Business leaders should know that companies that ignore their employees' wellbeing -- in all dimensions: Physical, Social, Financial, Career, even Community -- will suffer from lower productivity and lose money.
Companies that ignore their employees' wellbeing are losing money. Here's one big example: Employees with high wellbeing have 41% lower health-related costs compared with employees who have lower wellbeing. In a firm that has 10,000 employees, this difference amounts to nearly $30 million.
But the cost of healthcare is only one area that should concern business leaders. Wellbeing encompasses five distinct elements -- not just Physical Wellbeing, but also Career, Social, Financial, and Community Wellbeing. All these elements have an impact on a company's bottom line.
In the following interview, the two experts who coauthored Wellbeing: The Five Essential Elements -- Tom Rath, who leads Gallup's workplace research and leadership consulting practice, and Jim Harter, Ph.D., Gallup's chief scientist for workplace management and wellbeing -- show how wellbeing affects business performance.