Wellbeing at work is a pandemic legacy that’s here to stay

This goes well beyond the ongoing discussion of flexible work environments and the coining of buzz phrases like ‘Quiet Quitting’ and ‘Bare Minimum Mondays.’ It speaks to the foundation of the ability of markets in the region to compete against cities around the world for both foreign direct investment and critical talent necessary to sustain highly ambitious economic growth and diversification in the most dynamic strategic sectors.

Workplace culture experts generally agree the most prevalent challenges and trends we are seeing today were actually identified, tracked and quantified pre-pandemic. But they appear to be greatly influenced and accelerated by three years of mass social and economic upheaval.

In its pre-pandemic Future of Work research series, the global organisational consulting firm Korn Ferry quantified the potential talent gap countries and companies around the world were facing due to a growing scarcity of skilled talent in key jobs and sectors. This research also validated the potential lost economic opportunity those markets faced if they didn’t proactively address the talent shortage.

According to Korn Ferry, by 2030 the UAE was facing a gap of 111,000 skilled workers resulting in a potential of $50 billion annually in lost economic opportunity. These were pre-pandemic figures before Abu Dhabi and Dubai announced aggressive plans to double the size of their respective economies, which will require an even greater influx of critical talent. In Saudi Arabia those figures were 660,000 in skilled talent shortages and an estimated economic risk of $206 billion, or 15 percent of the total economy.

What is interesting about this challenge is that the true legacy of the pandemic may be the opening of new and highly productive discussions around the modern employee/employer construct. It could actually result in a redefined and mutually beneficial joint value proposition. As this future of work continues to take shape, the real winners may actually be governments and civil societies.

From the employee perspective, one of the most interesting dynamics we are seeing is the growing need for a greater sense of purpose in people’s professional and personal lives. The level of time and all-in commitment we are expected to put into our careers needs a payoff that goes beyond a paycheck.

This is about people expecting more from their employers just as they are expecting more from themselves. And not only in terms of the time put in at the office, but also about the potential social impact employers and employees can have together.

When we think of having a sense of purpose in our jobs, it starts with the core value proposition of an organisation, whether that be a large multinational, local family-owned business or government entity. Let’s face it, very few of the companies or entities we work for are truly ‘making the world a better place.’ But that doesn’t mean they aren’t making a meaningful difference in people’s lives.

It’s on entity leadership, and their communications and HR teams, to help employees at all levels understand, respect and value the central need they fulfil. It could be as simple as helping make people’s lives easier, take care of their families, or create laughs and smiles when they are needed most.

If these impacts matter, so do my performance and actions at work. Yes, they always mattered in an annual performance review. But now they take on new meaning. And they can directly connect to the core values of an organisation that in the past may have been little more than web page copy, a poster in the breakroom or an annual CEO email.

It can make it easier for employees at all levels of the organisation to clearly identify ‘Values in Action’, or specific behaviours that directly lead to positive impacts that benefit customers, the business and sense of purpose.

This ideal of purpose is only a table stake in our newly defined joint value proposition. Employee expectations of a purpose-driven professional environment have multiple layers that extend to how the company cares for me and my family as well as how it respects its societal responsibilities.

‘Employee wellbeing’ is another post-pandemic phrase being thrown around way too loosely. We all know when we are in an environment where an employer has a genuine commitment to me, my family and my future and when they are just paying lip service to a purported ‘corporate value.’

The wellbeing construct varies by sector, company and job level. While fair market pay and a competitive benefits package are key, today’s holistic wellbeing definition goes much further. And employees are asking themselves a new set of questions about their employers and jobs.

Is my training and development equipping me with future-ready skills essential to my career growth and future of the company? Is my mental health as respected as my physical health? Am I enabled and empowered to invest in my family life the same way I’m expected to invest in my professional life? Am I surrounded by people who are well trained to help guide my development and reach my full potential? Am I valued and protected enough to raise the alarm when I see something that I know is not right?

In this new environment, social responsibility and engagement is also taking on greater meaning for the value of an employer brand. Environmental, Social and Governance (ESG) principles were emerging as critical business predictors, risk management and performance metrics pre-pandemic. Now these principles are rapidly taking shape as expectations demanded by regulators, investors, employees, customers and other stakeholders.

For employees, a company’s ability to demonstrate and document its ESG performance and impact is also growing into a table stake. It’s not just an expectation of social impact but it’s a predictor of protecting an individual’s future opportunity within an organisation.

Yes, on the surface this new future of work paradigm looks like a potential heavy lift in terms of investment. But the reality is companies have been spending in these areas without the appropriate return and positive impact for some time.

It’s not about spending more, rather it’s about investing smarter with measurable returns. Companies can pay their way out of talent gaps. But that’s not a sustainable solution when a smart investment in employee wellbeing and a culture of purpose can make a measurable impact on both short- and long-term business performance while building a truly meaningful values-based employer brand.