But what makes employee well-being a boardroom priority? The answer lies in recognising human capital as a critical organisational asset. “Companies need capital to operate,” Curtis asserts, “and human capital is increasingly important given the changing nature of work.”

He goes on to add, “There have been studies on the impact of staff turnover, and it is clear that turnover is often not just of dissatisfied or underperforming staff, but also of high-performing staff who leave for unnecessary reasons which are not properly understood or pre-empted. Data also shows that even if they are replaced by equally good staff, there is still a period of underperformance whilst they get up to speed.”

In today’s technologically advanced workplace, employees are no longer interchangeable parts but intellectual contributors whose engagement directly impacts organisational success. Engaged employees  don’t just complete tasks—they voluntarily contribute ideas, enhance customer experiences, and build organisational resilience.

However, implementing a comprehensive well- being strategy isn’t without its challenges. Boards often struggle with the perception that well-being initiatives are cost centres rather than value generators. “Board of directors and top management are driven by key performance indicators that are predominantly financial,” Curtis notes, “so efforts to improve employee well-being are often viewed as likely to increase costs with no visible productivity gain or profits growth.”

See also: Timeless treasures: Malaysian companies that have been around since the 1950s

Chin reinforces this point, highlighting the competition for scarce organisational resources and the difficulty in calculating the immediate return on investment for well-being programs. “A well-structured and comprehensive Employee Well-being Plan (EWB) can be expensive to execute. Unlike expenditures on capex or marketing, its annual ROI is difficult to calculate because the benefits often accrue over a much longer period. Thus, the organisation needs to invest in building capacity and capability at both the C-Suite and Board levels. Organisations such as ICDM help companies address these gaps by providing frameworks, tools, learning opportunities, peer networks, and global perspectives needed to navigate these challenges,” he adds.

But that being said, the landscape of employee well-being continues to evolve. Flexible working arrangements, mental health support, diversity and inclusion, and addressing generational workplace expectations are becoming increasingly critical.

“I’m seeing the growing awareness around social and cultural sensitivities in the workplace,” Chin observes. “Organisations may need to adapt to ensure inclusivity and responsiveness to these changes.” He adds that there is a need for the right policies and procedures to attract and retain millennial talent. 

“Organisations will need to develop fresh approaches that resonate with this generation, which have different exposure and expectations compared to previous generations. In supporting organisations to navigate these trends, resources like those offered by ICDM can provide valuable insights and frameworks for boards to adopt,” says Chin.

For boards and management just beginning their well-being journey, the experts offer pragmatic advice, and that is to start by learning from others’ experiences, tailor strategies to local cultural contexts, focus on measurable, incremental improvements as well as engage with professional networks like ICDM for guidance and insights.

“Whilst a good and sound employee well-being plan can be easily crafted, the key consideration is that it must be tailored to local culture and requirements. A cut and paste plan drawing from international best practices is usually not appropriate and can result in execution failure or will not achieve the desired results,” Chin adds.

Don’t miss: CEOs share the books and podcasts they recommend for sustained leadership and success

Perhaps the most profound insight comes from understanding that employee well-being isn’t just a corporate strategy—it’s a human-centric approach to organisational success.

“Create a sense of purpose appropriate to different levels of employees,” Curtis suggests. “Help them understand how their individual contributions matter in the broader organisational and societal context.” He adds that there are many other areas that can be addressed, which range from extending outpatient benefits to employee families, having a fast-moving compassionate fund to cover staff emergencies, having sports and social events, good quality uniforms, transparent promotion and reward systems backed up by clear job descriptions, and so on. “Even extra days of paternity leave have a great emotional impact,” he says.

As the corporate world continues to evolve, the boards that prioritise genuine employee well-being will be the ones that attract, retain, and nurture top talent. It’s not just about being a good employer—it’s about building sustainable, resilient organisations that recognise their greatest asset walks through the door every morning.

This article is part of Business of Good, the series that explores how global leaders drive change through innovative ideas and positive action. New stories are out every Wednesday.

NOW READ

Home tour: A breathtaking villa with ocean views on the Greek island of Mykonos

Inside Korea’s street food scene: A journey through time and taste

Porsche unveils the most dynamic 911 Carrera S yet