CFOs can impact their company’s financial performance by focusing on their employees' mental well being
As the responsibilities of a Chief Financial Officer (CFO) continue to evolve, there is a growing awareness of the importance of mental well-being in the workplace. It is no secret that the health of a company's finances is closely tied to the mental and physical health of its employees. Therefore, today's CFOs must consider the mental health of the workforce as they monitor the company's strategy.
There are many ways that a focus on mental well-being can help improve financial metrics. Studies show that high levels of stress can affect the nervous system in a way that makes it difficult for employees to concentrate, remember important details, and communicate effectively. This can lead to mistakes, accidents, and poor performance. Additionally, employees who feel unsupported in their mental health are more likely to experience high levels of absenteeism, presenteeism, and staff turnover rate.
For CFOs looking to prioritize employee mental health, one strategy is to provide adequate resources for stress management, including stress-reducing programs such as yoga, mindfulness meditation, and counseling services, which are proven to improve employee well-being and increase job satisfaction. Such programs can also help employees handle stressful situations in a more productive, efficient manner, ensuring that they remain focused and alert and harness the company's potential to generate revenue.
To monitor such strategies, CFOs can get involved in employee morale surveys and collect feedback on employee satisfaction and mental health. Additionally, they can engage with human resource management to see if initiatives are being implemented effectively and gauge their results in improving key performance indicators. In this way, the CFO can help ascertain the effectiveness of programs targeted at stress management in reducing staff burnout and associated costs.
It is essential that CFOs are mindful of how their company is managing the mental well-being of employees, including stress and impacts on the nervous system. The financial metrics of a company can be significantly improved by prioritizing employee mental health. As a key stakeholder in decision-making for an organization, ensuring the well-being of the workforce should be among the foremost priorities of CFOs, and, in turn, have a positive impact on the bottom line.
For further reading on how the nervous system is impacting employee well-being, check out the article "How your nervous system is impacting your ability to thrive" published by AFPonline.org.