2 out of 5 firms now have Chief Empathy Officer, study shows

Global leaders are prioritising wellbeing and ESG commitments by recruiting a ‘Chief Empathy Officer’, according to new research.

Two in five business leaders worldwide say there’s already a ‘Chief Empathy Officer’ at their company; and a further 24% plan to introduce the role in the next year, confirmed Bupa Global research. The latest Executive Wellbeing Index from the health insurer shows that board-level executives now rate empathy as the most important leadership trait, citing inclusive leadership qualities as essential to improving workplace wellbeing.   

EMPLOYEE WELLBEING FOCUS

The report also found that business leaders are adapting their approaches and shoring up commitments to employee wellbeing in a bid to future-proof their businesses. This comes as they express their fears about the economic impact of the pandemic. Just 19% are optimistic about global recovery compared to 32% in 2020’s Index. However, despite this, many businesses predicted they would increase their spending on mental health support in the coming year; by up to 30% in some markets.

This will pay for initiatives including new mental-health related roles, paid sick days and private medical insurance. There will also be a greater emphasis on flexible working and maintaining a healthy work-life balance. As part of this great ‘re-set’ and with widespread attention on climate change, employees, investors and customers are all now looking for strong ESG values. Leaders will prioritise balancing profit with purpose and the environmental agenda in the next 12 months, according to the report. 

EMPATHETIC LEADERSHIP

“In the face of continued economic uncertainty, global leaders are looking to the long-term with a renewed focus on employee wellbeing and empathetic leadership; as well as the environmental agenda and more purpose-driven goals,” stated Sheldon Kenton, Managing Director of Bupa Global. “Not only is it the right thing to do, but it makes business sense – for talent attraction, retention, and reputation.”

Bupa Global is “committed to supporting business leaders and their people”, added Kenton. “Our Global Virtual Care proposition gives access to doctors wherever they are in the world. We recently removed lifetime limits across plans for in-patient and day-patient mental health treatment. We also provide a range of preventive health and wellbeing services; so that customers, their families and employees can take a more holistic approach to health management.”

Its second Executive Wellbeing Index takes opinions from over 1,200 high net worth individuals and senior executives based across Europe, North America, the Middle East and Asia in its annual view of international business, life and health trends. Click here to access the report.

Another recent study found that empathic leaders are key to retaining staff and reducing employee burnout. Click here to read more.