Leadership well-being: An essential risk mitigation strategy

As a business leader, are you too busy to look after your health? Have you become OK with feeling just OK? If so, Copeman Healthcare offers a solution that will address stress and wellness and support your long-term business growth.

Often we tend to look after our businesses and employees better than we look after ourselves. This can result in a gap between organizational performance expectations and the physical or psychological resiliency required to achieve them.

Reframing our thoughts on leadership well-being is essential in a dynamic business environment. Our organizations must defend against the negative health impacts that result from the stress of a competitive workplace.

A few core business principles exist within our collective organizations that call for a new narrative around leadership well-being.

People as our No. 1 asset

We all recognize that people are the No. 1 asset and have tremendous influence on the performance of an organization. It stands to reason that organizations should want this vital asset to appreciate rather than depreciate through all business cycles.

Risk mitigation

Risk mitigation is an essential business practice. If people are truly your No. 1 asset, then strategic risk mitigation should be intentional. The greater the value of the asset, the greater the energy that should be directed towards this effort.

The primary risks associated with people assets are that they retire early, leave to work elsewhere or get sick and have to pull back from their roles and responsibilities.

Responsibility has its privileges

Virtually every organization has a menu of benefit differentials that are associated with individuals taking on greater responsibility. These differentials may come in the form of base compensation, various forms of variable pay, corporate shares, car allowances, vacation allocations, professional development allowances, travel upgrades, etc.

Benefit differentials are an acknowledgement of the need to appropriately look after individuals who take on roles with escalating accountability and responsibility. Therefore, it is appropriate that wellness differentials compensate leaders for the higher levels of stress they endure. 

Key-person roles

Leaders within organizations typically identify key individuals who are vital to sustained business performance. When individuals become unable to perform their role, it’s imperative for the organization to fill this talent gap. Securing a suitable replacement becomes a business priority, and resources such as time and budget are often quickly redirected to ensure that talent gaps are promptly addressed. 

With these four fundamental business principles as a backdrop, we now have the context required to discuss the personal, professional and organizational value associated with leadership well-being. Developing the appropriate framework from these principles ensures that your No. 1 asset is appreciating, that you are taking steps to minimize your risk for your people assets, that you are driving employee retention and that rewards are made in step with escalating levels of contribution.

If you would like to learn more about how you can implement a leadership well-being program, please contact Tia Young at 604-256-9255.