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- 1. Wellbeing is a business imperative The importance of healthy ways of working November 2023
- 2. 2 | Wellbeing is a business imperative Disclaimer • The views expressed by the presenters are not necessarily those of Ernst & Young LLP (EY US) or other members of the global EY organization. • These slides are for educational purposes only and are not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.
- 3. Why are we talking about wellbeing today?
- 4. 4 | Wellbeing is a business imperative 4 4 Companies that focus on wellbeing are seeing a huge impact 1.5x more likely to emphasize physical and mental/emotional health High-performance organizations are 1.5x–7x business returns in the following areas: • Healthier workforce • Workforce engagement • Talent attraction/acquisition • Talent retention • Workforce productivity • Lower workforce absenteeism • Bottom-line business results • Innovation/creativity • Customer satisfaction/advocacy Source: “Next Practices in Holistic Well-Being: The Performance Advantage,” Institute for Corporate Productivity website
- 5. 5 | Wellbeing is a business imperative How we think about wellbeing @ EY US When you thrive, we all thrive. We enable our people and our teams to feel fulfilled and ready to face their day with peak health, connection and a sense of meaning. We provide physical, emotional, financial and social support through leading programs, resources and tools. We embrace a culture of care by putting our collective wellbeing at the heart of everything we do. The best version of us. It’s ours to build together. My team Me Wellbeing I have a sense of purpose I make an impact I feel valued and appreciated I belong to a community I am able to be myself I am physically healthy I am mentally and emotionally healthy I am comfortable with demands for my time I am financially healthy EY
- 6. 6 | Wellbeing is a business imperative Organizations need to start by shifting their mindset Wellbeing is a personal journey Wellbeing is a team sport Wellbeing is a business imperative
- 7. 7 | Wellbeing is a business imperative 7 How do we drive higher wellbeing in the ways we work? Thriving Risk of burnout Healthy ways of working Focus Connection Predictable flexibility Efficient impact
- 8. 8 | Wellbeing is a business imperative 8 How do we drive behavior change at scale?
- 9. 9 | Wellbeing is a business imperative 9 How do we ensure wellbeing is embedded in how we run the business? EY Vitality Index
- 10. 10 | Wellbeing is a business imperative Final Thought You can’t pour from an empty cup. Take care of yourself first.
- 11. EY | Building a better working world EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. © 2023 Ernst & Young LLP. All Rights Reserved. 2309-4343252 ED None US SCORE no. 21168-231US This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice. ey.com
Editor's Notes
- 15 seconds Thank you all for joining us today for a discussion on wellbeing. We appreciate your time. VERSION NOTE: This deck is the wellbeing deck approved for external use through US SCORE (21168-231US) on 10/4/2023. The only change to the deck was to REMOVE the connection exercise.
- We worked with focus groups from the EY US firm to define specifically what wellbeing means at EY US. The focus groups identified the following attributes as key to wellbeing at EY: Peak health Connection Sense of meaning With this in mind, we developed the following wellbeing vision for the firm. As a firm, we aim to equip our people with the learnings, resources and practices to promote their physical, emotional, financial and social health, ultimately helping our people to experience good health, positive connections and a sense of meaning. The wellbeing team seeks to experiment with new programs and benefits, which we’ll talk about today, to educate our people on how to improve their collective wellbeing, to enable behavioral change and to continuously work to embed our wellbeing priorities within the firm’s broader organizational aims.
- When we don’t address burnout at the individual level and on our teams, the business takes a direct hit. According to organizational research, job stress is estimated to cost American companies more than $300 billion a year in absenteeism, poor performance and health-related costs7. Additionally, according to the CDC, people suffering from burnout and depression will likely miss five days of work and have more than 11 days of lost productivity8. The CDC says that this costs US companies $44 billion annually5, while the World Health Organization reports this number at $1 trillion6 annually. While there is some debate as to the exact cost to business, there is widespread consensus that burnout among individuals and teams causes companies to see worse performance — at every level of the organization. Here at EY, we’ve known about the business imperative of wellbeing for quite some time. That’s why we have a history of investing in best-in-class benefits for our employees. It was (and still is!) important to the firm that our people are equipped with the resources they need to be well. What we didn’t necessarily understand years ago, however, was the importance of addressing wellbeing at the team and organizational levels — in addition to maintaining support at the individual level. That’s where our mindset needs to change. Think back to some of the causes of burnout: poor relationships, a perceived lack of control and values mismatch. While these can be addressed by individuals, the key here is to address these at the team and organizational levels. Think of it like this: If one fish is sick in a pond, then there’s likely something wrong with the fish. And it’s important that we address its needs. But if many or all of the fish are sick, then we have to start accepting that there’s probably something wrong with the pond. *[OPTIONAL ADDITIONAL EXAMPLE: Or think about this practical example. Chris is a manager on an engagement. Chris is incredibly dedicated to personal wellbeing — maintaining a healthy diet, exercising daily, understanding the importance of healthy boundaries between work and personal time, and practicing healthy work habits, such as focus time and predictable flexibility. But what if Chris’s engagement team doesn’t have the same understanding or level of dedication to wellbeing that Chris has? If the team environment doesn’t support Chris’s wellbeing habits and creates an unhealthy environment where boundaries aren’t respected, work habits are less than ideal, and the work environment is toxic in general, Chris’s individual approach to wellbeing will ultimately fail.] This illustrates what current research, including our own research with the University of Pennsylvania’s Wharton School of Business, tells us: When we address wellbeing at a team level, we reduce team members’ emotional and physical exhaustion, as well as their interest in leaving the firm, and we help them thrive at work. Critical success factors to achieve these results include (1) team-led accountability for and collective ownership of wellbeing and (2) team leaders who provide the space, flexibility and resources to take action in support of one another’s wellbeing. Driving wellbeing at the firm level is another part of our change in mindset. You’ll see this shift through things such as the creation of the Chief Wellbeing Officer role, the addition of a new PPMDD goal specifically related to wellbeing, intentional measurement of wellbeing indicators through the new Wellbeing Index and RAC awards tied directly to wellbeing behaviors. As we move on to ways to address burnout in our next section — so that we can have greater performance as individuals, teams and as a firm — we’re going to focus on strategic steps that your teams can all take together. 5. “The Paralysis of Depression in the Workplace,” SHRM website, 7 November 2019. 6. “Mental health at work,” World Health Organization website, 28 September 2022. 7. “Financial Costs of Job Stress,” UMass Lowell website, accessed 2023. 8. “The Economic Cost of Poor Employee Mental Health,” Gallup website, 3 November 2022.
- Based on extensive research and feedback from our own teams, we’ve identified four concepts representing better ways of working that both prevent the causes of burnout and move us all from a place of “OK” or “fine” to a position of true wellbeing at work. Remember our mindset shift: We cannot look at these better ways of working from an individual perspective only. We must also consider the importance of team wellbeing in each area, as changing our working behaviors requires the support and understanding of those with whom we work. The first is focus. The second concept to consider is our connections — our relationships with our team members and the team environment in which we operate. Next up is predictable flexibility, which means establishing clear schedules with our teams that account for our collective and personal needs. And finally, we need to work in a way that has efficient impact. While these four areas may seem to cover a lot of ground, changing just a handful of behaviors can empower individuals and teams on the journey to wellbeing at work. We will now spend some time digging into each of these areas in a bit more detail.