Three in 10 workers (29%) are currently struggling with their mental health and, in particular, younger workers are more at risk than older workers (35% of 18-34-year-olds versus 16% aged 55+).
According to a QBE survey carried out in conjunction with World Mental Health Day 2020, the pandemic is adding to existing pressures, making everyday tasks even more challenging.
The research revealed that despite heightened awareness of mental health and well-being many businesses have some way to go in addressing this critical issue.
One in five UK employees (21%) said they have not received good workplace support for their mental well-being while a similar proportion (22%) do not believe their employer’s concern about mental well-being is genuine.
These recent findings mirror QBE’s 2019 study that found a quarter of businesses did not offer any workplace mental health support.
The study found that a quarter of workers are hiding mental health challenges from their employers and nearly a third (31%) said they would not feel comfortable disclosing a mental health issue to their employer. One reason for this reticence could be job security.
The study found more than a third (34%) are concerned about their job security, while one in four (25%) fear that disclosing mental health challenges to their employer would put their career at risk.
The survey findings are all the more concerning given the huge costs mental health can have on a business. QBE research last year found the cost of failing to support employees with mental health issues was an average $68,610 in lost business or contracts.
According to a recent study by the London School of Economics, levels of well-being are substantially worse today than just last year, with higher levels of anxiety and lower levels of self-worth, happiness and life satisfaction.
It calculates the UK’s well-being cost from the pandemic to be around $2.97bn per day from the effect of COVID-19 and social-distancing policies. M