Workplace stress is something that most of us will experience at some stage of our professional life, but as the demands of our ever increasingly busy lifestyle grow, so does the effect of declining mental health amongst workers on the Australian economy.
Mental health conditions cost Australian businesses $4.7 billion in absenteeism and $145.9 million in compensation claims, according to a recent report by PricewaterhouseCoopers.
It is estimated that between 20 and 30 per cent of the workforce will suffer from a serious mental health problem at some point in their working life, such as anxiety, depression or obsessive-compulsive disorder.
Having your finger on the pulse when it comes to understanding how your people are tracking with their mental health could potentially save your business some pain.
It estimated that every dollar spent on effective workplace mental health actions may generate $2.30 in benefits to an organisation — a 2.3 per cent return on investment. The flow on effect of this for an organisation is a healthier, more engaged and productive workforce.
Logical Talent Management can help you develop and implement mental health policies to safe guard your people and your business,