Chris LockeThe UK took more than 20 million sick days last year as a result of poor mental health, five million more than the previous year.
Research from The Mortgage Industry Mental Health Charter (MIMHC) demonstrates that the mortgage and intermediary sector is not immune to the UK’s growing levels of mental ill-health. It showed that 21% of respondents indicated ‘poor’ or ‘of concern’ mental health, a rise of 5% from 2023.
Britain’s worsening mental health doesn’t just impact individuals, but also their families and communities. For businesses, it means declining productivity and working days lost.
This year’s World Wellbeing Week offered a good opportunity for leaders in the industry to ask what they can do to better support mental health in the workplace. Not only is this good for business, but it’s also the right thing to do and can help support healthier, happier employees.
So, what kind of steps can the industry take to ease the mental health burden and better support employees?
We recently surveyed nearly 2,000 employees at 400 of the UKs leading businesses on the ways in which employers can support better mental health among the UK’s workers.
A family affair
One key means of reducing employee strain is implementing policies that support family life. More British workers than ever now need to balance the competing demands of work and obligations to children or – sometimes and – elderly parents and relatives.
Our survey revealed that employees with policies in place that recognise this can have a real impact. Nine in 10 of those we surveyed reported that employer Back-Up Care (BUC)– the provision of temporary, alternative care for children, adults, and elders when regular care arrangements fall through – helped reduce stress and 88% say it eases the mental load of managing work and family.
This, in turn, has a positive business impact, with increased employee productivity, engagement and fewer absences.
89% of those surveyed said BUC had a positive effect on their productivity, with nine in 10 users saying it helps them focus on work during working hours and that care breakdowns are less likely to impact their ability to work.
With the survey revealing that two-thirds of parents and half of carers had care breakdowns over the last twelve months, these lost days can have a significant impact on employee wellbeing and business productivity. Employers have an opportunity to step into the gap here and make a positive impact.
Mutual support
While a separate survey we conducted of employees without access to BUC indicated a decline in staff feeling supported and able to discuss family issues at work, 90% of employees with BUC rate their employer as supportive, 22% points higher than the national average in the UK.
This support is reciprocated by employees with greater loyalty and retention, meaning more cohesive teams and expensive recruitment processes reduced. 85% of workplace nursery parents, for example, say they are more likely to stay with their employer as a result of the service.
While 35% of the wider population expect to look for new employment this year, 85% of people using employer-sponsored early years provision say it is more likely to make them stay. This only seeks to further the importance of offering these services, which play a key role in retaining talented employees.
To look into the future of employee retention it is crucial to acknowledge the changing workforce. The younger generation want both, a family life and a career. 57% say family is now a higher priority than before, and 42% say their career ambitions are stronger than they were.
This highlights the importance of work-life balance for the future of business and talent retention. Those who do not offer solutions, like BUC, risk being left behind as employees leave for companies that provide them with the ability to succeed in both career and family.
A workplace that offers these practical supports is a stronger organisation. It benefits mental health and wellbeing, which should take priority as this is a problem that is only worsening. Not only this but it improves other aspects which all come together to create a better running business.
Employee wellbeing is central to business wellbeing. The financial services sector, in particular, should recognise the competing demands placed on today’s workforces and the strain this can lead to.
In making work and life easier for employees, leaders in the industry can not only do the right thing, but also generate measurable returns for their businesses.
Chris Locke is executive director at Work & Family
