New analysis by Deloitte finds that poor mental health costs employers in Wales £1,557 per worker each year and nationally, across UK employers as a whole, up to £45 billion each year. This is a rise of 16% since 2016 – an extra £6 billion a year.
For employers in Wales, the research reveals that the annual cost of a worker leaving their job for mental health reasons is £212 per employee.
The research also looks at how employers can take steps to negate the costs and finds that it pays to support employees’ mental health. On average, for every £1 spent on supporting their people’s mental health, employers get £5 back on their investment in reduced presenteeism, absenteeism and staff turnover
Analysis from ‘Mental health and employers: the case for refreshing investment’ shows that higher return on employers’ investment can be achieved by early interventions, such as organisation-wide culture change and education, than more in-depth support that may be needed at a later stage when a person is struggling.
Ian Howse, a partner at Deloitte in Wales, said: “As our ways of working evolve, so do expectations of employers about how we should support our people. This analysis shows very clearly that it pays for employers to provide mental health support at work.
“Support can come in many forms. For example, I’m a mental health first aider for our people in our Cardiff office. Early intervention is vital, for those experiencing poor mental health and employers alike.
“With one in four adults in Wales1 likely to experience mental ill health at some point in their lives, it’s something that Welsh businesses of all sizes could consider implementing for their workforce.”