How To Integrate Well-Being Into Work So Employees Perform And Feel Their Best

While executives have long recognized that well-being is important, the COVID-19 pandemic brought home how significant it really is. Organizations suddenly found themselves called upon to prioritize workers’ physical and mental well-being as a matter of survival, as protecting their health and alleviating their stress became critical to operations. Work and life, health, safety, and well-being became inseparable.

Even before COVID-19, though, well-being was rising on the organizational agenda. In fact, well-being was the top-ranked trend in Deloitte’s 2020 Global Human Capital Trends study, with 80% of nearly 9,000 survey respondents identifying it as important or very important to their organization’s success.

Shifting realities: COVID crisis casts a new light on the importance of well-being

Against that backdrop, when COVID-19 took hold, the crisis cast new light on the importance of well-being and made us acutely aware of the consequences when well-being is put at risk. Many organizations took quick action to redirect resources toward making work safe and keeping workers healthy, for example by moving workers into remote work arrangements, implementing testing and contact tracing strategies for on-site workers, and establishing new programs for emergency medical leave, childcare and eldercare support, and physical, mental, and financial health.

As the pandemic went on, well-being remained paramount in many organizational leaders’ minds. Conversations about the toll of social isolation and economic recession on workers’ mental and emotional health entered the public dialogue and keeping workers physically healthy and safe continued to be a top priority.

Workers prioritize transforming work for well-being more highly than executives

Even so, there is a continuing disconnect between employers and workers when it comes to prioritizing well-being. When asked, “What are the most important outcomes you hope to achieve in your work transformation efforts in the next one to three years?” respondents cited improving quality, increasing innovation, and improving worker well-being. But improving well-being was the second-to-last outcome identified by executives.

HR executives were slightly more deliberate than non-HR executives about focusing on well-being as an important outcome, with 20% of HR executives selecting it as a priority, compared with 15% of non-HR executives. But designing well-being into work cannot be done by HR alone. The incorporation of well-being into work must be done symphonically, championed by leaders at every level and in every function if it is to make a meaningful difference.

Organizations can take a variety of actions to integrate well-being into work

Organizations looking to build well-being into work should consider actions, policies, and mandates at three levels – individual, team and organizational. And they should take into account five environments in which they’re designing work, including, cultural, relational, operational, physical, and virtual. For example, here are a few actions leaders can take:

At the organizational level:

  • Form teams based on worker preferences, working styles and personal needs
  • Embed well-being criteria in work scheduling, performance management processes, leadership evaluations and rewards and recognition programs
  • Design work environments to support workers’ physical, mental and emotional health needs

At the team level:

  • Model well-being behaviors such as taking micro-breaks or making only certain meetings video-based
  • Enable team agency and choice by allowing teams to adopt well-being practices best suited to their needs
  • Leverage physical workspaces that promote team collaboration and performance
  • Use new technologies, like virtual reality, to train team members to navigate stressful situations (e.g., interacting with a frustrated customer)

At the individual level, people should also take ownership over their well-being by being proactive and vocal about their well-being needs, checking in more frequently with colleagues and leveraging wearable technologies and apps to help master distractions, increase mindfulness and reduce anxiety.

The design of well-being into work is a practice that must be developed, strengthened and flexed over time to be effective. As work itself changes at a rapid pace, the ways that an organization supports individual and team well-being must adapt in tandem. It’s no longer about achieving work-life balance. The pandemic has shown us that well-being is not about balancing work with life but integrating them.

When an organization is able to successfully design well-being into work, well-being becomes indistinguishable from work itself, embedded across all organizational levels and environments to drive and sustain not only human performance but also human potential.

Erica Volini is the Global Human Capital leader for Deloitte Consulting. Throughout her career, she has worked with some of the world’s leading organizations to link…

Jen Fisher is leading voice on workplace well-being and creating human-centered organizational cultures. She frequently speaks and writes about building a culture of well-being at work and hosts WorkWell, a podcast series on the latest work-life trends. Jen currently serves as Deloitte’s chief well-being officer in the United States, where she drives the strategy and innovation around work-life, health, and wellness. In her role, she empowers Deloitte’s people to prioritize their well-being so they can be at their best in both their professional and personal lives. Jen is a healthy lifestyle enthusiast and seeks to infuse aspects of wellness in everything she does. She believes self-care is a daily pursuit and considers herself an exercise fanatic, sleep advocate, and book nerd! As a breast cancer survivor, she is passionate about advocating for women’s health and sharing her recovery journey. Jen lives in Miami with her husband, Albert and dog, Fiona

Source: How To Integrate Well-Being Into Work So Employees Perform And Feel Their Best

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Paypal’s Crypto Partner Paxos Raises $142 Million From Carlyle Billionaire David Rubenstein And Others

Paypal’s cryptocurrency partner Paxos has raised $142 million in Series C funding led by Declaration Partners, an investment adviser to the family office of Carlyle Group billionaire David Rubenstein. The round closed on November 24 and also includes investments from PayPal Ventures PYPL +2.3% and Paxos’ previous investors RRE Ventures and Liberty City Ventures.

In total, the firm has raised $240 million in venture funding, making it one of the highest funded firms in crypto, after Circle, which has raised $271 million. The firm declined to disclose how much the investment valued the company.

New York City-based Paxos was founded in 2012 under the name itBit. It was among the first bitcoin startups to operate as a regulated trust company, offering custody services for U.S. customers under New York banking law. In October, payment giant Paypal launched a cryptocurrency trading service in partnership with Paxos, letting customers buy and spend bitcoin.

“Our pipeline has expanded very significantly from having been in the millions of customers maybe a year ago to, now, billions of customers through partnerships,” says Paxos’ CEO and co-founder Charles Cascarilla.  “That is partly why we need to raise this capital, to really take advantage of the growth opportunities.”

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As part of the investment, the company plans to develop new products that help institutional clients track traditional assets like securities and commodities on a blockchain, a process called tokenization. “We always want to be able to think of other ways that we can grow our business, including, potentially, acquisitions and new hires,” adds Cascarilla. Part of the capital raise will be invested in regulatory infrastructure, which Cascarilla cites as one of the key reasons for Paxos’ success with onboarding strong institutional clients, such as PayPal and Credit Suisse CS +0.4%.

The investment news comes the day after bitcoin breached the $20,000 mark for the first time ever. Paxos likely played a role in cryptocurrency’s meteoric rise over the second half of the year. On October 21, PayPal announced its entry into the cryptocurrency market by integrating Paxos’ API-based crypto brokerage service and giving its 350 million customers access to bitcoin and a handful of other cryptocurrencies.

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PayPal’s embrace of crypto coincided with bitcoin’s rally, and some analysts have even expressed the view that the online payment giant is actually fueling the spike. Earlier in July, the American division of the U.K.-based fintech firm Revolut integrated Paxos’ technology into its app, enabling the fintech’s customers in 49 U.S. states to buy, hold, and sell bitcoin and ether. 

Paxos however shies away from positioning itself as a purely crypto-native venture, stating its commitment to provide infrastructure for multiple asset classes. In February, the firm facilitated what it describes as the first live application of blockchain technology for U.S. listed equities when Credit Suisse and Nomura Instinet began using the startup’s technology to settle equity trades. 

Paxos Settlement Service is a private, permissioned blockchain network allowing two parties to bilaterally settle securities trades directly with each other without using a middleman. In September, French banking giant Societe Generale became the third broker-dealer utilizing the service. To date, 15,000 trades worth approximately $75 million have been settled on the platform. 

On December 8, Paxos filed an application for a national trust bank charter with the Office of the Comptroller of the Currency (OCC), a regulatory agency that supervises banks and branches and agencies of foreign banks. If granted, Paxos could become the first custodian of digital assets to be regulated at both the state and federal levels. In 2015, it obtained a trust charter from the New York State Department of Financial Services (NYDFS) to become one of the first regulated companies in the state to offer crypto products and services. Follow me on Twitter or LinkedIn

Nina Bambysheva

Nina Bambysheva

I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from New York University Abu Dhabi with a degree in economics and Columbia University’s Graduate School of Journalism, where I focused on data and business reporting.

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Cryptology News

The partnership announcement between the payments giant PayPal and the issuer of the major stablecoin Paxos Standard Token (PAX) might reportedly be made this week. PayPal is planning to bring crypto trading to its user base and has chosen New York-based Paxos to handle the new service’s supply of digital assets, reported CoinDesk, citing “two people familiar with the matter.”As for which cryptoassets PayPal would include in its rumored crypto trading option is not yet known and might be revealed with the official announcement of the partnership itself.

All data is taken from the source: http://cryptonews.com Article Link: https://cryptonews.com/news/paypal-an… #paypal #newswomen #newstodaybbc #newsworldabc #newstodayfox #newsworldwide

PayPal CEO Dan Schulman Explains His Strategy For Investing In Employees’ Financial Health

Last year, PayPal PYPL -0.2% CEO Dan Schulman commissioned a study to understand how many of his employees were financially strapped. “I was almost positive the response would be, ‘No, we’re not, because you’re paying so well,’” Schulman said Wednesday at Forbes’ JUST 100 virtual summit. Internal research had shown that staff salaries were at or above market rates.

But the study’s results painted a different picture. “In all of our call centers and among our entry-level employees—more than 10,000 people inside of PayPal—two-thirds of that employee base struggled to make ends meet. That was such a huge wake-up call for me,” he said. 

Hedge fund manager and philanthropist Paul Tudor Jones II spoke on the panel with Schulman and noted that, for every year he has done research for the JUST 100 list of the most responsible public companies, “The number-one element of what makes a just company is pay and living wage.” The research polls thousands of Americans to identify what factors they deem most important in defining fair corporate behavior.

In October 2019, Schulman responded to the troubling survey results by lowering the cost of healthcare for employees by 60%. He gave every worker equity in PayPal, raised salaries and rolled out a financial education program to encourage saving. The changes reportedly cost tens of millions of dollars.  Recommended For You

Then PayPal did another poll to see if the changes had an impact. “Employees were four times more engaged, and three times less likely to leave the company,” Schulman said.

Higher morale creates a workforce that serves customers better and leads to better shareholder returns, the CEO believes. His company’s stock has risen nearly 90% this year, reaching a market value of $235 billion. “This idea that making a profit and having a purpose as a company are at odds with each other is fundamentally wrong. I actually think if you don’t have a purpose as a company, you don’t see your workers as your most valuable asset and you minimize your profitability.”

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Jeff Kauflin

Jeff Kauflin

I cover fintech, cryptocurrencies, blockchain and investing at Forbes. I’ve also written frequently about leadership, corporate diversity and entrepreneurs. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. I’m a graduate of Middlebury College and Columbia Journalism School. Have a tip, question or comment? Email me jkauflin@forbes.com or send tips here: https://www.forbes.com/tips/. Follow me on Twitter @jeffkauflin. Disclosure: I own some bitcoin and ether.

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PayPal reported a record amount of new active accounts added to its platform in April, but it saw a drop in quarterly profit as the Covid-19 pandemic weighs on consumer spending. PayPal President and CEO Dan Schulman, joins “Squawk Box” to discuss.

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