The competitive advantage of a mentally healthy workplace
The COVID-19 pandemic has led to a national labour shortage, creating a market where jobseekers hold unprecedented power. As Australia exits from lockdowns, employees are demanding that mental health be a priority at work.
In our 2020 study on worker mental health during COVID-19, it was found that 27% of NSW workers felt mentally unwell, and 45% believe this was a result of the pandemic. It's now becoming clear that workers care about the impact work can have on mental wellbeing.
As a business leader, it’s important that employee wellbeing is a priority for your business.
By championing mental health, your business will look more attractive in a job market that is hyper-competitive. Be an employer of choice to candidates and retain your existing staff by creating a mentally healthy workplace.
What record job vacancies mean for your business
As job vacancies rise, the expectation and workload on existing staff piles up, leading to burnout and ill-mental health.
As employee stress increases, they become more aware of opportunities elsewhere.
According to the Australian Bureau of Statistics, the November 2021 quarter saw a total of 396,100 job vacancies – an increase of 18.5 per cent from August 2021. During this period, job vacancies were 74.2 per cent higher than in February 2020, prior to start of the pandemic.
The 2020 National Report, by Superfriend, found mentally healthy workplaces had a higher staff retention. On average, they maintained three quarters of their team year on year. Alternatively, workplaces who failed to create a tangible mental health plan retained less than a third of their employees.
Attracting and retaining staff through mental wellbeing
Workplace mental health and wellbeing plans are integral to your team’s success and can produce better business outcomes. For every dollar spent on designing a mentally health workplace, a positive return on investment of $4 is generated* through improved productivity, lower workers compensation claims and reduced turnover.
People in mentally healthy workplaces have a greater sense of purpose, achievement, and pride, and are less likely to change jobs. Furthermore, research has found a mentally healthy workplace environment is the second most crucial factor for job seekers*.
Gain your competitive advantage – build your mentally healthy workplace
In a labour market where mental health matters, you can remain competitive by nurturing your staff’s wellbeing. Creating a mentally healthy workplace is less daunting than you’d think. It starts at the top, so getting leadership on board is the critical first leap. Follow our six-step guide to get started.
Do you need more business support? Eligible businesses can access free one-on-one business coaching to help plan, promote, manage and support mental health at work. Book in to access your coach and receive one on one support over the phone or online. Find out more.
*UTS and The University of Sydney, ‘Mentally healthy workplaces in NSW A Return-on-investment Study’, 2017
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