Employee Stress And Poor Mental Health Costs $14 Bn Yearly To Indian Employers: Survey
Stress and Poor Mental Health costs USD 14 billion or ₹1.1 lakh crore annually to Indian Organisations according to the report released by Deloitte.
Out of the ₹1.1 lakh crore, ₹14,000 crore was the cost of absenteeism, while presenteeism cost ₹51,000 crore and employee turnover cost ₹45,000 crore.
Absenteeism refers to unplanned leave taken due to mental health reasons. At least 29% of them took it to deal with workplace-related stressors.“These costs build up over time and are incurred when poor mental health impacts how individuals deal with day-to-day stressors and are unable to thrive in their work environment,” says the report.
Another cost that employers have to bear because of poor mental health in the workplace is employee turnover—the measure of the number of employees who leave an organisation during a specified time due to mental health reasons. Around 20% of the employees surveyed left their jobs or work to manage their mental health.
“Not only is the number of impacted employees large, the degree of the challenge is also high, accentuated by performance-oriented cultures anchored in long and demanding work schedules, economic uncertainty, and peer comparison especially on social media platforms,” said Charu Sehgal, partner and life sciences and health care leader, DTTILLP.
The report also highlights that the total absence due to mental health conditions — stress, depression, anxiety, and other serious mental health conditions – is expected to rise even further.
