One of the biggest issues facing many households is the cost of living crisis, as the price of everything from food to fuel has risen sharply. At a time when millions of people are struggling to get by, it’s understandable that their mental health may suffer.
According to a recent survey from the Office for National Statistics, more than three-quarters of Brits are worried about the cost of living crisis and how it is affecting their life.
As any good business owner knows, your employees are your most valuable asset. So, it’s important to look after their wellbeing. And being proactive about mental health doesn’t just help your staff – it can also have positive effects for your company.
With that in mind, read on to find out three important reasons why taking care of your team’s mental health can benefit your business.
In recent years, emotional burnout has become a major problem for many workers. During the coronavirus pandemic, the constant worries about the wellbeing of loved ones weighed heavily on people’s minds, while now the rising cost of living is the main stressor.
According to a recent study published by People Management, reports of burnout among workers have almost doubled over the past year. Furthermore, research published by The Drum shows that people in the creative sector may be more vulnerable to this problem than others.
This rising level of emotional exhaustion can pose a huge issue for employers, as it harms both your employee’s health and your company’s productivity.
For a start, if someone calls in sick due to burnout, or needs to take time off work to recover, then it could put more pressure on your remaining staff to pick up their workload. Not only does this increase the risk of others burning out too, but it could cause your company to miss an important deadline.
If this happened, it could seriously damage your professional reputation with clients, leading to lost business in the future. That’s why it’s important to make sure that your team are all happy and motivated, reducing the risk of burnout and keeping your company ticking along nicely.
As we discussed in a previous article, over the past few months there has been an uptick in the number of UK workers changing jobs in what the media is calling “the great resignation”. As you might imagine, this can pose a serious problem for employers.
For a start, when a member of staff leaves, you lose all the invaluable knowledge and skills that they brought to the role. This can be particularly painful if they were in a management position or if they have a specialist range of talents.
Furthermore, you will also need to find a replacement for them, whom you will have to hire at a competitive rate. If you work in a field where there are often more positions than people to fill them, such as the tech sector, this could be hugely expensive.
On top of this, the new team member will also need to take some time to adapt to your business’s practices, meaning they won’t reach their full level of efficiency for some time. In fact, according to the Guardian, replacing a worker could cost you up to £25,000 in lost productivity.
As you might imagine, emotional exhaustion can be a major cause of job dissatisfaction. That’s why looking after your team’s mental health and preventing burnout before it has a chance to set in can be important if you want to retain your workforce.
One of the simplest, and most effective, reasons why it’s important to look after your team’s mental wellbeing is that happier workers are often much more productive. When you invest time and energy into your staff, they’ll often want to give something back.
According to a 2021 study carried out by the University of Warwick, people work 12% harder when they’re happy, rather than just “content”. As you can see, looking after your team’s mental health can reap dividends for your company’s productivity.
At a time when many businesses are struggling to get by due to the cost of living crisis, making sure your employees are happy can give you that crucial edge over your competitors.
Very often, just knowing that your employer cares about your wellbeing can be uplifting. But if you want to go the extra mile, read our previous article for three valuable tips to boost your team’s mental health.
If you want to ensure your company is working at full efficiency, having the right protection can give you a greater sense of confidence. To find out more, email email@example.com or use our contact form to request a callback from our team.