An intensive report released by Price Waterhouse Coopers has revealed that mental health is costing Australian businesses up to $10.9 billion a year. Compensation claims continue to be one the greatest costs to most businesses, costing up to $146 billion a year, but are you aware of the hidden costs?
Price Waterhouse Coopers have identified two additional costs – absenteeism and presenteeism.
Absenteeism occurs when employers have to pay for employees absent due to mental health issues, costing $4.7 billion, or the equivalent of 1.1 million sick days
Presenteeism, occurs when an employee affected by mental health issues is less productive. Some estimates indicate that severely affected employees are up to 50% less productive, costing $6.1 billion.
These costs only rise further for emergency services organisations who must cope with the costs of exposure to trauma in the line of duty in addition to everyday personal and occupational stressors.
Because exposure to trauma is inevitable, it is crucial for emergency services leadership and management to take real action and develop a holistic strategy to address the mental health needs of employees. The Mental Health Strategy for First Responders conference, taking place in Melbourne in March 2017, will explore how organisations can tackle stigma and enhance prevention strategies. Book your place by December 16th to save $400 on ticket prices.