These days, most people hold some form of life insurance in their super account. While this is a welcome safety net, the level of cover held this way is often inadequate.
In this interview, Dr. John Cummins chats with our CEO Jacqui Sherlock about how you can live a happy and healthy life by improving not only your physical health but your financial health as well.
It has been a year like no other. When it comes time to doing your annual business review, however formal or informal that may be, think about the well-being of your team. How has your team come through the year?
Leaders play a crucial role in creating thriving workplaces, no matter the size of the team. And more and more information is coming to hand that investing in workplace mental health makes sound business sense.
Productivity Commission on Mental Health
A couple of weeks ago, the Productivity Commission released its long-awaited report on mental health. Unlike other many reports on the topic, this one used an economic lens to investigate mental health impacts. In doing so the Commission estimates the total combined cost to the Australian economy of mental ill-health is around $220b each year.1
The report identified the importance of building mentally healthy workplaces and enabling people to participate in and thrive at work. The Commission made a number of recommendations relating to embedding psychological health and safety in workplaces, assisting employers to meet their duty of care, ensuring minimum standards for employee assistance programs and creating better workers compensation schemes.
The role of workplaces
So how much, or little, does your workplace do in relation to the mental well-being of team members?
According to one study by Beyond Blue, 91% of employees believe workplace mental health is important but only 52% believe their own workplace is mentally healthy.2
Creating a thriving workplace is not just good for your people – data shows that every $1 spent can provide a $2.30 return by way of factors like increased productivity and reduced absenteeism.3 This means that efforts to improve employee well-being may boost your bottom line too.
Here are a few points to consider.
Workplace Health and Safety
You may be aware of legislative requirements for the physical health and safety of employees, but the obligations extend to psychological safety too.
If your workplace has never conducted a psychosocial risk assessment, it may be something to consider. Safe Work Australia has a lot of information to help get you started.
Psychosocial work hazards increase the risk of stress and can impact an employee’s mental health. These factors include:
• Excessive job demands
• Low job control
• Workplace conflict or bullying
• Low role clarity
• Poor organisational change management and uncertainty
• Low recognition and reward
• Unfair work practices
• Lack of support
• Exposure to trauma
Checking in with your team
Sometimes a person may appear okay on the surface, but below the surface, it may be a different story. Everyone has a role to play in recognising potential warning signs. This can be as simple as asking someone how they are going. It can be awkward or uncomfortable to have these chats but there is a lot of information to guide you.
In fact, there is no shortage of workplace mental health training and resources available. Helpful resources include the workplace mental health hub, Heads Up, developed by Beyond Blue which includes a comprehensive ‘how-to guide’, and national mental health promotion foundation, Superfriend, who recently released their Indicators of a Thriving Workplace report.
No matter what state or region you live in, there is a stack of information at your disposal.
One of the most observable trends to come out of COVID-19 is the tendency for people to overwork. The blurred lines between our work and personal lives is a big contributing factor. Alongside physical symptoms, burnout can have many other negative repercussions including reduced cognitive ability, increased stress, reduced productivity and it could even have a negative effect on team culture.
It’s worth noting that leaders have been under increased pressure as a result of COVID-19 with increased expectations and responsibilities falling on them. This also highlights the need for leaders to look after themselves and model good self-care in their own lives. To use an old analogy, leaders need to put their own oxygen mask on first before helping others!
3 Creating a Mentally Healthy Workplace, PwC and Beyond Blue 2014. https://www.headsup.org.au/docs/default-source/resources/beyondblue_workplaceroi_finalreport_may-2014.pdf
This information is current as at November 2020. This article is intended to provide general information only and has been prepared without taking into account any particular person’s objectives, financial situation or needs (‘circumstances’). Before acting on such information, you should consider its appropriateness, taking into account your circumstances and obtain your own independent financial, legal or tax advice. You should read the relevant Product Disclosure Statement (PDS) before making any decision about a product. While all care has been taken to ensure the information is accurate and reliable, to the maximum extent the law permits, ClearView and its related bodies corporate, or each of their directors, officers, employees, contractors or agents, will not assume liability to any person for any error or omission in this material however caused, nor be responsible for any loss or damage suffered, sustained or incurred by any person who either does, or omits to do, anything in reliance on the information contained herein.