Business

What’s the cost of ignoring your employees’ emotional wellness to your organization?

To put it mildly, India Inc. is stressed. So, the question is, what cost are companies paying by ignoring employee emotional wellness? At a very …

Published

3 years ago

April 26, 2021

Manvendra Chaudhary

What’s the cost of ignoring your employees’ emotional wellness to your organization?

What’s the first thing that comes to your mind when you hear the phrase ‘employee wellness’? Chances are you’re thinking of physical fitness, exercise, healthy eating and prevention/management of lifestyle diseases like hypertension, diabetes etc. But an essential component that we seem to lose sight of is employees’ emotional wellness.

In fact, as per a survey conducted by LinkedIn in 2020, only 23% of Indian professionals are offered emotional support resources by their employers. This is alarming considering 55% of Indian working professionals reported a rise in their stress and anxiety levels during the COVID-19 pandemic. Not just this. According to a study conducted by Assocham, 46% of the Indian workforce suffers from some of the other form of stress. Another study by Microsoft found that around a third of workers in India face increased burnout at work.

To put it mildly, India Inc. is stressed. So, the question is, what cost are companies paying by ignoring employee emotional wellness? At a very basic level, an obvious effect is a loss of productivity. But let’s dig a little deeper and look at the factors which lead to this and their effects:

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1. Higher Absenteeism

As per a 2016 study, the work absence rate of employees with poor mental health is around 5% higher than those with good mental health.

Not only does this affect an employee’s individual productivity but also their team’s productivity. According to the Society for Human Resource Management (SHRM), co-workers of employees who are absent from work, are perceived to be 29.5% less productive when covering for them.

2. Fall in Morale

High employee morale is absolutely essential for the success of a business and cannot be undervalued. A company’s culture and even profitability are a direct consequence of employee morale. According to a 2017 study, positive employee morale can boost a business’ profitability by 21%.

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But a lack of adequate emotional support can cause employees’ morale to plunge significantly. During the 2020 Covid pandemic, Indian employees reported up to a 26% net increase in feelings of loneliness. Consequently, as per SHRM, 44% of business leaders reported a fall in their employees’ morale levels due to isolation.

3. Loss of Talent

The provision of good emotional wellness support is something that working professionals are increasingly looking at to choose who they want to work with. According to a 2018 survey, 87% of Indian professionals said that workplace wellness programs are important for them and help them choose between two potential employers.

The cons of losing out on attracting talent are well known and can adversely affect the future success of a company

4. Financial Loss

Overall, if employee emotional wellness is ignored, it directly affects the company’s bottom line. As per the WHO, depression, and anxiety alone costs the global economy a stunning US$ 1 trillion per year in lost productivity. India alone is expected to suffer economic losses to the tune of US$ 1.03 trillion between 2012-2030 due to mental health conditions alone. It would be an understatement to say that the economic impact on India Inc. is enormous.

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What’s more, is that the huge ROI organizations can reap from investing in employee emotional wellness resources. As per research for every US$ 1 put into the treatment for common mental disorders, there is a return of US$ 4 in improved health and productivity.

It is overwhelmingly obvious that if organizations continue to ignore their employees’ emotional wellness, they run the risk of incurring massive losses both in financial and human capital. On the flip side, any investment made towards ensuring employee emotional wellness is well worth it and an absolute necessity for any and every organization.

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Net Worth

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Published

12 hours ago

April 18, 2024

Vishnu Chaudhary

Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

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Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

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Business

Wow! Momo secures Rs 70 crore funding from Z3 Partners for expansion

Published

2 days ago

April 17, 2024

IANS

Food chain Wow! Momo raises Rs 70 crore from Z3Partners

Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.

CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.

Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.

Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.

Business

UP now boasts the largest number of Geographical Indication-tagged items in the country.

Published

2 days ago

April 17, 2024

IANS

UP now has the most GI-tagged items in the country

Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.

The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.

Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.

The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.