The prevailing notion that work is essential for sustaining our lives and earning a living has become deeply ingrained in our minds.
The idea that we all need to work to sustain ourselves and earn enough to live through this bartering system called life has now been stamped on our minds. However, it does feel like we don't work to live anymore, we live to work. It feels like every breath we take and every second we spend working accounts for cents that the founders of this system make.
Employees at various positions take up a job for the work, for money and for the simple deserving perks they get with the job. Unfortunately, well-being might not be one of them anymore. According to a 2023 Deloitte survey, 85% of executives believe companies should be required to publicly report employee well-being metrics. Employees polled agreed as well.
According to its Well-Being at Work Survey, many employees continue to experience unacceptable levels of well-being. Furthermore, a majority reported their health had deteriorated compared to last year. Deloitte and Workplace Intelligence, an independent research firm, surveyed 3,150 C-suite executives, managers and employees in four countries: the United States, the United Kingdom, Canada, and Australia.
Jen Fisher, Deloitte's U.S. chief well-being officer, says, "The benefit and the need for creating a set of standardized metrics that organizations can measure themselves against is one of the primary ways we are going to close that [well-being] gap." At many companies, "there's not a standardized set of metrics to evaluate the progress and effectiveness of wellness initiatives." There is also rarely a standardized definition of what workplace well-being should or could look like. It would assist leaders in determining whether they are on the right track.
Fisher shared with Fortune, "Even if you look at ESG metrics, which are largely focused on health and safety, and look at investments that organizations are making toward employee health and well-being, they're not looking at outcomes." The truth is that people struggle at all levels of an organization. People should not have to choose between a job that provides happiness or a job that pays more.
Sixty percent of surveyed employees and 64% of managers say they are seriously considering leaving their jobs to pursue a position that would better support their overall well-being. C-suite executives are feeling it even more strongly, with 75% saying they would quit their jobs for a better sense of well-being. Respondents overwhelmingly agree that executives should be held accountable for employee wellness.
Just under 80% of those polled believe their leaders should resign if they fail to maintain an acceptable level of workforce well-being, and 72% believe executives' bonuses should be tied to employee satisfaction metrics. One such company that has already made the transition is Genpact. The professional services firm will tie 10% of its CEO and top 150 leaders' bonuses to employee mood scores in 2020. Genpact employs artificial intelligence to detect employee dissatisfaction and ties leaders' bonuses to performance.
"With a standardized way to report, measure, and hold ourselves accountable, [we'll have] a way to understand if the things that we're spending money on are actually valued and being used by the workforce, and also if they're having an impact," adds Fisher. Employees hope this research is light towards systems that actually care for employees and not just their work.