As a business your primary focus in making sure your company enjoys a healthy profit, at GN Coaching we believe it important for you to understand the true cost that stress can have within your business and assist you in teaching your staff the strategies and techniques to reduce stress and increase their resilience.
Stress plays a key role in short term and long term absences and may be the single biggest cause of frequent short term illness particularly to non physical conditions but it also can be associated in many physical complaints too. In fact because of the way stress suppresses our immune systems and leaves you susceptible to illness, stress can be attributed to around 80% of lost working days.
Based on a CBI Survey a company with average levels of sickness absences is probably loosing the equivalent of 3% annual turnover (based on direct costs of salary and temporary staff, indirect costs are high too and will be equal to even greater then the direct costs)
Litigation & Employer Liability:
A growing cost to companies is the cost of legal action taken against them by employees who can prove personal injury as a result of pressure at work and over the last few years there have been an increase in litigations. It is estimated that their are over 2500 stress related claims at some stage in the litigation process. The costs of employee legal actions are usually further compounded by the additional costs of insurance premiums.
Along with sickness absence, high rates of staff turnover are one of the clearest organisational signs of stress, their is also a high level of costs incurred because of the training that is required for new staff not to mention the loss of an employees skills, experience and intellectual capital that can sometimes be hard to replace.
Stress can be a massive cause of accidents within your organisation, the direct cost of an accident is obvious: the time taken to deal with it; the absence from work; damage done to a machinery and stock; compensation payments to name a few. In addition their are also the costs that may be incurred such damage to your reputation and possible risk of losing customers.
Many of the above issues can be reduced when staff learn and use stress management and resilience training