Just when we thought employees could not be any more overloaded, March 2020 brought about the biggest global black swan event in decades. New levels of stress resulted in additional well-being challenges that many organizations were not prepared for. In 2020, Deloitte’s Global Human Capital Trends report indicated that 80% of organizations said worker well-being is important or very important for their success, but only 12% said they were very ready to address this issue.
Over the course of the pandemic, companies have progressed from reacting, where the focus was mostly on colleagues’ physical well-being, to responding, where the focus expanded to mental and financial well-being.
Today, progressive companies are dialing up a strategic and holistic approach to well-being. This means understanding the interconnection among all three of these pillars, as well as other factors such as social/ community well-being and work environment.
According to research by the Josh Bersin Company, companies that focus on the right well-being strategies are:
more likely to adapt well to change
more likely to have lower rates of absenteeism
more likely to be able to recruit new talent
*The Definitive Guide to Well-being: The Healthy Organization. The Josh Bersin Company 2021.
Now in 2022, as we face rising inflation, financial well-being is of even more concern as people struggle to maintain their lifestyles with their current wages. As a result, employees are expecting more support from their employers.
In partnership with Sonnet, this whitepaper provides, an overview of why financial well-being matters, and considerations for organizations and HR departments looking to address this important issue.
We are living through a unique moment in history – up until March 2020, there was a lot of talk about the “Future of Work” or more recently the “New World of Work”; however, there was large variability with regards to what companies were doing about the significant changes, primarily caused by the exponential acceleration of technology. Although there had been significant acceleration of availability and performance of technology, productivity had not increased nearly at the same rate.
In March, a global pandemic created the burning platform many companies were waiting for to implement new strategies to enable their people to be productive in a world evolving at break-neck speed, specifically in which many would be working remotely. This pandemic has uncovered significant cracks in many companies’ talent strategies – not only from a technology enablement perspective, but also from a leadership perspective. Having not worked in this way before – both in terms of remote work and also through a major crisis – the lack of knowledge and skills to adapt to rapidly changing context has been exposed.
For organizations to survive and then thrive in this increasingly complex environment, we believe that human leadership becomes more critical than ever before.
Ironically, technology is a key enabler of human leadership in our new world of work. As such, we partnered with Microsoft to explore the power of human leadership when enabled and amplified by technology.
We are fortunate to live in a time when technology is becoming more intelligent and can not only automate mundane and manual tasks, but if integrated properly in the flow of work, can also significantly augment human leadership.
In this whitepaper, we take a look at how technology augments human leadership in five ways:
Getting the right talent (and technology) with the right skills in the right seats at the right time.
Creating a collaboration culture.
Enabling and embracing continuous learning.
Embedding wellbeing into everyday leadership.