We're Facing A Work Stress Crisis ?? + Managing Like a Coach.?// Future Work #56

I usually write about?workplace happiness.

But, we can’t look away. We’re facing a crisis.

A crisis of stress: three-quarters of employees?experience?moderate to high stress levels, new research shows .

This rises to?80% among Gen Z and Millennial workers.?

In a big part, this is due to financial stress. But other factors weigh as well.

And while most Gen Z’ers and Millennials look to their leaders to solve this crisis, the grim reality is that companies are not delivering.

The News

What You Can Do

• Take care of your own well-being first. You can't pour from an empty cup.
• Acknowledge that employees look to you to secure their well-being.
• Listen carefully to employees – even when it comes to the basics.?
• Provide targeted solutions to improve all aspects of well-being.?

Gen Z and Millennials are Stressed to Death. Who Turns Around this Wellbeing Crisis?

Feeling stressed lately? You're not alone.

“The stressors on employees are at an all-time high,” said Stephan Scholl , CEO of Alight.?

“Seventy-five percent of them are looking to their employer to give them more support in these matters around health-related dynamics.”

At a C-Suite event organized by Fortune, CFO Daily Newsletter’s Sheryl Estrada ?reports , he asked attendees:

“How willing are you as a CEO to break down some of those barriers? It takes willingness from the top to undo 40 years of how things have been done.” – Alight CEO Stephan Scholl

Because as the report shows, just 52% of employees feel they have the power and resources to improve their health and happiness, compared to 60% in 2022.??

This results in key measures such as productivity, engagement (people’s emotional commitment to the job beyond the paycheck), and retention dropping. Likely no news to you.

Moreover, the number of employees saying they have no plans to leave their current employer dropped by 22% in just one year, which speaks for itself.?

The rate of those who are not actively looking but are open to leaving if offered a new job has dramatically risen by 142%, now standing at more than a quarter of the workforce (29%).?

We don’t listen

Are you being listened to?

And do we listen enough ourselves?

Probably not.

Scholl said: “You meet with CEOs and sit down and say, ‘Do you think you’re doing right by your employees in moments that matter? The first answer is, ‘Of course we are.’?

But it’s important to really get to the heart of what employees are experiencing because they’re increasingly going to their employers for help during times of need.”

Jeff Matlow wrote how, in 1989, Sidney Yoshida conducted a study about corporate behavior. The most recognized takeaway from his study was his creation of the Iceberg of Ignorance:

• 4% of problems are known to top managers
• 9% of problems are known to middle management
• 74% of problems are known to supervisors
• 100% of problems are known to front-line employees

This image puts it in perspective well:

Older Millennials are the most likely to suffer from Financial Stress?

When it comes to stress, financial stress can’t be overlooked.?

According to the Alight research,?people rank money (45%)?ahead of attention (38%) and time (36%)?as standing in their way of living a healthy life.?

The challenging economy is pushing this further: more than a third (36%) of employees have been?forced to seek secondary employment.?(And no, this is not a 'remote work issue,' as Sarah Green Carmichael astutely?pointed out ?in Bloomberg.)

78% of these workers say they needed a second job?to ensure financial security amid the downturn. This extra workload impacts people’s energy, focus, and output in their primary roles, further damaging their job security.

According to Bank of America’s 2023?Workplace Benefits Report , the culprit is the cost of living. Almost seven in ten respondents say inflation exceeds their salary or wage growth.

The report further states that?only 42% of workers feel financially well, the lowest rate Bank of America has recorded since it started this survey in 2010. That’s down from 57% in Feb. 2022.?

Gen Z and Millennials are impacted most: among Gen Z, 59% say their financial stress impacts their productivity.

And, Millennials are the least likely to say they feel “financially well,” with a full?80% reporting feeling stressed out?by their financial situations.?

Fortune’s Alicia Adamczyk ?reports that ?this makes sense because Millennials “find themselves in caregiving roles, potentially caring for their children (including teenagers) and older relatives.

They’re saving for their children’s college, maybe a new home, and are feeling inflation’s sting more acutely than younger workers and older people without as many responsibilities.”

They're looking at you

So who solves this problem? In short, we as leaders.

The Bank of America research shows that?Gen Z is likelier to look to their employers to guarantee financial well-being,?amongst other well-being facets.

UKG research?found that ?managers have a greater impact on our mental health than doctors and therapists — and even equal to that of spouses and partners.

Feeling the pressure?

The bad news:?only 43% of employees say their company supports them?with resources to manage better and improve their well-being, down 10% from 2022.

38% report that their employers have discontinued well-being programs?such as stress management, nutrition, parental and caregiver support, and mortgage assistance in the past year.

I?discussed the need for the company to support employees’ well-being with Alyssa Than (MBPsS) , who is responsible for the well-being of over 20k employees at Singtel .?

She noted how, in her strategy, she tackles?all five pillars of wellbeing: mental health, physical health, financial wellbeing, belonging and inclusion, and professional development.?

She also mentioned the importance of involving line managers, starting with just one question: “How are you doing.”

In a recent video, Ashley Herd from the viral sensation Manager Method , highlighted the opportunity in proactive conversations.

The bottom line:?

Your people are likely stressed, not in a small part due to finances.?

And, they're looking to their leaders and companies to turn around this well-being crisis.

Start by practicing self-care to ensure you're in a position to support others.

Then, listen, build trust, and make bigger changes to relieve stress at work.

As Vivek says, you’ll see your team flourish in no time.

How have you addressed the issue of workplace stress? Share your story in the comments.

– Daan

?? Read: "Gen Z and Millennials are Stressed to Death." (With more context, examples, and links.)

New Podcast Drop!

Do you manage your team like a sports coach? ??

Jennifer Dulski (Stanford Graduate School of Business, Wall Street Journal best-selling author of "Purposeful, former exec at Facebook, Google, Change.org, and now the founder and CEO of Rising Team ) says the best managers do that.

According to Jennifer, in the age of remote work, we need to practice the 4C's of exceptional leadership: Clarify, Coach, Connect, and do it Consistently.

Get up to speed in under 30 minutes with this week's Future Work podcast: Great Managers Are Like Sports Coaches .

?? Listen: "Great Managers Are Like Sports Coaches (Jennifer Dulski, Founder & CEO - Rising Team)"

From the FlexOS Team

The Science of Workplace Happiness: How to Be Happy at Work (8 Simple Habits)

Workplace Happiness isn't out of reach: science-backed research shows there are 8 habits to turn stress into bliss .

Be happier at work with these tools.

There's no better time to start than now. Bonus points if you share the guide openly with your team.

?? Read: "The Science of Workplace Happiness: How to Be Happy at Work (8 Simple yet Powerful Habits)"

23 Fun, Innovative Team Meeting Ideas for Hybrid and Remote Teams

Meetings get a very bad rep, but sometimes they're very valuable.?

Spice up weekly team meetings with these unique ideas and make gathering time with your team more worthwhile and meaningful.

?? Read: "23 Fun, Innovative Team Meeting Ideas for Hybrid and Remote Teams"

Get Ahead: Smart Reads Around the Web

Fortune: JP Morgan CEO says employees will work 3.5 days

Winning the "Most Ironic of the Week" award, Eleanor Pringle reports that the guy who canceled WFH benefits now says we just need to work 3.5 days per week. >>> ?

CNBC: Bosses want people back in the office, but employees are finding a workaround—it’s called ‘coffee badging

Jennifer Liu writes about a new trend amongst 58% of hybrid workers. "Coffee badging" means going into the office building for a morning coffee, earning an imaginary badge for it, and then going home. >>>

HBR: Help Your Employees Develop the Skills They Really Need

Greg Satell and team write about how real transformation comes from creating the capacity to carry out big ideas. >>>

NYT: Here’s What We Do and Don’t Know About the Effects of Remote Work.

Emma Goldberg shares about often conflicting remote work studies from around the world, particularly about productivity. >>>

Lean In and McKinsey: The 2023 Women at Work Report

New data shows that flexible work is a huge boost for women. But also that we still have ways to go for true representation. >>>

PS: If you want to read more, I shared the top 10 most engaged articles about the future of work here on LinkedIn yesterday.?

Oh, and if you want to see me in person, I'm sharing about What Remote Employees Want at the We Work Remotely Conference?this Friday the 13th. (Spooky, I know.) Free tickets here .

Until next week!

We want to build the ultimate resource for hybrid and remote managers.??

If you have topics, ideas, or requests – I'm all ears!

– Daan