Every Fortune 500 Company Will Have a Chief Wellness Officer by 2030
In 2007, sustainability was just hitting the mainstream, and one corporate giant was surprisingly leading the pack, Walmart.
Between you and me, I don't think Walmart got into it because one of the Walton's was at a Phish show and had an epiphany. They were one of the first to capitalize on the business advantage sustainability offered. Using less resources for packaging meant higher profit, less energy use reduced costs. This was one of the few situations where doing the right thing, was the profitable thing.
And I am calling it now, that mental health is just beginning this same transformation.
Stress Costs American Businesses 300 Billion Dollars annually.
Between Absenteeism, recruiting costs, healthcare premiums, this is an issue that is becoming a headwind for business. With 52% of Gen Z reporting they have a mental illness, this will only intensify over time. This is a grim situation that effects many lives and needs attention.
Fortunately, this is another scenario where there are measurable business benefits to acting.
Every Dollar spend on wellness returns 6 dollars.
Companies who invest in mental health will hold a considerable advantage on their competitors. Focusing on mental health reduces the cost of absenteeism, lowers healthcare premiums and makes your company a more attractive place to work. In an environment where candidates have power like never before, a mental health program can retain talent and reduce your recruiting costs.
This is one of the rare times where doing the right thing is also great for the business, make sure you don't miss out.
If you feel behind and are looking to build out a strategy, set up a call with me.