A New Order of Business: Re-prioritising towards a Future of Fulfillment
The past two years have unleashed an unquestionable change in how we think about business and life. Where we once saw business and our private existence beyond work as separate pillars, several employers and employees today continue awakening to the reality that in the intricacy of our humanity, we cannot separate our health, wellness or personal lives from our business lives. The words of SARS Commissioner, Edward Kieswetter, have never been more true; it's not about work-life balance but rather work-life congruence. Fulfilling personal life is linked inextricably with a fulfilling, purposeful work life.
A new order of Business
Post-pandemic effects and our current realities indicate that we face a new order of business. In a world overtaken by digital transformation during the 2020-2021 period, where technology was the saviour of productivity in being able to connect us despite being under isolation, new stressors were introduced into an already overwhelming culture of work and hustle. Being isolated to a home-work environment meant longer hours at the laptop and more demands from the household resulting in a silent and dangerous second pandemic: burnout and stress. The American Psychological Association in an article released this year, revealed post-COVID, that workers across professions, are experiencing burnout and stress at unprecedented levels.
The issue appears to have led to outcomes that are fundamentally changing business realities forcing employers to rethink the integration of business and our personal lives. A trending term at one point during the COVID-19 pandemic was the Great Resignation. Weighing up the sacrifice toward the traditional 9-5 job against overall wellness and quality of life saw people drawing a line in the sand, deciding to quit work, and take the time to re-discover themselves and what's important to them.
For small business owners, this luxury was not afforded with many entrepreneurs suffering from the unrelenting pace of work exacerbated by the pandemic. With most entrepreneurs used to working outside of the conventional hours, the compromise between working even harder to continue providing for their staff and families, and ensuring their mental wellbeing is sound, has proven to be a dangerous trade-off.
Wellbeing in the Workplace
There is a clear need for integration of a greater understanding of humanity, and what makes people feel safe, secure and fulfilled in collaborative workspaces that have now largely turned digital. Looking ahead, this is particularly important for the consideration of gender equality and the perception of the role that women play in being included in the workplace, the economy and society. In an unexpected turn of events, the pandemic seems to have presented some emerging solutions to the beckoning voice for increased focus on employee wellbeing.
Under the constraints presented by the pandemic and work under lockdowns, businesses have been forced to scrutinise their operations and come up with practical ways around the issue of waning wellbeing. We’ve seen a number of solutions including adjusting to a more flexible working structures, employing more contractors and fewer permanent staff – a gig economy model the small business sector has benefited from for a while already. Simultaneously, even multinationals are exploring and implementing shorter work weeks. Another of these new business realities made possible by technology, is an increase in remote or hybrid work situations, with studies indicating that remote work has increased employee happiness by 20% overall, a significant figure to consider. Several employers are now continuing with this arrangement because happier employees are more productive than unhappy employees. With structures becoming less physical and noting the strain placed on small businesses and larger corporations alike, providing access to psychological support or adjusted working hours that make sense for employees and employers particularly in the modern world of work has been a welcomed gesture for people amidst the chaos of change experienced.
Wellness Management
Bringing it back home, there is transformation even from our local policymakers. In 2019, South Africa released a Wellness Management Policy for Public Service workers, highlighting the link between the health and wellbeing of employees, and productivity levels in the workplace. "Wellness Management emerged as a priority due to increasing recognition that the health and wellbeing of employees directly impacts the productivity of the entire organisation. Employees are the organisation's lifeblood; it is vital to help them produce at their optimum levels," were some of the outcomes from the policy.
As the world recovers and works its way through the global challenges it faces from the last two years, financial strain and rising costs are forcing employers to find other incentives to make their offers more attractive if they can't increase compensation. The unexpected outcome of the pandemic and the parallel push to greater technological transformation in society has shone a light on the indisputable correlation between prioritising passion, purpose and wellness. While the structures of formal, traditional employment has suffered from retrenchments and resignations, entrepreneurs and businesses with agile operating models have had the opportunity to innovate. In this instance, it has been an innovation of culture that has seen people emboldened, taking more control of their own time and lives with the result of many launching into entrepreneurship as a new career path.
Entrepreneur of the Future
These realities are far from how business was conducted only a few short years ago and while much about the future remains uncertain, what is clear is that where we’re headed will require a reprioritisation of what it is that truly fulfils us in both work and play.
Join us at the Tech Entrepreneurship Xperience (T.E.X) as we tackle more on this topic and other issues that influence the future of entrepreneurship and the effects technology will have on the small business ecosystem in South Africa. Virtual tickets are all complimentary and available NOW!
T.E.X 2022 - Charting the Path of the Entrepreneur of the Future. Powered by Innovator Trust.
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