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There are so many variables that need to be considered and measured when answering this question. There is the obvious loss of income to the individual and the financial cost to business, especially if a staff member falls under the category of mental health issues caused by the workplace.
That just shouldn’t happen but it still does unfortunately. In many cases it is a consequence of repeated workplace bullying that contributes towards having varying levels of stress and worse, mental health issues.
Also how long is a piece of string in terms of severity of illness. So much is up to the individual business in terms of what policies and procedures are in place to support their staff members.
One factor that is very important is that early quality intervention is key to a satisfactory recovery in most cases. A person that presents with chronic mental health issues that has suffered on an off for many years may cost a lot more to a business.
Compare that to someone that is showing signs of suffering in the early stages of mental health illness and can be worked with promptly and effectively at minimal cost long-term.
Let’s stay focused to start with on the personal cost , people matter and people are the heart of any business.
It’s really tough to suffer from any level of mental illness and to show up focused and productive ready to work every day can be a huge challenge, it is exhausting. There can also be a lot of guilt and shame attached to having a mental illness and a staff member can feel quite isolated and vulnerable knowing that other people know of their struggle, it’s not always easy to share with your work friends.
Days off work, trips to doctors, therapists and the many forms of treatment is a huge financial cost to the individual. It is money that is well spent for sure, but not everybody invests in themselves this way, and often times the individual just does not know which way to turn.
If the individual does not take responsibility and spend the money that is needed this can be at a huge personal cost by way of a continuous struggle long-term, lack of treatment, timing, support, finances, level of stress factors, overall poor health are just a few reasons of how a chronic condition can develop.
The cost to a business is absolutely huge , loss of productivity day to day is very hard to measure . The cost of replacement staff, cost to re-train staff if the sick staff member does not come back to work.
The cost in workplace stress to other team members due to staff shortages. The cost of stress to management trying to manage staff shortages loss of productivity and re-training. The extra cost of temporary staff into business, the cost of clients lost through inefficient staff replacement.
The cost in workplace stress to other team members due to staff shortages. The cost of stress to management trying to manage staff shortages loss of productivity and re-training. The extra cost of temporary staff into business, the cost of clients lost through inefficient staff replacement.
The cost of lost sales if your team member is a huge part of your sales team. The cost of lost contracts due to the inability to meet the market demand.
The following is a calculation that is based on one full-time employee that earns $65,000 a year full time. The calculation is derived from the 2020 mental health in the workplace report by UK company Deloitte, they are a consulting audit and risk advisory company.
The following is a calculation that is based on one full-time employee that earns $65,000 a year full time. The calculation is derived from the 2020 mental health in the workplace report by UK company Deloitte, they are a consulting audit and risk advisory company.
There are 2 types of calculations, one is based on young professionals and the other is older mixed ages staff members. Younger people have a higher rate of mental health issues than older people who have built up some resilience over time.
$5395 a year is the estimated figure that a company can lose due to mental health issues for 1 staff member. Multiply that by 10 and that equals $53,950 THIS COST LOSS IS PREVENTABLE!!
That is just the cost of mental health issues, there are so many other preventable Illness and disease caused by stress and poor health. These types of figures are a great wake up call for businesses in terms of how much mental health is causing loss in their business and why investing into quality health and well-being programs for their teams Is a must .
Please contact me if you want more information on this and to see how I can help you build more productive healthy teams so that you can get on with building profitability in the business.
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#remoteworker #healthcoach #healthandwellbeing
#rententionstrategies
💥 BUILDING STRONG HEALTHY PEOPLE, BUSINESSES & WORKPLACES FROM THE INSIDE OUT 💥
Sandra Leigh specialises in helping business owners, remote workers and workplaces build strong healthy habits from the inside out.
If you would like to find out more about how SANDRA LEIGH TRAINING can you help you, your business or workplace.
Please contact Sandra Leigh at
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www.sandraleightraining.com.au
mob:0409 625 131