Everyone seems to be talking about it, but how do we build workplace health and why is it so important to business?
The financial review reported that 40% of employees are stressed out and 12% said that their stress was on an extreme rating being 8/9/10. We know that stress is the biggest cause of a lack of productivity.
We also know that these increased levels of stress lead to a decline in physical and mental health, decreased motivation, tardiness, absenteeism, presenteeism and poor financial return. We are fully integrated, holistic human beings and every part of our life will affect each other.
Currently 26% of GP visits are for anxiety and depression and a recent study by law form Minter Ellision states that 85% of company representatives are spending 25% of their time dealing with mental heath issues in the workplace.
Positivity is great for profitability
Psychologist, Barbara Frederickson states that if our business has a positivity ratio of greater than 3:1, it is considered economically sound. If it is less than 3:1, it is considered financially in trouble. Positivity and wellbeing link directly to prosperity, profitability and your bottom line.
A positive workplace culture leads to increased productivity, better employee morale and the ability to keep skilled workers.
In the USA, the cost of dis-engagement in the workplace is $300billion and in 2011, Medibank reported the cost of presenteeism to be $34.1 billion to the Australian economy.
On the flip side, we know through the work of Gallup that if employees use their top five strengths on a daily basis, they will increase their engagement in work by 600% and increase their overall life satisfaction by 300%.
If we use our strengths each day, we are 38% more likely to be productive, 44% more likely to give greater customer satisfaction and 50% more likely to have high retention.
We also know through the work of Gallup that career wellbeing is an essential element to an individual’s overall wellbeing and if we have it, we are more than twice as likely to thrive in life overall. Intriguing isn’t it?
Prioritizing employee health and wellbeing creates a culture people want to be part of and its proven that your success depends on it.
A study by Harvard also found that employees who are in a positive mood are 31% more productive, can sell 37% more and are 300% more creative.
The work of Tom Rath suggests that if we don’t have career wellbeing in our lives we are twice as likely to be diagnosed with depression. He goes on to say that ‘being dis-engaged at work is a leading indicator for a clinical diagnosis of depression’.
And with Australian health care costs predicted to reach $250 billion by the year 2050, what impact will this have to your bottom line?
If we want our teams to be effective in business, we first must teach them how to be effective in their own lives. We need to teach them how to build wellbeing and to build their resilience