Leaders, you’re probably wrong about your employees’ well-being. It’s getting worse, not better

The Great Resignation may not yet be over.

More people say stress at work is hurting their mental, physical, social, or financial well-being—so much so that they’re ready to quit their jobs, according to a survey released today by consulting firm Deloitte and HR research and advisory firm Workplace Intelligence.

As many as 60% of employees and 75% of the C-suite say they’re seriously considering quitting their jobs for new ones that would better support their well-being. That compares to last year, with 57% of employees and 69% of the C-suite ready to quit.

Yet there’s a marked difference in how top leaders and employees perceive the problem. Three in four employees said they believed their health worsened over the past year—but 75% of C-suite executives believed their workforce’s health improved.

About 84% of the C-suite surveyed said their companies have made public well-being commitments, but only 39% of employees agreed.

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Similarly, there’s a disconnect between leaders and employees when it comes to human wellness—supporting employees, the world, the environment, local communities, and purpose over profit. Eighty-nine percent of top leaders say they think they’re doing a good job of advancing human sustainability, while just 41% of employees agree.

“There’s a disconnect,” says Dan Schawbel, managing partner of Workplace Intelligence. 

The worst of all worlds

Well-being has emerged as a top trend this year, as companies attempt to attract and retain employees following the disruption and trauma of the COVID-19 pandemic, the Great Resignation, quiet quitting, and the uncertainties about the economy. People are drowning in work and managers say they’re not able to truly support their team’s balance.  

One reason: Today’s economy is highly unusual. Companies are hiring and simultaneously cutting hours as the economy slows. In years past, reducing working hours spelled bad news for the economy. But it’s hard to imagine a recession without significant job losses, according to a June report by Moody’s economist Mark Zandi. Evidence shows hiring is steady, job openings are plentiful, and layoffs—though they have picked up—are still low by historical standards, according to the report.

Fewer people are doing more work. Eight in 10 of the 3,150 people surveyed said they’re dealing with a heavy workload and stressful job, and most said they would prefer to live in a country that embraced a well-being economy. In fact, three-quarters would accept lower pay to do so. 

As many as 70% of managers say obstacles like rigid company policies that have an unsupportive workplace culture prevent them from doing more to support their team members. Only 42% feel completely empowered to help the company achieve its well being commitments.

It’s not all bad

The good news: Executives surveyed generally agree they should be more accountable to well-being at work over the next few years. As many as 78% of top leaders said their company’s leaders should step down if they can’t maintain an acceptable level of workforce well-being, and 72% believe executives’ bonuses should be tied to workforce well-being metrics. 

Most believe they should be reporting their metrics to the public, yet just half of those surveyed are doing so right now. They’re mostly waiting for direction from the government, while others say they’re afraid their goals will look trivial and their reputations would suffer. 

Schawbel says if companies don’t take action to support the well-being of workers and leaders, they will inevitably struggle to find and keep good people. But he sees change on the horizon, mostly because top leaders are suffering just like the rest of their employees. 

“Organizations may be at a turning point right now,” Schawbel says. “Because it’s affecting everyone, especially the people in power; they’re more likely to do something about it.”