Half of SME managers say their mental wellbeing has been affected by financial challenges
According to research released today by Close Brothers Invoice Finance, 55.4 per cent of senior managers say that business financial issues have had a negative impact on their wellbeing. The study found that nearly one third have felt anxious due to company monetary stressors and nearly eight per cent have felt depressed.
The research showed that those in the most senior roles were more likely to be affected. Four fifths ofChairs and 85 per cent of CEOs said that their business’ financial concerns had had an adverse effect on their wellbeing, compared to two fifths of other managers.
Respondents revealed that they had lost sleep, felt anxious or even depressed. Nearly half of Managing Directors and CEOs said the problem had made them feel anxious, and over ten per cent of both groups had felt depressed as a result.
Positively, over 56 per cent of businesses with a turnover of more than £250,000 have a policy or system in place to support employees with common mental health issues, from stress to depression. This improves as SMEs grow; in companies with a turnover of more than £10,000,000, fewer than one third of respondents stated that they did not have any mental health provisions in place for staff.
However, while many businesses are now addressing this issue, these findings act as a reminder that they should take a holistic approach to mental health and ensure support to manage stressors is offered to all staff, including those in management roles.
David Thomson, Chief Executive at Close Brothers Invoice Finance, commented:
“Leadership teams play a vital role in creating a culture which prioritises the wellbeing of its people, but as our research shows, managers can be affected by workplace mental health issues too. A whole system approach which embeds mental health awareness into internal routines and offers support for employees at all levels is therefore the most effective policy that companies can adopt. From stress to depression and breakdowns, we must take all mental health seriously.
“Healthy staff are a business asset and responsible employers should ensure that the importance of both mental and physical wellness is recognised within their company. By promoting openness, providing a supportive environment and ensuring robust mental health working policies are in place, we can help people to reduce stress and thrive both at work and beyond.”