This is a big topic at the moment. It attracts so much attention and creates so many headlines that it would almost seem to be a global obsession. It may have got to the point that people switch off when they hear the word even though the need has not disappeared. Tech companies seem able to sell any number of apps and gadgets to measure every aspect of physiological function, but for many people, does it go beyond measurement and the possible creation of even more anxiety caused by the results?
I know it’s important but that doesn’t mean I find it any easier to give it the right priority in my life. My toes curl slightly at the term ‘self-care’. If our wellbeing were a business, would we invest in it? If not, why not? Here’s the business case for the investment:
- Protecting the company’s investment. Sports franchisees that pay top dollar for star athletes require them to exercise, eat better and take care of their overall wellness during the season. The same should be true for C-level employees as companies pay more for those roles, particularly the top job. Considering that the Economic Policy Institute estimates that average CEO pay is 271 times the nearly $58,000 annual average pay of the typical American worker, it could be said that the C-Suite should be held to a higher personal maintenance standard.
- Supposing you depart suddenly as a result of ill health. Costs can mount quickly without an obvious internal replacement. The typical seven-figure severance package and six-figure retainer for an executive search firm are just the beginning. Board members might have to fly in on short notice for an emergency meeting. A small army of professionals — all of whom charge by the hour — begins to mobilise: communications consultants and employment lawyers, movers and relocation experts. The longer the clock ticks, the higher the figure on the meter. And those are just the hard, easily quantifiable impacts. They pale in comparison to the less visible costs. Turmoil and uncertainty at the top filter quickly down through the organisation, slamming the brakes on growth initiatives, hindering the closing of vital deals, and causing some valued employees to start looking for new positions elsewhere.
- What is more difficult to quantify but a reality nonetheless is the cost of lack of efficiency, delayed decisions, and bad decisions as a result of ill-health, burnout or being generally sub-par.
What’s your level of investment in your wellbeing? Can you afford NOT to invest in wellbeing?