Why do your employer clients need to manage stress?

Given the roller coaster of the past few years, including a cost-of-living crisis that’s followed closely on the heels of a global pandemic, many of us can intuitively feel that people are experiencing high levels of stress.

We may see it in our family, friends, clients and colleagues, or we might even suffer it ourselves.

Unfortunately, this intuitive appreciation of the problem is thoroughly supported by evidence from Opinium research we commissioned in 2023.

For example, we found that:

• A quarter of UK employees (25 per cent) indicate that the cost-of-living crisis has made them more stressed about their jobs
• Nearly one in five (18 per cent) say that work is impacting their personal and home life more than it did just two years ago, with 10 per cent being unable to switch off from work
• Just over half (51 per cent) work beyond their contracted hours every day, with 17 per cent working at least two hours overtime daily.

These numbers are anything but trivial and suggest that stress and burnout, along with the subsequent losses in productivity, may soon become increasingly problematic for employers.

The stats also naturally prompt the question of whether employers adequately understand the depth and breadth of the problem in the workplace – both from an empathetic stance as well as from a financial point of view.

Seeing this within context

The above should be interpreted against a wider backdrop regarding mental health and the prevalence of anxiety and depression.

From figures released in 2017 by the mental health wellbeing charity, Mind, we know the prevalence for Generalised Anxiety Disorder in the UK is 5.9 in every 100 people.

Depression affects 3.3 in 100 people, and mixed anxiety and depression affects 7.8 in 100 people.

Moreover, approximately 25 per cent of the UK’s population will experience a mental health issue every year.

An expensive problem

Beyond the suffering caused to an individual and their loved ones by poor mental health is another essential consideration, cost. Which can be substantial.

According to the World Health Organisation, about 12bn working days are lost every year to depression and anxiety globally, which amounts to an estimated $1trn in lost productivity. 

The emerging narrative provides a compelling case for why employers need to support their employees’ mental health in the workplace.

Closer to home, the London School of Economics and Political Science found that mental health problems cost the UK economy at least £117.9bn annually – a sum equivalent to 5 per cent of GDP. 

Most of this (72 per cent) owes to lost productivity and costs incurred by unpaid informal carers, but employers can and should help.

Critical role

Stress, burnout, anxiety, depression, lost productivity – the emerging narrative provides a compelling case for why employers need to play a critical role to proactively support their employees’ mental health in the workplace.

Among other considerations, this means providing effective preventative measures designed by experts to improve workers’ overall wellbeing, such as the support offered by policy value-added benefits.

Canada Life has been analysing data from myStrength, our 24/7 mental wellbeing app, which is an added benefit to all our group
policies.

It’s important for advisers help their employer clients to find ways of encouraging workers to take advantage of policy value adds.

How people are using it gives us some insight into how stressed workers are coping.

Our latest data reveals that in 2023, mindfulness modules were the most popular among users, accounting for more than a third (36 per cent) of modules completed.

This was followed by sleep, with more than a quarter (27 per cent) of employees completing these. Over one in eight completed modules (13 per cent) were anxiety related, followed by 11 per cent to support depression.

The importance of communication

Employers are vital stakeholders in the wellbeing of their employees. It follows that ensuring that workplaces are geared towards reducing risks to mental health should be a priority.

As with all benefits, however, access to a wellbeing app like myStrength means little if employers do not promote it properly.

It’s important for advisers help their employer clients to find ways of encouraging workers to take advantage of policy value adds by communicating about them well and on a regular basis.

Emails, posters, digital brochures, one-page summary documents, and attention-grabbing posts on internal social media are all good ways to get the word out and market the benefits of perks.

Final word

Stress in the workplace is on the rise, and both employers and employees stand to benefit from preventative measures like mental wellbeing apps provided by group policies.

But, as with all perks, good communication is key to employees seeing the value and taking the time to engage with the benefit.

Jo Turner, is head of product and proposition, group protection, Canada Life