Long before the pandemic, companies focused more on well-being. The realisation is that if employees are mentally and physically happy and feel looked after and 'cared for', they will feel more motivated and produce higher-quality work. It's a win-win.

There were many initiatives, such as fruit at work, gym memberships, and health care vouchers. However, these initiatives focused on physical well-being and barely touched upon balancing the mental strain of work responsibilities. Most companies now recognise that workers need more, and companies are finally seeing that fixed hours, substandard wages and benefits, and the idea that people should live and breathe their jobs are outdated.

While the shift in well-being is changing, not all companies adapt and adopt preventative measures to prioritise well-being.

Everyone, including the C-suite, is susceptible to well-being issues. Although far less attention has been paid to their well-being, the increased demands placed upon them encourage stress and burnout.

How can C-suite leaders improve their employees' and their well-being? To better understand these issues and trends, Deloitte partnered with independent research firm Workplace Intelligence to survey 2,100 employees and C-level executives across four countries: the United States, the United Kingdom, Canada, and Australia. The survey results revealed eye-opening findings, including that nearly 70% of the C-suite are seriously considering quitting for a job that better supports their well-being.

The research uncovered that employees and the C-suite struggle to prioritise their well-being, and work is to blame for most people. More interestingly, the study showed that executives significantly overestimate how well their employees are doing and how supported they feel by their leaders. This highlights that the C-suite should be doing much more to understand the needs of their team and demonstrate their care by implementing a more holistic approach to well-being.

Even though wellbeing should be a top priority, 68% of companies admit they are not doing enough, with many not truly recognising how much their people struggle. However, with the race for talent and the ‘great resignation’ upon us, companies that don’t focus on the wellbeing of their employees will soon lose them, given that 57% of employees (including c-suite executives) reported that they have considered quitting their jobs for more supportive positions.

When companies shift their focus from profits to the wellbeing of their employees, they produce more highly motivated and productive teams and more purpose-driven leaders, ultimately leading to more company success.

Creating a wellbeing initiative needs to address all aspects of wellbeing, including physical health, physical safety and mental health. Here are a few to consider:

Workplace

A collective and social culture

Encourage good lifestyle choices

Financial wellbeing

Workplace

To be fulfilled, people need to feel comfortable and productive at work. Working with great people can dramatically improve the fulfilment and positive feelings surrounding a position, especially in executive positions. Developing great teams is not easy; however, investing in an executive search firm to find people who align with your cultural values and ethics is a good place to start.

To attract great people, you need to show them you care about their well-being by offering support and initiatives that are either in line with or above your competitors. Consider flexible working to relieve pressures from personal lives, provide great onboarding and training management, and offer fair and transparent incentive programmes to encourage development and learning.

Creating a positive and inviting culture isn't just good for attracting and retaining people; it's also essential for their mental well-being. Teams need to be able to work together and feel heard. Creating a good social and collective identity in the workplace will help all levels of employees feel more at home and allow them to excel.

Encourage your team to brainstorm ideas and contribute to decision-making. This will also help executives stay up to date with what their team is thinking and consider new ideas.
Run regular training courses to develop internal team members. People will feel more valued if you develop them rather than recruiting people above them.
Hold regular social outings to encourage people to get to know the people they work with. With the shift to hybrid or remote working, many employees don't have the chance to talk to their colleagues on a more personal level. It also gives executives a chance to get to know their teams.

Encourage good lifestyle choices

Encouraging positive well-being outside of work creates an overall approach to supporting the well-being of your teams. There are the typical subsidised gym membership perks, but you can get creative. Generous health insurance, well-being education, and opportunities to stay active encourage your employees to make good lifestyle choices themselves without forcing them upon them.

Financial Wellbeing

With the stresses of the increased cost of living, these worries can quickly affect all aspects of life, including work. Companies must be aware of their employees' financial situations and offer them more than a 'living wage'. Some ideas include

Having a profit share scheme allows employees to benefit from the company's success, which they have contributed to.
Debt counselling
Financial advice
Bonus schemes to support their salaries.

Source: Deloitte & Workplace Intelligence research: The C-suites role in wellbeing.

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