This post originally appeared on Forbes on June 29, 2023.
The 2023 State of the Global Workplace Report from Gallup estimates that low rates of employee engagement cost the global economy $8.8 trillion. To put that into a meaningful scale, that figure is 9% of global GDP. That figure is eye-watering. The same report states that only 23% of employees globally say they are thriving at work, so low engagement is a real problem.
It's no wonder then that economists will have noticed the connection between well-being and the economy.
Noted economist Rebecca Harding gives employers some hard truths when it comes to achieving their business goals. While some employers report feeling an unfair expectation from their people to look after employee wellbeing, they do have that duty of care. If that duty of care isn't sufficiently motivating, then the impact on the bottom line should be. "Productivity, well-being, and innovation are closely interlinked with each other," says Harding.