Posted on: 28 October 2020
Why you should spend money to look after mental health at your business
Looking after mental health in your business will likely involve bringing in initiatives that will cost money. But did you know that investing in mental health can also help save your business money in the long run?
Take a look at our infographic to see some of the benefits of investing in workplace mental health.
Investing in workplace mental health infographic
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<p><a href="https://www.premierline.co.uk/knowledge-centre/investing-in-workplace-mental-health.html"><img src="https://www.premierline.co.uk/content/dam/premierline/knowledge-centre/investing-in-workplace-mental-health_infographic.png" alt="Investing in Workplace Mental Health infographic by Premierline"></a><br /><br/><a href="https://www.premierline.co.uk/knowledge-centre/investing-in-workplace-mental-health.html">Investing in Workplace Mental Health</a> by <a href="https://www.premierline.co.uk">Premierline</a></p>
Investing in workplace mental health summary
The World Health Organisation (WHO) defines mental health as a state of wellbeing in which an individual can:
- Realise their potential
- Cope with normal stresses of life
- Work productively
- Make contributions to their community
How mental health can affect businesses
- Absenteeism – Absences caused by mental health in the UK cost organisations an estimated £7.9bn a year in productivity and care costs
- Presenteeism – Presenteeism is when someone attends work, but are too ill to be working to their full ability. Presenteeism is estimated to cost UK businesses between £16bn and £26bn per year.
- Staff Turnover – Employees who leave a company due to mental health concerns are estimated to also cost £7.9bn per year.
Mental health Return on Investment
By putting money into mental health initiatives, businesses can see a return of £9 for every £1 spent.
This return on investment is through higher retention rates and productivity levels.
Mental health statistics
- According to mental health charity, Mind, one in 4 people in the UK experience a mental health illness every year.
- An average week of diagnoses in the UK:
a. Mixed anxiety and Depression – 8 in 100 people
b. Generalised anxiety disorder – 6 in 100 people
c. Post-Traumatic Stress Disorder (PTSD) – 4 in 100 people
d. Depression – 3 in 100 people
e. Phobias – 2 in 100 people
f. Obsessive Compulsive Disorders (OCD) – 1 in 100 people
g. Panic Disorder - <1 in 100 people
- It is estimated that only one in 8 adults with a mental health illness are receiving the treatment that they need.
- Mental health illnesses are estimated to cost the UK £105.2bn a year in care and productivity costs.
Charity Partnership with Mind
In 2019, Premierline’s parent company, Allianz UK, signed a 3-year partnership with Mind, with the challenge of raising £1m for the mental health charity.
As of 6th October, businesses across Allianz UK have raised over £570,000 for Mind.
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