Burnout is not just a passing issue but a pervasive problem affecting professionals at all levels in today’s fast-paced environment. In 2023, a record number of CEOs stepped down, and a staggering half of U.S. employees expressed their willingness to sacrifice their salary for a better quality of life. Despite organizations’ increasing awareness and efforts, recent data paints a grim picture, indicating that burnout remains a significant and pressing challenge.
The 2024 Global Talent Trends report by Mercer, a comprehensive study involving over a massive 12,000 participants globally, including 9,500 employees, 84 investors, 845 C-Suite leaders, and 1,900 HR leaders, delivers a sobering revelation: more than 80% of employees are at risk of burnout this year. This complex issue stems from a multitude of factors, including excessive workload (37%), exhaustion (40%), and financial strain (43%).
According to a 2024 Global Risks Report, nearly two-thirds of the C-suite predict a “stormy” or “turbulent” outlook over the next decade. Therefore, appropriate risk management strategies and a focus on people management are needed to help forge long-term success and sustainability. With that said, here are two critical areas that will work toward alleviating burnout and optimizing long-term growth and sustainability.
Cultivate Psychological Safety
The report outlines that psychological safety is crucial for mitigating burnout while strengthening organizational resilience. Psychological safety had four distinguishing features and feelings desired by employees:
- “I can bring my authentic self to work.”
- “I feel empowered to make decisions independently.”
- “Our work and work practices promote autonomy and dignity.
- “I can voice my opinion openly without fear of repercussion.”
Contrary to misconceptions, psychological safety doesn’t entail constant niceties; instead, it is an environment where productive conflict is available, and people feel free enough to voice half-finished thoughts (even wild ones without feelings of repercussions). With just three out of ten employees feeling comfortable enough to share their opinions at work, according to a Gallup poll, embracing this approach offers an opportunity to unlock the potential of each employee further and improve talent attraction and retention efforts.
Less Focus on Salary, More on Well-Being Benefits
Salary isn’t employees’ sole concern and priority in today’s workplace. In fact, 46% of employees prioritize well-being benefits over pay increases, according to the report. This employee philosophical shift further highlights the ever-increasing shift from work-life balance to work-life integration. Forward-thinking organizations can prioritize individual well-being to stay ahead of the trends and the competition. This initiative can begin with creating a work environment, prioritizing well-being, and implementing health screenings and programs.
With 57% of employees working longer hours than before, a focus on individual health and vitality is needed for long-term success and sustainability. Don’t think of well-being as a cost; instead, view it as an investment in the workforce’s well-being and the overall forging of the company’s resilience. Leading organizations shared in the report that routinely auditing their culture was a habit, and one in three executives would increase spending on employee benefits and well-being initiatives even if faced with an economic downturn.
As organizations navigate the complexities of the modern business landscape, including geopolitical uncertainties and the growing influence of AI, addressing burnout is not just a priority; it’s a survival strategy. Ignoring burnout creates a bottleneck and threatens both short-term productivity and long-term growth and sustainability, potentially derailing even the most successful enterprises.
To tackle this challenge proactively, CEOs and organizations can prioritize the well-being of their workforce and implement strategies, starting with creating an environment of open dialogue and more in-depth attention to individual well-being.