Good morning.
Mental health is both a personal and a professional issue for leaders. In addition to doing what they can to operate at the top of their mental game, leaders have to create conditions for employees to thrive.
In 2022, Gallup estimated that workers’ mental health issues cost the U.S. economy $47.6 billion annually in lost productivity alone, and four in 10 U.S. workers said their jobs had a somewhat negative or extremely negative impact on their mental health. That’s, in part, why the Business Roundtable today launched its Mental Health Initiative aimed at identifying the best practices for companies to promote mental well-being in the workplace. The initiative also includes resources, training programs, peer forums, and tools for managers.
The issue isn’t that effective strategies don’t exist. It’s that leaders need to create a culture and practices that encourage the awareness and adoption of mental health benefits and remove the stigma around discussing mental well-being at work.
Business Roundtable member and Cigna CEO David Cordani sees the initiative “as an opportunity to supercharge, through a variety of means, the curation of best practices.” One is finding opportunities to connect. “You can see higher levels of vitality and mental well-being for individuals who are physically at a worksite versus those who are not,” Cordani says.
Cordani, for one, has learned what matters for his mental health.
“I essentially get about an hour of exercise in every day to start my day. I find that I get centered when I do that,” he says. Volunteerism (“givers get”) and managing his calendar to take an active role in his children’s lives are also key. So as a leader, he tries to make it possible for his employees to do the same.
Meanwhile, CEOs have been sharing with us what Fortune means to them. Today, I want to share what Sen. Mark Warner (D-Va.) wrote:
“While I’m not a business leader, I was in business before I was in politics, and I’ve always trusted the CEO Daily to give me a good snapshot of the state of business. I’ve always appreciated (its) objective view of how leaders can steer businesses that create value for shareholders, but also for employees and their communities.”
That’s a value proposition we intend to now build upon. Let me know how we’re doing.
More news below.
Diane Brady
@dianebrady
diane.brady@fortune.com
TOP NEWS
Who will be HSBC’s next CEO?
Since Noel Quinn’s shock exit from HSBC, the biggest question remains: Who will replace the chief executive officer at Europe’s largest bank? Both internal and external candidates will be considered, the bank said in a statement. With nearly two decades at HSBC under his belt, chief financial officer Georges Elheder is a clear front-runner for the prized gig. Who else could be in the running? Bloomberg
Dividends payments soar
Dividend payments to shareholders over the past three years grew 14 times faster than workers’ pay across 31 major economies, an Oxfam report has revealed. In 2023, the richest 1% pocketed an average of $9,000 in dividends—equivalent to eight months’ wages for the average worker, the report said. “You have to think about what kind of world we want to live in,” Alex Maitland, health and inequality policy advisor at Oxfam International, told Fortune.
Tesla’s supercharger team sacked
In the latest round of layoffs at Tesla, Elon Musk has sacked two senior executives and several hundreds of employees, including the entire supercharger team. Among those let go is Rebecca Tinucci, the company’s top female manager. Tesla’s supercharger system is among the largest charging networks in the world, so the move raises questions over the future of the charging business. Financial Times
AROUND THE WATERCOOLER
An $850 million retail giant is giving candidates their questions before a job interview because ‘nerves can seriously impact performance’ by Orianna Rosa Royle
Amazon’s generative AI business has hit a multibillion-dollar run rate that’s reaccelerated cloud growth by Jason Del Rey
Berkshire Hathaway prepares for its first annual meeting in decades without Charlie Munger by Chris Morris
Coca-Cola only sold 1% more drinks last quarter, but it raised prices 13%. Its CEO said it has ‘the right strategies’ for sustained success by Sasha Rogelberg
Binance founder Changpeng ‘CZ’ Zhao sentenced to 4 months, will enter prison as country’s richest inmate by Leo Schwartz
Exclusive: Ikea is rolling out its third round of price cuts in a year across thousands of products as it eases shoppers’ inflation pain by Prarthana Prakash
This edition of CEO Daily was curated by Orianna Rosa Royle.
