Roundtable #9: The Brain Economy and Workplace Transformation

In May, the Business Collaborative for Brain Health convened diverse business leaders and industry experts to discuss the importance of brain health. Building brain capital is essential to growing our economy, strengthening national security, and improving health and well-being.

The meeting explored strategies and ways to engage multiple interest groups including the financial services industry and employers to mitigate the long-term effects of cognitive decline impacting our nation by thinking through what system level changes and investments we can make today that will create a better future—both for an aging demographic and for our children’s children.

Speakers included Dan Mannix, Partner at Nixam Synergy and Former CEO at RWC Partners and Kai Walker, Managing Director, Workplace Benefits Research, and Inclusion Transformation at Bank of America. Harris Eyre, MD, Ph.D., a senior fellow at Rice University's Baker Institute for Public Policy and Executive Director for the Brain Capital Alliance served as moderator for part of the discussion.

Mobilizing the Financial Services Industry

The asset management industry is keenly alert to the risks and opportunities posed by climate change, technology transitions, energy transitions, and demographic shifts. Asset managers and asset owners increasingly are integrating impact like ESG, SDG and green energy into their investment decisions. Corporations and investors wield great influence, and their actions and decisions have the power to shape the future.

Drawing on lessons learned from the rise of ESG investing, is human sustainability far behind?

Dan Mannix turned his focus to mentally healthy workforces through his personal experiences and concern for future generations. He emphasized a need to engage large financial stakeholders, such as pension and sovereign wealth funds, in mental and brain health initiatives and to do so in a way that frames the issue through a perspective they know and understand.

In other words, what economic losses and risks are at stake if we don’t act to protect the mental health of employees? Vice versa, what are the economic opportunities and growth potential if we invest in brain healthy workforces?

Similar to what the industry experienced with climate change advocacy and the realization of climate change to business and the economy, there will come a time when strategic, high-efficacy investments will be needed to improve societal productivity and resilience.

Through smart financial investment, we can foster healthier, more cognitively advanced workforces capable of tackling the world's biggest challenges like climate change.

So how do we catch the attention of the BlackRocks and Vanguards of the world to understand the gravity of human sustainability?

Dan explained how it's crucial to present brain health as a strategic economic issue and that a data-driven approach is key. Through the collection and analysis of robust data and evidence, organizations like the Collaborative and others can be armed with the persuasive power to convince financial stakeholders of the economic implications of cognitive decline.

The Role of Financial Wellness in the Workplace

During the meeting, the Collaborative also had the privilege to hear from Kai Walker, who shared insights from the 14th edition of the Workplace Benefits Report from Bank of America. Based on a survey of approximately 1,000 employers across the nation and of various sizes and industries, the report examines attitudes and perceptions regarding workplace benefits and their role in recruitment, retention, inclusion, engagement, and employee well-being.

Kai highlighted the report’s key findings to explore their potential implications for mental well-being and by extension considerations for how these trends could affect brain health.

(Image from Bank of America 2024 Workplace Benefits Report

Financial Wellness
According to the report, attitudes toward financial wellness have experienced a significant shift with 96% of employers reporting they had some level of responsibility for the financial wellness of their employees. Just 13 years ago, that number was only 13%. 

There's reason to believe that the steep increase is due to companies beginning to realize the interconnected nature between financial wellness and overall employee well-being.

The number of employees feeling financially well is trending upward but still remains below 50% with women lagging behind men. For ethnic minorities, financial wellness remained flat from 2023 to 2024.

Caregiving Support
Although 81% of employers offer caregiving support to their employees, 61% of employees are unaware of these benefits—indicating a gap in communication and understanding.

For employees who serve as caregivers, alleviating some of the burden with caregiving programs can help reduce the mental and financial stress associated with this role. It also provides a competitive edge in recruitment and retention for employers.

(Image from Bank of America 2024 Workplace Benefits Report)

Flexible Work
A four-day workweek is highly favored by employees for better work-life balance. Interestingly, 42% of employers agreed that they see the benefits of a shorter work week for their employee population. Broken down between men and women, 75% of women answered positively, reporting they would embrace the four-day work week while 52% of men agreed they would find it beneficial.

This goes hand in hand with work life balance. Employees cite good work-life balance as a key reason for staying at their jobs. When employees are given the time and ability to prioritize their mental and physical health, it can lead to enhanced loyalty, productivity and focus.

Health Savings Accounts (HSAs)
Despite their potential to support long-term financial and mental wellness, there is a lack of understanding about HSAs among employers and employees. Saving for long-term healthcare can improve financial wellness, as retirees will need substantial funds to cover healthcare and other expenses throughout their retirement. 

Other ways employers are improving financial wellness for their employees is through debt assistance programs, particularly for student debt. These programs can help address the financial burdens and stressors associated with debt and create more financially stable and mentally healthy workforces.

Company culture can also play a role. Creating a culture that prioritizes engagement, inclusion and well-being are tools in an employer's arsenal to promote a healthier workforce.

The jury is still out on how different workplace innovations, such as a shorter work week, will impact brain health over the long-term, but groups like BCBH are dedicated to unraveling these complexities and committed to developing solutions aimed at addressing brain health effectively in the workplace.

The Business Collaborative for Brain Health (BCBH) is a collaborative of private sector partners developing innovative solutions to cognitive health throughout the lifespan. The Collaborative hosts regular roundtables to learn from experts and stakeholders and refine the work. If you’re interested in attending or participating in a roundtable discussion or want to learn more about how you can get involved with the Collaborative visit businessforbrainhealth.org/become-a-member.