Leaders in sustainability share their perspectives on the future of workplace wellness as normalcy returns
Kazi Awal/Insider
- Companies were forced to change their relationship with employees during the pandemic, leading to policy changes and new investment in the workplace.
- Following are five perspectives from leaders of the series' Advisory Council, representing Deloitte, Ford, Impact Investment Exchange, Bank of America, and Infosys.
- We asked them to share with us how their organziations and sectors have created lasting change.
- Key themes include: developing talent from new places, supporting women in the workplace, and investing in community partnerships.
- This article is part of the "Financing a Sustainable Future" series exploring how companies take steps toward funding and setting their own sustainable goals.
Impact Investment Exchange; Edited by Kazi Awal/Insider
As the world comes together in the wake of the COVID-19 pandemic to build back better, governments and businesses both are facing a drastically new environment — one where sustainability is ultimately limited if they cannot secure the health and well-being of all the people including the workers and the vulnerable populations.
While there is a broad consensus on the need to urgently intervene to provide relief for women and underserved communities, governments and businesses have the opportunity to go one step beyond, to build the kind of resilience across every group of the population that will outlast any pandemic.
People are looking for that. They are demanding that. They want their voices to be heard and actions to match those demands.
Businesses need to now not only survive the pandemic but recover and have a lifeline to pivot their businesses so they're able to adapt and thrive in the new norm.
Leveraging our insights garnered from working with thousands of small growing businesses across the Asia Pacific, we at IIX see that the key for businesses to adapt to the new norm is to create a deep positive impact both inside and outside the company.
Companies need to measure the impact they are creating internally on their workforce, and outside through its operations. The act of measuring their impact has to go beyond 'check boxes', and the top-down ESG approach.
They also need to embrace impact toolkits that measure the impact of their business across the wide spectrum of stakeholders from the bottom up. They need to listen to all the stakeholders if the positive impact they are creating is deep enough and also acknowledge the negative impacts.
For us at IIX, the bottom-up up approach of measuring impact has been the norm for the past 13 years. We have developed tailored toolkits and technology platforms across the growth stages of an enterprise that help them rebuild, pivot and strengthen their business operations for a new business and economic environment. One such tool is IIX Values which is effectively measuring the companies' impact and verifying it through technology directly by the stakeholder input.
Such a tool is acting as a great 'de-risking' mechanism for the companies and making them exceedingly more attractive for investors to invest in.
Deloitte; Edited by Kazi Awal/In
While the pandemic is likely to remain with us in some form going forward, the past two years have led to a profound shift in the way that we think about work and the future of work. I believe business leaders can seize this opportunity to lead the way to drive systemic change, by challenging outdated beliefs and behaviors, and building an equitable future for their employees.
Diversity, equity, and inclusion need to be prioritized at every level of the organization and they are imperative elements of a successful business strategy and resilience.
Narrowing in on gender equity, our 2021 Women @ Work: A global outlook report found that the pandemic had disproportionate effects on working women, since they have taken on more responsibilities both at home and at work while not receiving adequate support from their employers.
The report found that women are more stressed and pessimistic about their careers than before the pandemic — as many as 51% are less optimistic about their career prospects than they were before COVID. We also see that the pandemic has negatively impacted women's well-being and relationships with their employers, and that longstanding non-inclusive workplace cultures also continue to be a roadblock to their career progression.
That being said, there are specific steps that organizations can take to strengthen their relationship with their female workforce and not lose top talent. First, the report found that leaders that get it right work to create and maintain an inclusive everyday culture, where non-inclusive behaviors are not tolerated, and where women feel able to raise concerns without fear of reprisal.
Second, they exemplify and enable work-life balance and normalize flexible work. Third, they demonstrate visible leadership to the issue, which includes setting targets for gender representation at the senior level. Fourth, they provide avenues for career growth by offering better learning and development opportunities and stretch projects.
And finally, they enable success both at work and life outside of work by providing the necessary support, such as mental health resources or even short-term sabbaticals to allow employees to pursue other interests.
Organizations need strong leaders that prioritize diversity, equity, and inclusion in their policies and culture and provide tangible support for the women in their workforces. Doing so will not only advance gender equity in their workplace, but will also fortify the organization against inevitable future disruptions.
Bank of America; Edited by Kazi Awal/Insider
As part of being a great place to work, Bank of America continues to invest in our teammates and, over the past two years of the pandemic, we focused on prioritizing their health and safety. This included expanding benefits and resources to promote health and wellness; offering programs to support them during life's important moments; and creating additional opportunities to help them grow and develop in their careers.
To remain a great place work, we continuously evolve our approach to recruiting, bolstering, and retaining amazing, diverse talent. We provide employees access to a range of programs and resources focused on driving their success in the workplace.
Furthermore, we increased our U.S. minimum hourly wage to $21 in 2021 and are increasing it to $25 by 2025; we provided approximately 97% of our global employee base with a "Sharing Success Award" this year ― representing $3.3 billion in additional compensation delivered since 2017; and for the tenth consecutive year, we did not increase medical premiums for teammates earning less than $50,000 per year.
We also believe companies need to build strong and diverse talent pipelines. One way to do that is through our campus recruiting programs, where we attract future leaders and develop promising young talent who serve our clients and local communities every day. Their diverse thought-leadership is valued and is what helps push our company forward.
Beyond our hiring efforts, we strive to advance racial equality and economic opportunity in the communities where we live and work. We make long-term investments through community partnerships and grants that support education and job skill programming through our $1.25 billion five-year commitment to advance racial equality and economic opportunity.
However, for companies to continue to thrive following the pandemic and the social catalysts of 2020, leadership needs to embrace and champion diverse representation, backgrounds, and ideas. At Bank of America, this starts at the top with our CEO, board of directors, and management committees all playing a crucial role establishing an inclusive culture. They set expectations that every teammate is accountable for ethical and professional conduct and are extremely committed to making Bank of America a great place to work.
As a leading global financial institution, we want every Bank of America employee to bring their whole selves to work and feel celebrated, not minimized. We work hard to offer an inclusive workplace, career growth and development, and rewarding and comprehensive benefits that will help our employees thrive at every stage of their careers and their lives. Having this inclusive culture and investing in our communities is the core of who we are as a company and how we drive responsible growth.
Infosys; Edited by Kazi Awal/Insider
When we look at overall job-market data trends – open jobs exceeding the number of job seekers, escalating attrition rates across companies, or the continued lack of participation in the workforce — it's clear that we're missing something.
This goes beyond a discussion about post-pandemic return to work although the pandemic has created an inflection point in the work-workforce-workplace dynamics.
First, we will see more systemic changes that will pivot us all to potential, instead of degrees or even skills. Organizations will create the talent pools they need to drive business — by hiring extremely diverse talent and assuring them upward mobility — because they will have developed the ability to educate and train people from across backgrounds and levels of formal education.
Second, companies will focus not just on traditional business outcomes but on delivering concrete results that matter to its employees on a personal level. The ability to create an ecosystem of trust in meaningful ways will become a powerful differentiator, a business necessity even, when it comes to attracting and retaining great people.
And third, beyond compensation, policy, and perks the conversation will shift to purpose.
With workers demanding that their employer define a 'north star' — that energizes them because it speaks to why and how their company is different from any other, why their role exists, and how they can step up, create value, and make a difference.
Ford; Edited by Kazi Awal/Insider
As the post-COVID-19 business environment continues to evolve, it is more important than ever that companies like Ford help focus on equity and access to opportunity for employees across our industry and beyond. To do this, companies have to provide additional resources to support their team through unprecedented change.
At Ford, we now offer a US sabbatical program with partial pay and full benefits. Ford has also enhanced its family assistance programs, including increasing US salaried paid parental leave, flexible work hours, and backup childcare.
These practices are helping Ford retain talent, and helping our team members balance their personal and professional lives. These changes are a part of the company's broad commitment to sustainability, which I believe supports good business and our Purpose to help build a better world.
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