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There is so much rich content out there in the world about a Wellbeing Economy. Part of our job is to amplify and connect the various initiatives and work that exists. 

These WEAll Weekly Update blogs will share some of the latest and greatest updates from our membership and beyond every week. Please use the comment box to share any relevant updates from this week and keep the conversation going!

Weekly Reads

Opportunity Knocking – Jessica Rose, Marjorie Kelly | Democracy Collaborative  

“Impact investors and other capital providers could be the agents that help resolve this vicious crisis—stepping in to turn the misfortune of small-business owners into a new start for employee-owners. Capital could be the agent that begins to take employee ownership to scale in this pivotal moment in our nation’s history.”

Building a Resilient Economy – Barth J. and Coscieme L., Dimmelmeier, A., Kumar C., Mewes S., Abrar R., Nuesse I., Pendleton A., Trebeck K | ZOE, NEF, WEAll 

“The following chapters (and the research underpinning them) focus on the role of government and policy in delivering systemic change. We outline where public policymakers should place the emphasis in order to transform the world’s economic and financial systems most effectively to mitigate future environmental crises.”

Humanity Report– James Arbib & Tony Seba | RethinkX 

“We can choose to elevate humanity to new heights and use the upcoming convergence of technology disruptions to end poverty, inequality, resource conflict, and environmental destruction, all for a fraction of the cost we incur dealing with them today. Or we can choose to preserve the failing status quo and descend into another dark age like every leading civilization before us.“

Work-life balance and self-reported health among working adults in Europe: a gender and welfare state regime comparative analysis – Aziz Mensah & Nicholas Kofi Adjei | BMC Public Health

“The pressing demands of work over the years have had a significant constraint on the family and social life of working adults. Moreover, failure to achieve a ‘balance’ between these domains of life may have an adverse effect on their health. This study investigated the relationship between work-life conflict and self-reported health among working adults in contemporary welfare countries in Europe.”

Visions of a Wellbeing  Economy – Anna Chrysopoulou | Standard Social Innovation Review

“To solve the social, economic, and environmental challenges we face today, we need to rethink the status quo. Governments and other institutions around the world need to embrace new ways of thinking and actively engage in widespread systems innovation to make real progress toward a healthier, more prosperous world.”

The Little Book of Education – Wendy Ellyatt 

“If we want to create a better world, we have to start by looking at whether the values that we have been promoting to children through our education systems have been serving the long-term wellbeing and potential, within the context of a sustainable future”

Building Better Systems– The Rockwool Foundation

“System innovation is needed when two conditions apply. First when society faces a systemic challenge which requires a systemic response. Second when society has a systemic opportunity to create a new kind of system.” 

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From the Archives

Authors: Olga Koretskaya, Gus Grosenbaugh

Read Paper

For the past several decades, the primary question for many businesses has been: “How much money can we make?”. It is still largely assumed that the social responsibility of business is to increase profits for shareholders, as that wealth should trickle down to benefit all. While the formal economy has never been larger, the unprecedented scale of environmental degradation and inequality it has created today makes us question business-as-usual and to look for alternatives.

In fact, all around the world, people are rejecting the status-quo of self-interest. In the midst of the global pandemic, more than ever, we see purposeful work towards building an economy that delivers environmental and social wellbeing.

  • With the election of Joe Biden, the US appears primed to re-enter the Paris Agreement.
  • New Zealand’s Wellbeing Budget makes health a key, driving metric in economic decision making.
  • The ‘rights of nature’ are being recognised by national and local laws, predominantly in the countries of the Global South: Ecuador, Bangladesh, Bolivia, Mexico, Uganda, and Colombia.

While public awareness and government policies are crucial in supporting Wellbeing Business, it is companies – both large and small – that will be the engine behind the transition. The good news is: many of them already exist, and we know how to recognise them.

Here are eight key principles that define a Wellbeing Business.

  1. Redefining the vision. Primarily driven by the desire to create products and services that satisfy the needs of society, while staying in harmony with nature. 
  2. Ensuring transparency. Proactive in disclosing data about their environmental, social, and economic performance.
  3. Internalising externalities. Aware of the ‘negative externalities’ or negative environmental and social impacts they produce, and strive to reduce them.
  4. Having a long-term mindset. Make decisions that benefit the company and all important stakeholders including society and nature. This implies, for example careful consideration of resource use, and investment in employees and the communities within which companies operate.
  5. Making people an asset. Prioritise the dignifying of work and empowering of diverse voices within the company.
  6. Localising production. Become much more embedded in the community and ecosystems by striving to localise energy sources, financial sources, as well as distribution.      
  7. Switching to circular production. Design business processes to coexist with environmental and social systems.
  8. Embracing diversity. Acknowledge and embrace diversity in values, ownership structure, finance as key to a resilient business environment.

On 18 December we hosted a webinar to discuss this paper. You can watch the recording here:

Also, do check out the WEAll Business Guide as a nice pair to this work.