Gone is the adage that a healthy paycheck symbolizes an employee's success.
In a 2022 study by Oracle, 88% of workers indicated that the notion of 'success' in the workplace has changed and that work-life balance, mental wellbeing, and a meaningful job now sit at the forefront of what this sort of success looks like today.
Sentiment shows that workers want flexibility and to be employed as trustworthy individuals with acknowledged needs outside their job - importantly, without shame in prioritizing those.
Research supports this in a study involving the FTSE 100, which shows that those companies prioritizing employee engagement and wellbeing outperform their peers by 10%. The study notes that these businesses "reap the benefits through enhanced morale, loyalty, commitment, innovation, productivity and profitability."
Yes, the face of successful leadership is changing, and retaining talent and maintaining productivity means employee wellbeing must be at the forefront of company goals. Businesses should be geared to adopt empathetic leadership alongside an overhauled company culture.
By understanding and showing empathy toward employees' needs, feelings, and experiences, empathetic leaders create supportive and inclusive workplaces where employees feel heard, respected, and valued.
Empathetic leaders value the significance of work-life blend and aim to create a happy and healthy work environment. By cultivating empathy, management builds trust, loyalty, and commitment among employees, ultimately leading to higher job satisfaction, productivity, and retention.
2021 research by Catalyst (surveying approximately 900 US employees across industry types) thoroughly supports this. It shows that 76% of people who encountered empathy from their leaders were more engaged. Furthermore, 61% reported higher levels of creativity.
So, how does management bolster empathetic leadership for employee success?
1) A better balance between work and personal priorities must be acknowledged and accepted by the employer.
2) The employer must take employee wellbeing seriously at the core of the business, prioritize and build it into company strategy, meeting workers' needs on a deep and authentic level.
3) Organizational values and ethics need to be readdressed, tweaked, changed, as well as 'lived.'
Empathetic leadership is a powerful tool that companies can use to create a positive and productive workplace culture. By prioritizing empathy and understanding, leaders can create an environment where employees feel supported, heard, and valued. This approach not only promotes employee wellbeing and job satisfaction but also leads to higher levels of productivity and profitability. By investing in empathetic leadership, companies can retain top talent and build a happy and engaged workforce, ultimately benefiting their bottom line.
Are you looking to improve your company's performance and cultivate a supportive workplace culture, embracing the principles of empathetic leadership? Book a consultation with an expert at MY BIG IDEA to boost your organization's health and employees' wellbeing.