The tripod (a three-legged stand) on which any ‘business’ sits is – money, idea and people. Without the interaction of all three, a business cannot ever thrive.Let’s look at the ‘people’ element, and you would figure out the other tripod. They are: salary, prospects and wellbeing.Analysing ‘wellbeing’ further, there is another tripod standing. It consists of financial, physical and emotional wellbeing.To make it short and sweet, one of the legs on which business success depends is its ‘people’ being cared for in their wellbeing – emotion, health and money. None of these can be compromised.
The problem is that there are too many imponderables to be sorted in this puzzle of ‘people-wellbeing’.Mental healthThe toughest leg of the people-wellbeing tripod is: emotional health.It has been observed that in any given year, one in six people gets affected by mental illness. This is a huge number. While some recover, many are left untreated and develop a chronic condition. Unfortunately, even in Western countries, two-thirds do not receive any treatment. In poorer countries, the situation would be much worse.The worse, there is deep stigma against emotional health problems and its treatment.The problem, however, is that while in aches and pains, medications would work, but not on mental illness.Consider depression – perhaps the most common mental illness. There are over 220 symptom combinations that can lead someone to be diagnosed with depression. The drugs could work in only 15 per cent of cases. The cause of depression usually results from adverse conditions around. This is better treated with psychological therapy, which helps people handle given adversarial circumstances.It’s commonsense that employees struck with depression or anxiety disorders will not be able to function properly. Employee productivity will suffer immensely.Physical HealthObesity and diabetes are among the leading health risks that undermine employee productivity.Let’s take the case of obesity. Overweight people have higher exposure to many common infections.Being very obese leads to a 70 per cent higher risk of serious infection from diseases like pneumonia, gastroenteritis, urinary and respiratory tract infections.Talking about diabetes, the situation is scarier. Every six seconds, a person somewhere in the world dies of diabetes, according to estimates by the International Diabetes Federation. About half of these deaths are among people younger than 60 – which means they are the working population.Both obesity and diabetes are killing machines. Employers must do everything possible to propagate their prevention, treatment and cure.The role of employers in their employees’ healthcare is one of the most important parts of responsible business practices. There is a lot an employer can do. Whether it’s a periodic medical check-up, a doctor visiting the workplace regularly, or providing an ecosystem for healthy habits including work-life balance, it goes a long way toward addressing employee health concerns.Financial well-beingIt’s a no-brainer that employees must be fairly paid based on their expertise, experience, and efficiency.In addition, employers should focus on training, objective performance appraisal and career progression.Employers are often not concernedThere are plenty of examples of employers ignoring the well-being of their employees.Forbes magazine reported that according to Gallup, only 24 per cent of employees believe that their employer cares about their well-being. Yet, 88 per cent of employers say they want to show care, and that well-being is a top priority. So, what’s causing the disconnect?There is an expectation gap. While employers believe what they are doing should be enough, it’s not adequate for employees. The perception of employer responsibility is often far removed from what employees actually believe to be fair and reasonable.Why employers are falling shortThere are many reasons why employers may not do enough for employee-wellbeing.* No measurement:The unfortunate truth is that employee well-being isn’t a business metric. As Peter Drucker said, “What gets measured gets managed.” It means that if something is measured, the business is likely to act on the information it receives.* No rewards: Organisations often do not have real accountability for employee well-being. Business managers are neither paid nor rewarded based on how good their people feel.* No seriousness:Measuring employee well-being at work is not often done regularly or seriously. Companies may carry out an annual survey or look at reasons given for leave, as data to act upon. These are obviously not half as useful as the efforts that may need to be made.* No empathy:Research observes that a lack of empathy is one of the most detrimental leadership behaviours to employee well-being.Win-win for bothWorkplace well-being is a smart business move; it’s the key driver of productivity. The return on investment for employers to invest in the care of their people is very high.Companies need to show that they care. Perceptions of actions for workplace wellbeing are as important as the employer-related steps taken.Last few wordsBad working conditions create an atmosphere that affects employee productivity. Unproductive employees tend to be lethargic and demotivated, which slows down the organisation’s progress. It drains the business’s financial resources. A healthy work environment gives employees opportunities to share ideas for the company’s betterment, which can further contribute to the organisation’s growth.Toxic work conditions, seen in several companies, hinder employee productivity and have led to the downfall of many businesses.There is no substitute for every employer being concerned about the emotional, physical, and financial well-being of their employees. It ultimately boils down to workplace culture, which must be driven and practised by the top echelons of the employer company.Practise ‘employee’ well–being; it will turn into a winning proposition for ‘employer’ well-being.
About the Author: Robin Banerjee is the Chairman of Nucleon Research Pvt. Ltd, a global clinical research company. Earlier, he served as the Managing Director of Caprihans India Ltd. Robin has authored 3 bestselling business non fiction book : (i) Who Cheats and and How; (ii) Who Blunders and How; and (iii) Corporate Fraud: Bigger, Broader, Bolder.Disclaimer: The views expressed are solely of the authors and ETCFO.com does not necessarily subscribe to it. ETCFO.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.
