Workplace Mental Health
How much is employee mental health costing your business?
– increased operating cost, reduced productivity, lost revenue?
Is the mental health of your staff impacting your bottom line?
There are a number of things that you’ll consider as being fundamental to the success and profitability of your business. You are unlikely to be neglecting those, such is their importance to running a successful organisation. But have you considered that the mental health of your staff is having a significant impact on your bottom line? Have you quantified the impact of employee mental health on your productivity and operating cost? Once you do, you’ll realise that you need to take positive far-reaching action that goes far beyond the Employee Assistance Programmes you might have in place.
Lower operating costs, higher revenues and reduced brand related risk are a characteristic of a business that manages employee mental health effectively
Neglecting staff mental health is harmful to your business
With the recent media attention given to mental wellness many business owners and managers – from small business owners to the boards of international companies – are now starting to realise that mental wellness is perhaps the greatest barrier to better business performance. A barrier which could make the difference between excellence and mediocrity. If we improve the mental well-being of the typical workplace by just 1% the entire British economy will benefit to the tune of nearly £1 Billion – every year.
Can you afford to ignore the cost to your business?
It is generally understood that the best asset of any business is its people. Business performance is inherently linked to the health of employees. Whilst physical illness impacts profit and performance, poor mental health is the hidden enemy, costing business even more through restricting revenue, increasing operating costs, and impacting intellectual capital.
In 2014 in the UK alone, 90 Million mental health related sick days were taken, accounting for 11% of sick leave, an increase of 5% (whilst other types of sick leave actually reduced). One in four people in the world are affected by mental illness, with 15% of a workforce typically showing symptoms. The resulting annual cost to business is estimated to be around £42 Billion.
Lower Costs, Higher Revenue and Productivity
Employees with high levels of mental wellness are more likely to be productive, creative and engaged. They retain skills and corporate knowledge, have improved cognitive abilities and generally show more loyalty to their employers. Their performance benefits the financial health and productivity of a company. In contrast employees with low levels of mental wellness exhibit the symptoms by being frequently absent, present but disengaged, unproductive and show reduced levels of cognitive function.
Lets talk about how your business needs to change
The statistics highlight the need for change. Companies need to move towards operating in a manner that promotes mental well-being and supports sustained mental wellness amongst employees, and provide support to those needing help. The alternative is continued cost, frequent recruitment, loss of knowledge and lost opportunity, not to mention the potential for future litigation for failures in exercising the required duty of care.
Are you ready to make lasting sustainable change?
Businesses have a duty to their shareholders, and to provide employees with “good work”, with effective management cognizant of and empathic to the mental wellness of employees.
The Advocacy Partnership focuses on addressing the root causes of poor mental health in the workplace and brings about real change across the organisation in a way that creates lasting, sustainable change for the better.