Exploring the relationship between business performance and wellbeing
Welcome to the second edition of the BDO Wellbeing and Business Performance Index – BDO Te Rangahau o ngā hauora pai.
The BDO Wellbeing & Business Performance Index is a biannual study which uses the World Health Organisation’s internationally recognised WHO-5 wellbeing index methodology to monitor mental wellbeing, as well as business performance, among NZ business leaders. While wellbeing and business performance are both areas that receive regular coverage, the BDO Wellbeing and Business Performance Index jointly monitors both aspects – to better understand how they influence each other.
The November 2022 report canvasses the views of 514 business leaders (during October) and highlights that their wellbeing has reduced from 69 points out of 100 in the May 2022 WHO-5 results to just 62 out of 100 in this latest survey.
Read the November report for tips and insights
Wellbeing declining among business leaders in Aotearoa
It’s been six months since we conducted our last wave of research into the state of wellbeing and business performance among New Zealand’s business community. Since that time, positively, the impacts of COVID-19 appear to be lessening, something that is borne out in the survey, with far fewer people saying that the effects of the pandemic on their business are causing them stress. However, inflation has begun to bite both here in Aotearoa and across the globe, while geopolitical conditions continue to be unstable.
This is all having an impact on business financials, which just as they did in our May 2022 results, are contributing to negative wellbeing among New Zealand’s business leaders, and it was discouraging to see the WHO-5 wellbeing score significantly decrease in our October 2022 results.
To start the conversation, we invited in a panel of experts to explore the topic and share insights for the business community. Click below to view the vodcast featuring a discussion facilitated by news reporter Wilhelmina Shrimpton with Kimberley Symon, BDO Advisory Partner, Tarunesh Singh, BDO Head of Risk Advisory, and Michael Barnett, Former Chief Executive of the Auckland Chamber of Commerce and now founder of First Steps, a government-backed platform for wellbeing resources for business leaders.
View our video insights
View our full video insights vodcast above, or view key section highlights below:
Risk management tips
Offering practical advice to alleviate the stresses of running a business
At BDO, we’re certainly not the mental health experts. However, as advisers to over 16,000 businesses across Aotearoa, we are in a unique position to see the impact of a wide range of factors on New Zealand businesses – including economic, business, social and personal. The BDO Wellbeing and Business Performance Index is our opportunity to provide practical advice to NZ’s business leaders and owners – helping them to alleviate the key stresses of running a business, particularly financial concerns (consistently shown to be a leading driver of negative wellbeing), and in turn promoting stronger wellbeing.
Of more consequence in this measure, is the impact of growing economic uncertainty for business leaders; heightening the need for effective risk management practices. In light of this, BDO has launched a related report – the 2022 New Zealand Risk Landscape Report – sharing specialist insights into this important field, with a view to helping business leaders to assess and minimise impacts of their priority risks.
READ THE 2022 NEW ZEALAND RISK LANDSCAPE REPORT HERE
Where to go for further support
We hope you find the BDO Wellbeing in Business Index useful. It’s often said that small and medium-sized enterprises are the backbone of New Zealand’s economy. However, at BDO, we acknowledge that it’s the people like you running these businesses who are the real heart of the business sector - and only through supporting your wellbeing can we help you achieve your dreams and drive sustainable economic growth for Aotearoa.
Most importantly, it’s never too soon or too late to reach out for help. Please lean on your trusted team - whānau, friends, colleagues and professional advisers - for the support you need in managing your wellbeing and business. You’ll find details of useful contacts below.
View the July 2022 report here