Who is responsible for workplace wellbeing in your organization? If you don’t have a Chief Wellbeing Officer (CWO), it might be, somewhat surprisingly, a role for your CFO. Bear with us!
If your wellbeing strategy is not strategically integrated across your whole organization, what may be a well-intentioned initiative will struggle to drive measurable bottom-line impact. This should be a concern for the CFO as costs increase but returns remain scarce. It is also up to your leadership team to embody your organization’s approach to wellbeing and challenge the paradigm that your employees need to be ‘always on’. The CFO, more than anyone could be the unexpected role-model to lead this. This is why they will probably want to…
Wellbeing and performance are linked
The health of your employees directly impacts their performance and growth and thus, your organization. A healthy workforce will see a reduction in sick days, insurance costs, workplace accidents, and presenteeism. It will also boost employee retention, team morale, corporate image, and customer service standards.
At the Motley Fool, a focus on culture through the employee experience has seen the company cultivate an enviable work environment and a low staff turnover rate of less than 2%. Demonstrating that even in the fast-paced and somewhat unrelenting world of investment, there can be a different approach that bucks the trend and delivers commercial results.
Addressing environmental, social, and governance (ESG) risks
A CFO’s job description often extends to obtaining and maintaining investor relations and partnership compliance.
Accelerated by COVID-19, it is expected that scrutiny of an organisation’s ESG components such as employee wellbeing will increase. Getting your ESG right can create value for your organization, and by having measurable wellbeing outcomes, you can directly improve investor relations by aligning with stakeholder expectations and make your company a more appealing investment opportunity.
The bottom line
Your CFO should be leading the charge on workplace wellbeing and frame employee wellbeing as a key strategic factor of cost-saving, revenue-driving, and attracting investment. Your CFO should push for your wellbeing approach to be strategically budgeted, facilitate the measurement and tracking of the ROI, and support initiatives across the organization that demonstrate a commitment to and belief in improving the bottom-line and health of the business through wellbeing.
Reap the rewards of an effective wellbeing strategy
WellWise can help unlock the potential of organizations looking to improve the impact of their strategic investment in wellbeing. Our integrated diagnostics system uncovers the hidden personal, cultural, and structural factors that can undermine your strategy’s effectiveness, and reveals the route to success.
Take the first step and download our free whitepaper Why Your Workplace Wellbeing Strategy is Failing and How to Rescue It, and perhaps share it with your CFO. The paper will help you to better understand why workplace wellbeing isn’t working as it should. It also clearly demonstrates what strategically integrated wellbeing should look like, and the returns it can deliver for your organization.