High costs hit mental health of company heads

Around two-thirds of business leaders said that the economic outlook and rising costs had negatively affected their mental health

Financial stress, long hours and a lack of support are just some of the factors negatively impacting the mental health and well-being of accountants across the UK, warned Grant Thornton UK LLP.

The firm’s bi-monthly outlook tracker research, which polled mid-market business leaders, found that almost two-thirds (61%) cited high costs and uncertainty as the main reasons for their anxiety.

The data comes ahead of Mental Health Awareness Week, organised by the Mental Health Foundation, which focuses on people’s awareness and understanding of anxiety within the workplace.

Grant Thornton also found that hybrid, flexible working helped people manage their stress levels in a high pressure environment.

On top of this, around 91% said that being able to work when and where helped support their wellbeing and motivation – with 93% adding that it allowed them to be more productive.

Employers’ awareness of the importance of investing in mental health has led to an increased number of businesses offering counselling, training, and checking in with their people more regularly.

Around two thirds (65%) of businesses planned to increase their investment in mental health in the coming year, up 144% from 2022.

Maddie Wollerton Blanks, people advisory associate director at Grant Thornton UK LLP, said: ‘Leading a business is a high pressure, a high intensity role even in the steadiest of economic climates.

‘While leaders have demonstrated remarkable levels of resilience over the last few years, this research shows that the ongoing pressures of managing uncertainty are having a negative effect on

‘Having a mentally healthy workforce at all levels of the business isn’t an optional extra, it’s a commercial imperative.

‘Healthy people are better able to respond to stress and pressure, which is why it’s vital that employers invest in wellbeing and mental health support for their people and for themselves.’

The opportunity to access counselling or a trained mental health first aider was also considered a valuable resource for people to confidentially discuss things that are affecting them.

At the Association of Accounting Technicians (AAT), this practice has seen more than eight wellbeing employees becoming qualified in mental health first aid training.

AAT’s focus on wellbeing is also reflected in the organisation’s most recent Best Companies survey score in 2022, where wellbeing was one of AAT’s best performing areas, with a score of five out of six.

Adam Harper, director of professional standards at the AAT, said: ‘We recognise the importance of employee wellbeing which is why we place a key focus on creating a positive workplace culture. We also listen to the feedback we receive on our initiatives from our colleagues so that we can continue to improve the support we provide.

‘We encourage our members and employees to share their own mental health and wellbeing experiences so that as a community we can continue to learn from, and support, each other.’

This year, around 35% of UK employees said they had called in sick due to poor mental health but gave another reason, according to Nuffield Health’s 2022 report, which surveyed 8,000 UK adults.

In addition, around 48% said their work had negatively impacted their physical and mental health, largely as a result of anxiety, and they felt overworked.

However, 38% said they have dedicated no time to support their mental wellbeing over the last year, which includes everyday self-care, activities like meditation or speaking to a medical professional.

These findings are especially pertinent during this year’s Mental Health Awareness Week, which focuses on anxiety.

Lisa Gunn, mental health prevention lead at Nuffield Health, said: ‘We know that challenging work environments and stress can have a huge knock-on effect on both our physical and mental wellbeing.

‘When people feel supported and able to reach out to their employer, this can have a positive impact on their mental health alone and help them better address feelings of worry and anxiety.’

If you have questions on making changes at work to support help an employee experiencing poor mental health, visit BrAInbox today where you can find answers to questions like How can I adapt the physical working environment as reasonable adjustments for mental health?

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