The Cost of Employee Stress
Sometimes we’ve just got to get real about the business side of things. “Burnout” is the word we hear commonly in the entrepreneurial space. However, how often are big picture and long term measures used to invest in workplace wellness in Australia? Recent corporate wellness statistics say it all about the reality for Australian businesses:
“Sick workers dragging themselves into the office are costing the Australian economy more than $34 billion a year.” – ABC News
The cost of stress in the workplace is real and so are the tangible business outcomes tied to when your team are feeling overworked and underappreciated. The ongoing effects of increased workplace stress are well-documented paths to destructive business. The business of burnout is more important than ever!
So what are the negative impacts of this, for the company at large? And how can employers and employees work together to minimise them? We discuss this below.
Encourage conversations about mental health
Creating a place for openness about mental wellbeing in the workplace is as important as conversations about physical health.
Tips for how to start a conversation about mental health at work, saying that once the topic has been approached at an appropriate time, there are four steps to the conversation:
Decide whether it will be about their work performance or personal wellbeing and set appropriate boundaries
Describe what you’ve noticed simply and objectively without attempts at diagnosis or your opinions
Ask “Have you noticed...?” or “Is that true for you?” or ‘Is there something going on with that?” to give an opportunity to connect if they choose to
To not say anything at all - zip it! - to allow them to process, organise, and speak to you in their own time
It's important to start a conversation about mental health at work.
Increase flexibility in work
While critics argue that flexible arrangements make it difficult to arrange meetings, manage performance fairly, and adequately develop company culture, it’s undeniable that the popularity of the 9-5 is falling, as reported by recruiting experts like Hays. In 2010, the ABS reported that 45% of non-shift workers had some say in their start and finish times, that figure only growing with technological developments and organisational trends over the past decade.
Research has revealed that most of the positives - increased productivity and satisfaction, less dead time than in an office - that come with flexibility are due to the empowerment that having a say over when work is done.
Clear communications policies
However, a key concern supporters of flexible working arrangements have is the space for exploitation digital technologies present in terms of accessibility to employees. Constant access and expectation to be responsive to emails and phone calls results in feelings of having to be always ‘on’, counteracting the empowerment and increased work/life balance self-directed work brings.
To mitigate this, experts recommend setting clear communications policies that allow workers to adequately relax outside of hours, not feeling pressured to work on weekends and other off periods.
How Can Companies Help?
Employees have ideas on how their companies can help with stress. Higher salaries, paid time off, additional retirement contributions, flexible work schedules and locations, additional medical coverage, and wellness programs and discounts.
Just as employees recognize the need for holistic well-being, companies can offer a variety of measures to address physical, mental, social, and financial stress. Some of these include:
Provide resources for employees to better manage stress, such as meditation classes
Enact policies to lower stress; implement a culture of health
Offer financial wellbeing programs
Provide an EAP or mental health resources
The stressors employees face are not likely to go away. In fact, they are increasing. For their own benefit and for the benefit of employees, companies must find way to help employees decrease stress and increase their well-being.
Over decades of a transforming economy, the way we work has undeniably changed, and so have our needs as employees and individuals. Fact is, workplace wellness affects the productivity of an organisation as a whole. Since the way we work is changing, the way we invest in our team has to change as well.
Reference:
https://www.smithslawyers.com.au/post/the-cost-of-workplace-stress
https://blog.wellable.co/the-cost-of-employee-stress