.”
So, we’ll keep looking for new ideas and ways to keep moving forward on this path.
[2] Deloitte research reveals significant return on investment for workplace mental health programs
[3] U.S. Employee Life Evaluation Hits New Record Low