The gig economy, boundaryless ‘office’ locations and an increased focus on work-life balance have all led to a deeper understanding of the importance of people as a core pillar of business. Whereas profit has traditionally been the driving picture of success for organisations, the dynamic shift over the last 5-10 years has transformed the workforce and seen people-centric strategies enforced alongside profit. While the growing focus on the people at the centre of organisations can only be seen as a positive, there is the argument that there is a need to balance this driver with the profit – after all, businesses still need to make money to operate.

So, how can we balance looking after our people with the overarching need to create profit?  The answer to this question is Wellbeing.

While it is still considered admirable to have a people focus, it can also become a little tokenistic without a wellbeing framework to guide the strategy. A wellbeing strategy looks at people through a holistic lens, understanding that their personal and professional lives intertwine and coexist. A workplace wellbeing strategy is an informed plan of action put in place to help your employees become happier and healthier. Your teams are more likely to adopt a wellbeing initiative that has a meaningful strategic approach, instead of a collection of benefits that don’t align with their needs.

When we talk about wellbeing, often imagery of yoga, smoothies and meditation jump to front of mind, and although a great addition, these are all symbols of a superficial view of wellbeing. A strategic approach within an organisation needs to incorporate people’s physical wellbeing, mental health, social relationships, financial stability and career satisfaction. Understanding the relationship these five pillars play in the overall wellbeing of the individual as well as the organisation is the key to transitioning to a more sustainable business model.

A PWC report on organisational wellbeing concluded that on average, companies can expect a ROI of 2.3, that is $2.30 in benefits is returned to the organisation for every dollar spent on wellbeing programs. Organisations that have a robust wellbeing strategy in place also reported higher levels of productivity, increased retention rates, reduced absenteeism and improved energy amongst employees. For both businesses and individuals, the positive impact is on people and profit is undeniable.

Now, that is not to say that profit planning isn’t necessary. However, the wellbeing of an organisation and its people needs to be at the forefront of every business decision and embedded within company culture so that it becomes second-nature within an organisation.