With the rise in remote and hybrid work arrangements post-pandemic, employee well-being has quickly become a top priority. Employees weigh it higher than compensation and technology, with 90% of global employees saying they consider well-being offerings critical when choosing a workplace, according to a report by flexible workspace provider Mindspace.
While the task may be large, the organizational ability to support and provide employees with the right environment to feel mentally sound is a fundamental expectation. Of the 2,000 globally surveyed employees, 82% said they expect support from their employers in achieving a work-life balance. As the labor market continues to remain highly competitive within finance, CFOs should be aware of the impacts the mental health allocations they make have.
According to the report, 43% of employees said flexible working hours is the benefit with the greatest impact on well-being. Other benefits included work location flexibility (21%), free healthy meals (24%), more vacation days (33%), improved health insurance (16%), and physical amenities such as on-site gyms.
The Workplace’s Mental Health Crisis
Like any company, team, or leadership group, some days can be better than others. However, according to the data, the bad days may be piling up across organizations — subsequently impacting employee mental health as a result. According to data, 66% of all employees experience negative well-being at work and 25% went as far as to say they have a negative well-being induced by their job all or most of the time.
While taking on the responsibility for the mental health of an employee base may be a daunting task for any business leader, formulating policies and workflows around the causes of poor mental health may be a good approach. Data shows employees are feeling things like frustration (42%), exhaustion (39%), and demotivation (38%).
Causes and Business Consequences
Employees who feel like their job is negatively impacting their ability to function have several factors playing into their mental condition. Nearly 39% said their workload was the cause of their stress, while 29% said lack of sleep. Slightly under a quarter chalked up a lack of work-life balance and recognition and rewards to the origins of poor employee well-being.
Not only will employees be less likely to take a role in a company that doesn’t support their mental health, but companies who choose to disregard or under-allocate towards mental health support may be trading their resistance for a loss of productivity.
Half (50%) of all employees said they felt less motivated, 48% said they lost productivity, and nearly 28% said they lost creativity. A quarter said poor employee well-being approaches have impacted their desire to stay at the company.
By developing approaches to new technology, workflows, business decisions, and business transformations with employee stress triggers and mental health in mind, CFOs and other business leaders should be able to recruit and maintain their best talent throughout whatever other challenges may lie ahead.