Prioritising workplace wellbeing can drive sustainable success for businesses

National Workplace Wellbeing Day takes place on Friday, April 26th. Hosted by Ibec, it aims to highlight the importance of wellbeing in the workplace, educate stakeholders and help employers to evolve and excel in their wellbeing strategies.

“We are calling on businesses to prepare for National Workplace Wellbeing Day 2024 and to join over 1,000 companies across Ireland who will be celebrating with a range of health and wellbeing activities,” says Ibec HR strategy specialist Vicky O’Neill. “The day provides a unique opportunity for businesses to rebalance and refocus on the year-long supports that will benefit their employees’ social, mental, and physical wellbeing.”

There has been a marked change in the approach to workplace wellbeing in recent years, O’Neill says. “Previous discussions often centred around the implementation of initiatives to address physical health concerns. Employers invested in employee physical health initiatives, conducted sporadic wellness talks, and encouraged healthy eating. These efforts were well-intentioned, and may have some positive impact for some people, but done in isolation of a more holistic approach, they can fall short of addressing the deeper wellbeing needs of employees.”

As a result, the positive business outcomes associated with a healthier workforce tend not to be realised.

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“Our understanding of workplace wellbeing has shifted,” O’Neill says. “True, wellbeing extends beyond physical health – it encompasses mental, emotional, and social dimensions. It considers how work and work experiences are designed, distributed and managed. Consequently, there has been a notable pivot towards adopting a more comprehensive and integrated approach to employee wellbeing. Employers now view workplace wellbeing not just as a moral imperative, but also as a strategic investment in their business success.”

Organisations recognise the connection between wellbeing and superior business and societal outcomes, she says. “Forward-thinking companies acknowledge that a healthy, happy workforce creates shared value. Shared value is a competitive strategy that simultaneously creates value for business and society. The long-term competitiveness of companies depends on social conditions, such as a skilled workforce, community strength and safe working environments,” O’Neill says.

“Addressing workplace wellbeing contributes positively to the competitiveness agenda. The Ibec KeepWell Mark can help organisations assess their wellbeing maturity and inform targeted strategies to impact organisational outcomes.”

One of the most significant developments in workplace wellbeing has been the recognition of the importance of psychological safety. “Professor Amy C Edmondson, the eminent thought leader who first brought this concept to life, defines psychological safety as a belief that one will not be punished or humiliated for speaking up with ideas, questions, concerns, or mistakes, and that the team is safe for interpersonal risk-taking,” O’Neill says.

“She describes this as a ‘key factor in healthy teams’ without which teams and individuals are prevented from performing at their best. With workplaces undergoing tumultuous transformations with the rise of remote and hybrid working, diverse and distributed workforces, digitalisation, and the advent of artificial intelligence, it is timely to revisit why psychological safety matters and consider the consequences of its absence.”

This focus on psychological safety has reshaped how organisations approach leadership, culture, and team dynamics, she continues. “It represents a shift in how we consciously curate workplace culture and define successful leadership. No longer is success solely measured by bottom-line metrics. It also hinges on fostering an inclusive, supportive environment where every voice is valued and heard. To enable this, employers are increasingly investing in leadership development programmes that prioritise empathy, active listening and vulnerability. These qualities are essential for cultivating psychological safety within teams.”

There is also a need to leverage data to make smarter decisions relevant to each unique workforce. “External Talent Intelligence, a systematic process of data gathering, is used to identify trends, anticipate challenges, and deliver targeted workforce support where it is needed most,” O’Neill says. “Combining this external data with internal insights can accelerate progress toward wellbeing, but also progress in general across the talent life cycle. This not only enhances the effectiveness of wellbeing initiatives but also signals a deeper commitment to employee engagement.”

O’Neill believes workplace wellbeing will continue to evolve. “The cost of doing business continues to rise, and organisations need to continue to explore cost-effective, practical ways to balance employee wellbeing with business needs,” she says.

“Our experience with members has demonstrated remote work, hybrid models, and the blurring of boundaries between work and home life have introduced new complexities, and change continues to be the new constant.

“The coming years will see a paradigm shift, toward making the complex simple, and co-creating better structures to augment employee experience. By prioritising psychological safety, personalisation, and the alignment of wellbeing with business objectives, organisations are not only enhancing the lives of their employees but also driving sustainable success in an increasingly competitive landscape.”

For more information, see wellbeingday.ie