City bosses have been urged to take the mental health of staff and working culture of their organisations more seriously if they want to attract and retain talent.
Speakers at the Getting Ahead conference at City Hall organised by Mind and the Mayor of London this morning highlighted both the financial and social imperatives for companies to act.
Nearly one in five employees said that they had developed depression as a result of workplace stress, according to new research released today by Mind. The charity also found that one in four of the employees surveyed had developed anxiety.
Workplace stress had caused 42 per cent of respondents to consider resigning, while 40 per cent had looked for a new job elsewhere.
Nearly one in seven actually handed in their notice because of workplace stress.
Mental illness costs UK businesses an estimated £30 billion a year, which is £1,000 for each and every employee, according to Government figures (Department of Health/ Deputy Prime Minister's Office).
However, the biggest cost drain on British business is actually from presenteeism, or in other words people staying in work when they are going through a period of depression or anxiety. The report found that £17.49bn is lost annually through lower productivity of those suffering the symptoms of mental illness.
Depression can cause reduced cognitive functions leading to indecision, forgetfulness and even misjudgement. Presenteeism is more likely to occur among senior and higher paid employees, which is why it can be such a costly problem for business.
Check back on Mental Wealth soon for more coverage of the Getting Ahead conference and the accompanying report...
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