With the psychological safety laws still in their infancy and Mental Health Week taking place on 5-13 October, one former burnt out lawyer is still seeing far too many stressed out business owners.
A recent MYOB survey reports that 31% of business owners know they need mental health support, 44% have experienced anxiety and 61% believe they could do more to improve mental health and wellbeing.
“Being unable to sleep, rest, switch off and having a constantly busy brain are all symptoms of being stressed at work. And the poor business owner who is as stressed as their staff, struggle to not only get their head around the new psychological safety legislation but also have no idea how to implement or create a safer work environment,” explains Sharné Lategan, reformed lawyer and now workplace psychological safety expert.
Recent data from the Australian Institute and Safe Work Australia highlight the critical impact of mental health on business success:
- Australian businesses lose an estimated $4.7 billion annually due to absenteeism linked to mental ill-health, and $6.1 billion due to presenteeism, where employees are present but not productive;
- Poor mental health results in 12 million days of absenteeism, placing additional strain on already stretched business owners; and
- Since 2017, mental health claims have risen by 36.9%, with lost time averaging four times longer, and compensation being three times higher, than for physical injuries.
With mental health claims in Australia projected to double by 2030, and the costs ultimately falling on business owners, the need for proactive workplace mental health strategies has never been more urgent.
“The psychological safety legislation offers a path to reverse the significant losses and stressors associated with ill-mental health in the workplace,” Ms Lategan said.
“While business owners may find the code complex and daunting at first, it holds the potential to transform workplaces into environments of increased productivity and decreased absenteeism.”
To support business owners, Ms Lategan has launched the Become Code Compliant Program, a one of its kind online program tailored specifically for SMEs. The program provides a step-by-step guide to complying with the Psychosocial Code alongside 150 strategies SMEs can adopt to foster healthier, more productive work environments.
The Productivity Commission’s Inquiry shows that for every dollar invested in mental health initiatives, businesses can expect a return of $1.30 to $4.
“This shifts the focus from onerous compliance to prudent decision making”, Ms Lategan said.
For more information on how addressing psychological safety laws can lead to sustainable success for both teams and their leaders, contact Sharné Lategan on 0427 900 281.
