Article #4: Wellbeing & Balancing It

Wellbeing

So, this is article #4 focused on wellbeing, one of the 5-pillars of my business evolution ecosystem. I’m writing articles to celebrate the launch of my new practice and to share how business leaders can make-a-difference and create a world our collective grandchildren will be grateful, not resentful for. My purpose is to help business leaders, whether senior executives or business owners, transform performance, prosperity and happiness. Tall order? Too hard? Impossible? I don’t believe so. I’m definitely in the camp that believes pretty much anything you set your mind to you can achieve. So, why not make-a-difference that may start a ripple that changes the world for the better. Of course, another option is to do nothing other than focus on making more money, I suggest a relatively shallow purpose in life, keeping company with bankers who charge dead people and politicians who drain the nation’s coffers by ‘acting for’ large ‘donors’. Of course, there are some good bankers and some good politicians. 

Let’s talk about wellbeing. What is it? Why is it important? How can we even measure it? How can we improve it?

What is wellbeing?

The question of what ‘wellbeing’ means and its definition has perplexed philosophers for centuries and remains not so much unanswered as open to ongoing debate. The use of terms such as ‘wellness’, ‘subjective wellbeing’, ‘emotional wellbeing’, ‘psychological wellbeing’, ‘health’, ‘life satisfaction’, ‘happiness’, ‘flourishing’ and ‘quality of life’ on an almost interchangeable or synonymous basis has further muddied the picture. That its definition has eluded consensus may also be a reflection of its inherent complexity but this has not prevented a multitude of descriptions, of which our two favourites are:-

• Wellbeing is about more than living ‘the good life’: it is about having meaning in life, about fulfilling our potential and feeling that our lives are worthwhile…our personal or subjective wellbeing is shaped by our genes, our personal circumstances and choices, the social conditions we live in and the complex ways in which all these things interact. (Eckersley, Hamilton, & Denniss, 2005)
• Wellbeing is more than just happiness. As well as feeling satisfied and happy, wellbeing means developing as a person, being fulfilled and making a contribution to the community. (Shah & Marks, 2004)

What’s the cost of un-wellbeing?

The pressure faced by a business leader today is unprecedented. The personal toll on individual wellbeing and the knock-on effect on work performance can be significant. Research tells us that performance and wellbeing are intricately linked. Here are the facts: When a leader’s wellbeing suffers, the business suffers:-

• Disengaged people at work who are not thriving are a serious bottom line issue (1)
• Absenteeism costs to Australian organisations are growing annually but more worryingly, presenteeism (disengagement) costs almost four times as much at $34 billion per year (2)
• In the US, absenteeism and presenteeism costs a staggering $227 billion per year (9)
• When wellbeing is not managed, the number of disengaged employees is twice as high (3, 9)
• 60% of lost workdays each year can be attributed to work-related stress (4)
• Stress-related claims cost Australian business more than $200 million annually (5)

Organisations that implement health and wellbeing strategies for their leaders see significant benefits. High wellbeing organisations:-

• Reduce employee stress and health risk factors by up to 56% (6)
• Increase employee engagement by over 40% and creativity and innovation by over 50% (3)
• Report 12% – 30% increases in performance and productivity (7, 9)
• Report higher customer satisfaction, profit and stock market performance (8, 9)
• Are four times less likely to lose talent (3, 10)

When health and wellbeing are actively promoted, companies are 2.5X more likely to be viewed as a top-performing organisation and their employees are 8X more likely to be engaged 10

How can we measure wellbeing?

There are a small number of instruments that measure elements of wellbeing, but the only holistic tool that covers the 6 key elements of wellbeing at work and at home, is the Global Leadership Wellbeing Survey (GLWS) leadership wellbeing instrument. Practically, the GLWS is completed online, with 126 questions and taking no more than 15-20 minutes to complete. Within 2-3 days a full report is available to be de-briefed and we arrange an online 90-minute video meeting which enables detailed feedback and action planning to take place. Whilst you’re able to start implementing your plan immediately and at your own pace, many leaders choose to book a second test which can be carried out 3-12 months later, enabling you to see how far you have travelled on your journey to improve your wellbeing balance.

How can we improve our wellbeing and what does that actually mean?

Wellbeing implies a sense of thriving, flourishing, being fully alive, ‘firing on all cylinders’ and living life to the full, as well as feeling balanced and calm, contented and at ease with life. Our wellbeing is affected by many elements in our lives and varies from person to person because each of us has a different combination of psychological, emotional, social and physical inner resources upon which we draw. Our wellbeing fluctuates depending on the events, challenges and experiences we encounter in our lives. Hence, your GLWS profile is unique to you and reflects your assessment of your wellbeing at this moment in time. Whilst some aspects of our wellbeing are outside of our control, most are areas where we can exercise choice and take personal responsibility for improving our wellbeing. Your GLWS wellbeing profile will give you guidance on what to continue and what you might need to change, in order to enhance your wellbeing. This will, in turn, enable you to sustain your performance at work and be at your best outside of work. Learning more about what impacts your wellbeing can also be a useful prompt to consider and reflect on the wellbeing of others around you – be this your team, colleagues, family or friends – and how you might be impacting them, positively and possibly negatively. Knowing more about wellbeing can be a powerful driver of change in all spheres of life.

Wellbeing as one of the 5-pillars

David believes the 5-pillars of his business evolution ecosystem, being purpose, values, wellbeing, strategy & systems, work together to provide a unique environment capable of transforming performance, prosperity & happiness and in the process making-a-difference our collective grandchildren will benefit from and appreciate, not resent. If you want to have authentic relationships, feel calm, not overly stressed, feel have the energy you want to live your life fully and feel fulfilled, then focusing on your wellbeing before you get burnout is possibly the most useful thing you’ll tick off your to-do list for a long time.

Why David wants you to at the very least, take an interest in your own wellbeing.

David discovered the importance of his own wellbeing at the height of his success. He believed that events happening around him were coincidental and would pass, despite the stress, exhaustion and ultimately trauma they were creating. He believed he was resilient enough to get through the challenges but he had no idea the events were orchestrated and every time he got back up, he would be knocked down again. After 5 hospitalisations in 12 months, one being a tumour that fortunately was benign and spending 6 months wanting to take his own life, he reached a life-changing moment. Despite having had a successful corporate career at CEO level and then as an entrepreneur and multiple business owner, becoming a multi-millionaire as well as leading two different business & tourism associations over a 7 year period, nothing could have prepared him for the onslaught. He would later be clinically diagnosed as having the symptoms of PTSD with his doctor telling him not all battlefields were military ones. It was his journey of recovery that exposed him to an array of wellbeing tools that he tried and tested over a 2-3 year period and becoming accredited to deliver the GLWS wellbeing instrument. David encourages you to take action to improve your wellbeing balance at any time, not just when you’re smashed into the ground and at burnout. He is passionate about leaders living their life to the full and sharing great wellbeing with colleagues, friends and family.

David Carruthers

David is a former corporate CEO, entrepreneur & multiple business owner, who is now inspiring business leaders to make-a-difference AND be happy. In the process, he helps them transform performance and balance wellbeing. If you would like to receive these articles directly into your email inbox subscribe here. If you’d like to find out more about how David can help you transform your performance and be happy click here. If you’re ‘ready’ to find out how you can move forward, schedule a free discovery session here.

REFERENCES

(1) Workplace Wellness in Australia – Aligning action with aims: Optimising the benefits of workplace wellness. PriceWaterhouseCoopers (2010)

(2) Sick at Work The cost of presenteeism to your business and the economy. Medibank (2011)

(3) Wellness and Productivity Management. Sims, J. (2010). Health and Productivity Congress.

(4) 360 Steelcase. (2014, Issue 67). Wellbeing A Bottom Line Issue – How feeling good at work drives business performance. 360 Exploring workplace research, insights and trends, pp. 10-69

(5) The cost of workplace stress on Australia. Medibank Private (2008).

(6) McCarthy, G., Almeida, S., & Ahrens, J. (2011). Understanding employee well-being practices in Australian organizations. International Journal of Health, Wellness & Society, 1 (1), 181-198

(7) The future@work health report: Employees and their workplace. Leighton Properties and Grosvenor Australia. Wesley Corporate Health (2008).

(8) Oswald et al 2009; Right Management 2009, Wellness and Productivity Management: A New Approach to Increasing Performance

(9) Business Case for Well-Being: The ‘Why’ Behind Well-being. Building a strong and strategic business case for employee well-being programs. Benz Communications and Virgin Pulse (2015)

(10) The Wellness Imperative: Creating More Effective Organizations. The World Economic Forum in partnership with Right Management (2010)

Thanks To Eek & Sense Pty Ltd for much of this content.