The hidden budget destroyer
Annual budget times, this ongoing annual fun fest normally creates panic and pressure in certain environments, the attention to detail can be immense, cost cutting savings, removing inefficient campaigns departments and employees.
Managers panic when their budgets are revised and expect to have significantly higher targets with substantial reductions in spend to achieve these.
All makes good sense doesn't it, remove inefficiencies promote and focus on efficiencies.
It certainly does, however in a huge majority of companies there is one major gap
Employee mental health, consider this, 1 in 4 employees experience a serious mental health issue.
Just look at some of these figures, this is the UK alone
Poor employee mental health costs the UK economy £70 billion annually !!
91 million workdays are lost
£1,481 the average per employee cost of poor mental health.
£30,000 the average cost of replacing a member of staff.
This is literally like turning your office heating on full 24 hours a day 7 days a week and leaving all of the doors and windows open.
6 in 10 employees have experienced symptoms of poor mental health stating work as a contributing factor.
1 in 10 employees have resigned because of this with 3 out of 10 considering doing so.
Amazingly this is allowed to continue, and it really doesn't need to, the cost of working toward resolving this and improving the mental well being of employees is minimal compared to these numbers.
The lost productivity the low morale of the workplace will all impact the numbers that were crunched in those budget meetings, and yet these factors are continuing to be overlooked.
Barriers are finally being broken down on Mental health, people are starting to talk and be honest about their own scenarios, now we need to take this movement into the workplace.
Team buildings, pizza and beer, 10 pin bowling and go karting are all great fun, however they will not resolve or impact any of the aforementioned circumstances and numbers.
At VOS we are delighted to work with Mind-Berry.com , market leaders in the field of mental health well being for employees, bringing actual counsellors and coaching professionals into your company allowing your employees to confidentially and securely reach out to these professionals for assistance.
The results are incredibly impressive, the benefits to both employee and employer are hugely significant, so next time you are having budget meetings please add employee mental heath as a column and remember a pizza and a beer will not resolve this budget busting issue.
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