Well-being, or the lack of it, does not discriminate by pay grade

The pandemic shined a spotlight on the state of workforce well-being and the role that organizations play in determining quality of life for workers and their families. Research shows that C-suite executives can contribute to their own well-being, as well as that of their employees.

“Most companies now recognize the need to invest more in the holistic health of their employees, because it’s clear that workers are fed up — with outdated norms like the 9-to-5 schedule, with the expectation that they should be `always on,’ with substandard wages and benefits and with the idea that they should be willing to sacrifice their health and their personal lives for their job,” according to a new report from Deloitte Insights.

C-suite executives themselves are not immune.

“Although far less attention has been paid to well-being among the C-suite — how they’re faring, the increased demands placed upon them and whether these factors are influencing their desire to stay in their leadership roles — some recent research points to increasing quit rates among executives,” it said.

The report found several well-being trends in the workplace.

Executives don’t realize how much their employees are struggling. It’s well known that the pandemic has had a negative impact on collective mental as well as physical health. Well-being may be at an all-time low among both the C-suite and rank-and-file employees.

More than three-quarters of the C-suite said the pandemic has negatively affected their well-being, and fewer than two out of three employees rated various dimensions of their health as “excellent” or “good.”

Moreover, a substantial proportion of both groups reported experiencing fatigue and a variety of mental health issues, with C-suite executives identifying most of these issues just as frequently (or in some cases more often) as employees, proving that well-being, or the lack of it, does not discriminate by rank.

There is one major obstacle: work. Despite the ongoing challenges of the pandemic — or even partly because of them — people across the globe are laser-focused on their health in 2022.

The vast majority of respondents (91 percent) have goals for their well-being, and 75 percent of employees and 89 percent of the C-suite say that improving their well-being is a top priority for them this year. Most people noted that right now, this is more important to them than progressing their career.

Although respondents are motivated to improve their well-being, the path forward won’t be easy. Most employees (83 percent) and executives (74 percent) say they’re facing obstacles when it comes to achieving their well-being goals, and these largely are tied to their job. The top two hurdles people cited were a heavy workload or stressful job (30 percent), and not having enough time because of long work hours (27 percent).

A strong focus on well-being is critical for employee and executive retention. In one respect, the C-suite does enjoy an advantage over employees in the way that work affects their physical, mental and social health. Ninety-one percent of employees and 97 percent of the C-suite say their job plays a role in determining their well-being, but whether this is a positive or negative effect differs significantly between these two groups.

Employees were far less likely than the C-suite to say their job is beneficial for their well-being. But even though the C-suite executives were more positive about their job’s role in their well-being, they actually were more likely than employees to say they’d leave their role for a job that better supports their well-being

Regardless of whether C-suite executives recognize the full extent of employees’ well-being issues, most are taking ownership over workforce well-being. The vast majority of the C-suite (95 percent) agree that executives should be responsible for employees’ well-being, and 96 percent already feel responsible in their current roles.

“The journey to health-savvy leadership certainly won’t be easy,” the report concluded.

“However, it’s not just workers that will benefit — executives also stand to gain a lot by embracing this new reality. Not only can they become better and more purpose-driven leaders, but they may discover that they’re finally able prioritize their own well-being. It’s a critical shift that could help them stay the course in their role and become steadfast ambassadors of a better tomorrow.”