As small to medium business owners in a Regional City like Bendigo, we face unique challenges in leading our teams and driving our businesses forward.

The expectations placed on us and our leadership teams have grown significantly, especially in the area of employee wellbeing.

With emerging legislative obligations and an increasing focus on managing psychosocial risks in the workplace, it’s crucial that we prepare ourselves and our leaders for these responsibilities.

Over the years, the role of a leader has evolved dramatically.

Today, we’re expected to not only meet operational demands and tight deadlines but also to lead through constant change, improve employee engagement, and enhance the overall wellbeing of our teams.

This is a lot to manage, especially when we’re often in the midst of the same changes we’re trying to guide our teams through! 

Such is the reality for small business owners…

We’ve all felt the impact of the last few years – COVID-19, increased sickness, high turnover rates, and growing health anxiety have all taken their toll on our businesses.

Amidst these challenges, the importance of looking after our own mental wellbeing, as well as that of our teams, has never been clearer.

Yet, despite this, many businesses are still lagging in their investment in employee wellbeing.

Why is this happening?

Is it because we have competing priorities?

How many times have we thought, “We don’t have time for another training program”!

Or perhaps we believe we’re already doing enough – “We have an Employee Assistance Program (EAP)”, or, “Our staff can join the gym and we’ll help them pay for their membership.”

However, a recent Deloitte study highlighted a significant disconnect between how executives perceive their employees’ wellbeing and the reality.

While leaders often believe they’re providing adequate support, employees report feeling that the support they receive falls short.

This gap between what we think we’re offering and what our employees actually need is a crucial issue. It’s not just about providing resources like EAPs or wellness classes – it’s about equipping our leaders with the right tools and knowledge to genuinely support their teams.

The introduction of the ISO 45003 standard, which focuses on managing psychosocial risks at work, and new legislation across various states, underscores the growing importance of addressing these issues.

These regulations introduce new expectations that leaders need to be aware of and prepared to meet.

But here’s the big question:

How are we supporting ourselves and our leaders to deliver on these new expectations?

Leaders are already dealing with information overload, managing their own stress, and trying to keep up with the fast pace of change.

If we expect them to meet all these demands and support their teams effectively, we must invest in their wellbeing too.

It’s vital that we encourage ourselves and our leaders to take time for self-care and equip them with evidence-based skills to manage their mental health.

If we’re struggling with our own stress or mood, it’s impossible to effectively support our teams.

We need to be in a good place ourselves to lead others successfully.

In addition, leaders need access to practical, relevant information on how to support their teams.

This includes understanding psychosocial risks, how they can impact the workplace, and strategies for addressing these risks within their sphere of influence.

Investing in the mental wellbeing of ourselves and our leaders isn’t just about compliance or ticking a box – it’s about creating a resilient, high-performing business where everyone can thrive.

So, how are you equipping yourself and your leaders to manage and boost employee wellbeing and business performance?

Would you and/or your team benefit from learning more about how you can protect your mental health, build resilience and create a high performance mindset?

I’d love to talk more with you, please contact me at ashley@thrivingminds.com.au or call 0400 448 690.

For more information, visit https://bebendigo.com.au/member-directory/thriving-minds-collective/.

By Ashley Bennallack.