The views expressed by the business participants are their own.
Kowloon Motor Bus Company, which my grandfather William Louey Sui-Tak founded in 1921, has always believed in investing in people as a priority. His dedication to the welfare of the workers is what I believe has fueled the success of our business. A dedication that inspired my passion and interest in health and wellness.
My father died at the age of 49, my grandfather and uncle also died at the age of 50, which makes me very worried that I will also die young. This sudden realization of my death made me more aware of my life and more devoted to my family business.
Many family businesses struggle to survive beyond their second generation of beneficiaries. While the founders of the business are respected as the pillars of the company, the second generation is often feared to be passive legacies that can make or break the business. As a fourth-generation entrepreneur, I strive to encourage the company to embrace change, especially at a time when green technology is more important than ever to business operations in my industry.
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Life is wealth
A business leader who puts their health and well-being first will be able to shoulder their responsibilities and motivate their management teams and employees. New data released by Babble 2024 – a survey of 500 business leaders in the UK – showed that 76% of business leaders want to strengthen their physical, mental and moral resilience to succeed.
Following these three pillars of resilience, according to the report, means business leaders can be more focused and equipped with the ability to motivate teams. Physical fitness is very important, as shown by Howard Schultz, the CEO of Starbucks who is keen on cycling challenges. He believes that pushing his physical limits can develop both the mental strength and discipline a person needs to lead by example.
CEO burnout
Overexertion, whether physical or mental, can lead to fatigue that will harm your overall performance. Many business leaders suffer from this. A 2022 study by Deloitte showed that 82% of senior leaders in Canada, Europe and the US have experienced burnout symptoms such as stress, depression and extreme fatigue. Of the 1,100 respondents surveyed in the study, 96% of those who reported being tired also indicated that they also experienced a decline in their mental health.
A leader who is too tired, who can’t sleep with him is likely to be an ineffective negotiator, unable to empathize and understand different points of view and unable to innovate and change within the company. This combination of effects will reduce the effectiveness of the organization.
In fact, there is evidence to show that poor CEO health is associated with poor business results. In addition, poor health often leads to long-term illnesses that lead to unwanted absences from the company, hindering its progress and creating great uncertainty among employees and shareholders.
A decline in company performance will also harm the health and well-being of the business leader. Another study conducted by the National Bureau of Economic Research conducted in 2021 also shows the sad long-term effects of the decline in the health and well-being of senior executives. Research has found that CEOs whose companies have declined look older and live two years less than their counterparts.
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A healthy work culture
The bottom line of the company is very difficult for the business leader to be fit and healthy. A leader should set a good example for their team members to follow, and the physical and mental performance should be the same. By doing this, the business leader has the power to shape the entire culture of the company, and a healthy leader will certainly implement many programs focused on health and wellness to create a better work environment for employees, too.
A company culture focused on health and wellness will ultimately increase employee retention, which contributes to long-term business sustainability. A twenty-year study on the predictors of company longevity by McKinsey & Company revealed that healthy organizations, especially those that not only have the ability to perform well but also emphasize the health and well-being of their people, are more likely to perform. better in the long run.
Healthy companies are also those that are better equipped to manage low risk and are resilient. During the Covid-19 pandemic, it was found that healthy companies were 59% less likely than unhealthy organizations to show signs of financial damage.
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It is becoming clearer than ever that the future of a company depends on the health and well-being of its employees and its visionary leader. Organizations that recognize this are better equipped for the challenges ahead and are more likely to survive in this dynamic and changing global business environment.
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