How Stress Impacts Small Businesses and Employee Benefits to Help
In the workplace, stress is a prevalent issue, as highlighted in the 2024 Employee Benefits survey by Drewberry™. A staggering 91% of employees experience stress at work, with some carrying this burden even beyond the workplace.
Stressed employees can have a negative impact on your company. It can harm both the physical and mental well-being of your staff, leading to decreased productivity overall.
Why Stress Matters for Small Businesses
Stress can hit small businesses harder than larger corporations. With fewer resources and staff members, even one employee being absent due to stress can disrupt daily operations significantly.
Increased absenteeism can pose financial challenges for SMEs, such as covering sick pay costs, hiring temporary replacements, and potentially losing key contracts.
Effective Strategies to Reduce Workplace Stress
According to Drewberry’s survey, 83% of employees feel stressed even outside of work, citing reasons like family issues and financial concerns.
As an employer, your employee benefits package can be a vital tool in combating stress. Here’s how:
Flexible Work Options
Offering flexible work arrangements enables employees to achieve a better work-life balance. With hybrid and remote work models, staff can eliminate commute stress and save time and money. This benefit is highly valued by 32% of employees and boosts productivity while reducing sick leave. Additionally, consider holiday trading to allow staff to purchase extra leave.
Mental Health Support
Mental health is a significant source of stress for 31% of employees outside of work, affecting performance and sick days. Provide mental health support through initiatives like additional leave days, counselling sessions offered with existing benefits, Employee Assistance Programmes (EAPs), open communication culture, wellness apps, and discounted gym memberships.
Core Employee Benefits Implementation
Core employee benefits play a pivotal role in supporting well-being. Group Life Insurance and Group Income Protection offer financial security that reduces stress. Group Health Insurance and Corporate Health Cash Plans also alleviate stress by providing timely healthcare options. These benefits not only ease financial pressure but also cater to the employee’s and their loved ones’ needs, as per recent surveys.
Financial Education Inclusion
Money worries stress 40% of staff, impacting their mental health. Supporting their financial well-being is crucial. Offer financial education resources, travel season ticket loans, discount schemes, debt management services, confidential stress helplines, and enhanced workplace pension contributions to alleviate financial stress.
Effective Communication of Benefits
While stress can stem from various sources, effective communication of employee benefits plays a crucial role in managing stress. Empower your team by clearly explaining the benefits available to them. When employees understand and utilize these resources, they can better manage stress and enhance their overall well-being. As an employer, offering the right benefits and proper guidance can make a significant difference in reducing stress levels.
Additional Reading
Avoid stress and burnout with these six healthy habits: infographic – Discover six healthy habits shared by the UK Domain team to prevent stress and burnout in small business owners.
