How Stress Management has financial benefits
In a recent case study undertaken by the HSE in to the NHS the following was realised:
Work-induced stress is now widely recognised as a significant problem in the health service as well as in all other sectors of the economy.
The Health and Safety Executive (HSE) says that workers in health and social care have some of the highest rates of self-reported illness due to stress, anxiety and depression.
Across all sectors, around a third of new incidences of ill health at work are due to work-related stress.
An average of 31 working days is lost for each case of stress – several times the average time taken off for sickness per employee per year. Across all employers the HSE reports that stress, anxiety and depression are estimated to account for 12.8m self-reported working days lost each year.
This is not a problem the NHS can ignore. There are enormous costs to the NHS of work-related stress: around 30 per cent of sickness absence in the NHS is due to stress, with a bill to the service of £300-£400m per year.
However, stress can also contribute to accidents and errors by employees, low morale and poor performance. It has a significant impact on the well-being of staff, their productivity and effectiveness.
Through the HSE’s report and the shocking financial cost to organisations the management, identification and prevention of stress in the workplace has a tangible financial gain.
By reducing stress within the workplace not only are you able to improve your staffs work life balance but you are able to increase productivity and performance whilst reducing costly sick days.
However the question remains how do you identify, manage and reduce stress.
It is proven that successful organisations proactively provide their staff and managers with training programmes.
Staff training usually focuses on how they can manage their own stress and helps the understand the signs of stress, what factors are causing and how they can take responsibility to manage themselves out of stress
Management training combines both dealing with their own personal stressors but enables them to recognise signs of stress within their teams and how to put in place processes that can actively relieve and reduce stress.
Along with the now obvious financial gains a company can make, additional benefits to the organisation in relation to effectively managing stress and its reduction often include:
- Reduced sick days
- Improved team morale
- Higher productivity
- A more positive culture
With so many benefits to actively managing, identifying and reducing stress many organisations have stood up and taken notice and have actively engaged with professionals to help their companies and their teams to become resilient to stress and the harm that can it do.
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