Bupa Egypt Insurance, the leading international health insurance provider, launches the third edition of the Bupa Global Executive Wellbeing Index analyzing the latest trends and demands in the Egyptian workplace. The report examines the continued effects of the pandemic on the world’s high-net-worth community and its influence on the current economic situation in Egypt impacting the changing dynamics of the workplace.
The Bupa Global Wellbeing Index shows over 55% of Egyptian HNW Individuals are planning work moves to spend more time with family, friends, and themselves and over 51% of them believe working from home boosts productivity. The pandemic has reshaped the way people work as new trends and demands are emerging in the workplace that mostly focus on people’s mental health and wellbeing.
Mohamad Bazzi, Managing Director of Bupa Egypt Insurance, said: “As challenging economic changes and high inflation rates continue in Egypt, companies have to maintain their renewed focus at an organisational level on employee wellbeing and mental health to help their businesses thrive. There is still much work to be done to alleviate the stigma around mental health and reluctance to ask for help amongst senior leaders, which has led to many suffering from burn-out, anxiety and low mood.”
Career changes: A rising trend towards flexible work schedules and freelance work
The report indicates an increasing trend towards flexible working as a significant number of HNWIs are seeking flexible work schedules. One in five (20%) are looking to start consulting or become freelance while some are planning a major career change (11%). Others might choose to leave their current company or start looking for a new job (9%) and a small number said they might change from full-time to part-time working (6%) or retire (6%).
Disillusionment has translated into disturbed sleep (32%), feelings of mood swings (30%) and mental exhaustion (29%) amongst Egypt’s top executives. One in five (20%) have experienced feelings of anger, fatigue, sadness, and anxiety.
Similarly in the UK, around half of UK CEOs are planning major career changes or quitting entirely to improve their work-life balance, this is mainly because 92% of UK CEOs have experienced symptoms of poor mental health with 22% of them reaching burnout in the last 12 months. A similar trend is seen in the UAE that indicates over half of UAE’s top-level executives (53%) are planning a major career change in the next year to rethink their priorities.
Hybrid working: Executives believe working from home boosts productivity, and has opened doors for a better lifestyle
The report revealed that many companies are encouraging hybrid working, as 51% of the executives believe working from home boosts productivity, and 49% agree that working remotely has opened doors for a better lifestyle. 40% of Egypt’s top executives have confirmed hey personally enjoy the flexibility of hybrid working and 35% support their company giving staff the chance to work remotely.
The report also revealed that 31% of those surveyed tend to work while commuting as well as 31% tend to binge work from home while 15% start work earlier when working from home.
Inflation: High inflation rates has forced companies to cut back on certain budgets
An inflation surge is high on global business leaders’ list of biggest worries for 2022. The picture is similar in Egypt, with almost 30% of those surveyed are worried about their personal financial stability, rising cost of living and the high inflation rates. The squeeze from inflation on profitability has seen high-level executives halt staff bonuses (11%) and cut down on research and development (9%).
But it’s not all doom and gloom, as despite inflation concerns and cutbacks, companies in Egypt still plan to significantly invest and have increased investment in training and coaching for their staff (23%) with many introducing softer benefits (17%) to support staff as inflation rises such as paying for gym memberships, providing breakfast, offering vouchers and paying subscriptions. According to the Bupa Global Executive Wellbeing Index, Egyptian companies intend to invest over £1.6M to support employee wellbeing and mental health.
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