British businesses could save as much as £8bn a year if they took the time to tackle stress in the workplace and help employees overcome their problems.
That’s the conclusion of a new study by mental health charity Mind, which reveals that work is the most stressful thing in people’s lives.
Over 40% of respondents claimed they are currently stressed, or very stressed in their jobs, and feelings of stress and anxiety have been exacerbated by the recession.
Two-thirds of respondents said they had been put under more pressure by management since the downturn, and third admitted they have felt stressed due to reductions in budgets in their workplace.
According to Mind, British businesses lose £26bn in sickness absence and lost productivity every year. However, they say that with greater awareness and mental health support, companies could save around a third of these costs.
Paul Farmer, chief executive of Mind, says that businesses must address the “elephant in the room” adding that “it’s more important than ever that businesses invest in staff wellbeing and encourage an open culture, where staff can come forward about the pressures they are feeling and be supported.”
Taboo
However, Mind’s study appears to demonstrate that mental health is still a taboo subject in many workplaces – and workers’ concerns about revealing their issues are justified.
Over 20% of those respondents who have previously disclosed a mental health problem at work have been sacked, or forced to quit, as a result, while 70% said their employer would not help them cope with stress.
Perhaps unsurprisingly, nearly half of those who admitted to workplace stress said they were afraid to take time off work as a result of their issues.