Mental health is an ever-growing topic of discussion in the modern age, and rightfully so. It’s crucial that we’re all able to talk openly about our mental health. As well as how it’s affecting our lives daily.
As we’ve discussed on this blog previously, mental health — and health in general — can have a massive impact on how successful you are, in life in general, as well as on your entrepreneurial journey. It also impacts how profitable your business becomes. Research is now showing how poor mental health could be costing businesses thousands, mainly due to lower productivity.
In this article, we’re going to cover what the research is showing in regards to mental health. We’ll cover the adverse effects, how poor mental health can cost businesses, and what you can do to ensure you and your team stay on top of their own.
The True Cost
Research recently published by the professional services company Deloitte, has found the damaging cost of poor mental health on businesses in the UK. A lack of productivity, caused by presenteeism — where employees turn up to work when they’re ill or suffering mental health issues — is costing UK business big. The estimated cost is between $33–37 billion every year. That’s nearly $2,200 per employee!
Furthermore, sick days are costing businesses $8.8 billion. At the same time, the costs of high staff turnovers — another trend related to rising work-related stress and poor mental wellbeing — is $11 billion in total.
Why You Need To Be Investing In It
As these figures show, the costs associated with poor mental health are staggering. Employees appear to be continually struggling with symptoms of anxiety, stress, depression, and burnout. This is why you need to have a duty of care. Properly invest in your employees’ mental health. This ensures that your business and your team can operate to their full potential.
One of the best ways to invest in improving the wellbeing of your employees would be to hire a professional psychotherapist or counselor. They can come in to assess your employees on a weekly or monthly basis. Seeking professional help on behalf of your employees will help you keep track of each team member’s wellbeing. This then enables them to receive support to resolve any underlying issues that may be affecting them.
Other less formal ways of giving your staff’s mental health a boost would be to organize regular team meetings outside of work. Socializing has been proven to have a dramatically positive impact on people. As humans, we are naturally social creatures. You could organize a “Day of Fun”. Have all your employees meet to take part in various team-building activities, such as bowling, escape rooms, or go-kart racing.
Being proactive and investing in your employees’ mental stability will save you and your business a lot of stress and money in the long run. Various factors are to blame for increasing stress-levels amongst many employees in this modern age, so you should offer all the help possible so your employees can manage their mental health and stress level, to feel and perform at their best.
If you want to learn about spotting the signs of work-related stress, you must check out this blog.
To learn more about how to improve your life and business as an entrepreneur, follow the latest posts on our blog.
Written by Lewis James