The cost of workplace stress and how to reduce it Rob Cooke
Stress – we all know what it is
and we all handle it differently.
Whether it’s our thoughts
speeding up or slowing down,
eating our emotions or not at all,
difficulty sleeping
or just getting out of bed.
Frankly, it sucks.
(Laughter)
But there’s good stress too, you know,
like preparing for the biggest
public speaking event you’ve ever given.
(Laughter)
(Applause)
On a global platform.
(Laughter)
No, even the good stress
can mess with you,
but it’s the bad stress
that I came to talk about.
And probably not
for the reason you’d expect.
I’m a relationship manager
for affluent individuals.
Meaning, I work with wealthy folks
and their families, hip to hip,
helping them achieve
their financial goals.
I like to keep the economy
in mind, because I know
that whatever impacts the economy,
impacts my clients,
and it turns out stress is impacting
the economy in a massive way.
What if I told you that by some estimates,
the cost of work-related stress in the US
is close to 300 billion dollars annually?
Workplace stress, the stress
causing this massive impact,
is related to productivity and wellness.
Today, that’s what
we’re here to talk about.
And by the way, it’s linked
to employee disengagement,
chronic diseases that impact your work
and work-related injuries and illnesses.
And when you add up the cost
of all five factors,
it’s an estimated
2.2 trillion dollars annually.
That represents 12 percent of our GDP.
Now I know what you’re thinking,
“That is a lot of money, and how?”
Stress is this deeply personal thing,
it’s crazy to think
it can have such a massive impact.
But consider this thought
experiment to explain how.
Imagine a single mother
working a stressful job,
in a stress-filled environment,
where she sits 90 percent of the time.
Maybe she doesn’t have time to cook,
so she chooses meals
based off of convenience,
which usually means what?
Overly processed, high-sugar foods.
Over time, this poor diet,
mixed with stress from work,
leads to a chronic disease.
Let’s call it diabetes.
Medical care cost her
and the company more money,
which means more stress.
Now, she’s worried about her health
and making ends meet,
so she’s probably distracted
and less productive.
But she can’t be, remember?
She’s a single mother.
Now she’s thinking,
“What if something happens to me?
Who is going to take care of my child?
Who is going to take care of my baby?”
More stress.
Now take that scenario,
tweak it whichever way you’d like,
and lay it over the nation,
and you might start to see
how we run up against
that multitrillion dollar cost.
This all hits very close to home for me.
My father’s one of the hardest-working
and most intelligent people that I know.
Don’t get me wrong,
mom worked and provided too,
but he definitely embraced the role
of being the primary breadwinner.
And I’m sure most of us
can understand the stress and pressure
that comes with taking care
of our families.
But when you combine that
with workplace stress,
do you know what could happen?
Developing irreversible
high blood pressure,
eventually losing function of your kidneys
and spending a decade
on dialysis – his fate.
Now I’m happy to report
that he did get a kidney transplant
just last year.
However –
(Applause and cheers)
However, for nearly a decade,
neither the economy nor my family
got the benefit from his work ethic
or his intelligence,
and as he would say,
that’s just really sad commentary.
All I’m saying is,
I think stress impacts the economy
by reducing productivity
and increasing health care costs.
Makes sense?
Right?
But here’s what doesn’t.
Current research from
the World Health Organization
puts global spending on health
at 7.8 trillion dollars.
Research from the Global
Wellness Institute
suggests that the 4.5-trillion-dollar
global wellness industry
grew from 3.7 to 4.2 trillion
between 2015 and 2017,
and sees that growth into 2022.
So what, why do you care?
Because that growth is nearly
twice as fast as the global economy,
averaging about 3.3 percent
in the same period.
So what does all that mean?
Every year, we’re spending
more per year on health,
and the industries all about
developing overall well-being
and living a healthier lifestyle
are growing almost twice as fast
as the global economy,
and yet, we’re losing
trillions of dollars per year in output.
So what’s up?
(Laughter)
Well, stress levels are up,
and I believe that needs to change.
I also believe the way we think
about stress needs to change.
So let’s try by reframing how we view it.
See, we tend to think about stress
as a consequence,
but I see it as a culture.
Where do most of us spend our time?
At work, right?
Where we face that scale of finding
that work-life balance.
So the bonds between work,
stress, health and wellness
have never been closer.
And yet, there’s a massive disconnect
in how we approach stress
and well-being in the workplace.
And we could blame many things, right?
New tech,
laser focus on shareholder returns,
or my favorite, keeping up
with the Joneses
and taking pictures while we try.
But at the end of the day,
I’m afraid that we’ve created a culture
where personal care and overall well-being
are given the back seat.
So how do we move forward?
I believe the answer lies
in three fundamental pillars.
And if you find yourselves thinking,
“Rob, I’ve heard this before,
tell me something I don’t know,”
ask yourself,
if we already know what to do,
then what have we been doing?
First, corporations.
Specifically, how a corporation’s
culture and communication style
play a pivotal role in the stress
and well-being of a workplace.
The DNA of a company
is its culture, right?
It sets the tone,
even goes as far as defining the company.
But I think companies should invest
in the overall mental, physical
and emotional well-being
of their employees
the way they invest
in innovation, R and D, right?
And do I think that this would increase
productivity and reduce stress?
I really do.
But for it to really stick,
a company has to figure out a way
to measure the overall
well-being of its employees
with the same accuracy and precision
that they project growth and earnings.
And if this sounds
like a tall order, ask yourself
what really is a company’s
most competitive advantage.
Its people.
We know this.
And just like anything in a company,
it has to start at the top.
So if you’re a leader,
openly showing how you care
for your mental health
and overall well-being
is a huge catalyst.
It’s no secret I’m a soccer fan,
so growing up, I had a couple of coaches.
And I always had one who would lead
the heavy cardio workouts.
He would not stand
on the side and spectate.
He would participate.
And that did three things.
It made it difficult for me to complain.
(Laughter)
I always made sure to keep up,
and I always felt more dialed in
to the exercise.
It’s the same idea.
And finally, communication.
In order for me to really help my clients
achieve their financial goals,
requires that I actively
listen and then respond.
Let your employees tell you
what stresses them out.
Let them tell you
what wellness benefits they need.
And then act.
And acting on what they tell you
will show how serious
you take that feedback,
and I can’t help but feel
the company will win in the long run.
Why?
Because properly equipped employees
will be more productive and less stressed.
Next, I’d like to ask help
from everyone’s favorite uncle.
That’s right, the government
has to play a role in this.
The World Economic Forum
and the Harvard School of Public Health
estimate that from 2011 to 2030,
major chronic diseases
and mental illnesses
will cost the global economy
47 trillion dollars.
And it’s 2020.
Now I’m not saying stress causes
all major chronic diseases,
or all mental illnesses,
but even if a portion of it is,
imagine how much lower
that number could be
if the government did what it does best –
serve as the enforcer.
But in this case,
for higher workplace standards.
I don’t know, maybe even corporate
tax-incentive programs
to help raise those standards,
but the best wellness corporate
policies and initiatives
backed by a forward-thinking government
won’t matter much without help
from the most crucial pillar.
You.
That’s right, stress
and managing it is so dynamic,
you have to play your part.
And it’s going to benefit
you and the economy.
Look folks, I’m not a psychologist, OK?
But I have taken steps
to develop my own mental health
and overall well-being,
so here’s my last two cents.
I think a crucial first step
is for everyone
is to be honest with themselves.
About what?
About putting your mental,
physical and emotional well-being
in the rear view
and the damage it has caused.
Honest about placing public opinion
above self-preservation.
Think social media.
Honest about how we define ourselves
and what actually does.
Sure, your career contributes
to a portion of who you are.
But are we allowing it
to define us just a little too much?
And ask,
“Is this bringing me the value I saw
with what it costs me?”
And I don’t just mean the dollars.
For me, being honest meant to get
a good, hard look at my relationship
with my thoughts, courage and failure.
Started years ago in this
tournament championship game,
coach comes to me and says, “Rob Cooke,
you step up, we can’t lose today.”
So I stepped up.
Failed.
We lost.
(Laughter)
Thanks for laughing.
(Laughter)
Feels good.
No, but …
You know, after that,
it stayed with me for a while,
to the point where any
opportunity to step up,
grow, develop,
I’d quietly bow my head,
step back.
And then I discovered mindfulness.
And I continued to develop it
in my daily life to this day.
To live in the present, the now.
Now I get it, mindfulness
may not be for everyone,
but when I think of some of the most
successful and impactful people,
I see a common trend.
Mastery of their mental game.
Which includes stress management.
It’s all about developing awareness,
acknowledgment and acceptance
of your current thoughts, emotions,
environment and physical state.
Right?
Now I didn’t say never facing stress.
But the management of that stress –
that’s the benefit,
again, for you and the economy.
I’ll leave you with this thought.
We all know that retirement
is all about saving more now
for later.
What if we treated our mental health
and overall well-being
in the same capacity?
Develop and save more of you now
for later in life.
Doing nothing means more cost,
and worse, less time.
And of the two,
which can’t you get back?
So let’s start moving
this culture of stress forward,
and start living happier, healthier
and hopefully, more productive lives.
Thank you.
(Applause)