Stress is bad for employees and for business
Employers, here’s how to improve your mental health offering.
Why You Should Care
Stress and burnout have skyrocketed over the past three years.
And it is impacting business bottom lines, according to new research by Champion Health.
Here are some solutions.
2022 was the worst year on record for burnout. Unfortunately, 2023 is set to see a continuation of issues around wellbeing and stress.
A survey of 4,000 global employees by Champion Health found that three quarters of them are moderately or highly stressed – this is up 13% on 2022 levels. 60% of them shared they were anxious – this rose to 66% for 25 to 34-year-olds and 67% for 16 to 24-year-olds.
Work is a major stressor for people – 73% said their workload was too high, 31% felt they lacked control at work and 29% cited lack of support as a major contributor to their stress and anxiety.
However, financial worries was another major wellbeing challenge; it was cited by 37% of respondents. Champion’s co-founder and CEO Harry Bliss tells UNLEASH: “That’s a 23% increase on our data from last year and reflects the impact of the ongoing cost of living crisis.”
These feelings of stress and anxiety are not just a problem for employees and their mental health. Champion’s research proves stress hinders employee performance and productivity, and therefore impacts business bottom lines.
One in five told Champion their poor mental health was impacting their performance. 49% told Champion they couldn’t concentrate and 52% felt disinterested at work. In addition, just 13% ranked their productivity at work as high, and Champion estimates this is costing employers £9,000 per employee per year.
Culture is key to mitigating stress
Champion’s report isn’t all doom and gloom, however. 98% said they feel motivated to improve their wellbeing, they just need help to do it.
While individuals need to take control of their own health and wellbeing, “leaders can help spur this action”, according to Bliss.
A positive team culture, and employees feeling supported at work is positively correlated to wellbeing and productivity.
The big question is, how to improve team culture?
The report called on employers to ensure that workers’ key performance indicators (KPIs) are about helping each other, rather than competing with one another. The best way to do this, according to Champion, is to align KPIs with company goals.
In addition, leaders need to role model good behavior around stress and mental wellbeing – taking breaks, setting work-life boundaries and talking candidly about their own challenges.
Bliss adds that employers must identify ”existing traits within your colleague population and use these to galvanize people into communities. By leveraging these communities, your people can engage and be part of the solution – rather than waiting to be invited in.”
If this article caught your interest, you can find more about wellbeing here. Enjoy!
Allie is an experienced business journalist and can be reached at firstname.lastname@example.org.