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Staggering cost to businesses of anxiety revealed

Reporter
Reporter
31 May 2018 1 minute readShare
Stress, steam, anxiety

Businesses nationwide are losing a staggering number of hours to anxiety, highlighting that it is not only depression having material impact on an organisation’s bottom line.

Resilience and leadership adviser Mike Conway said a 2018 study by Medibio tallied the lost hours of productivity and working time for Australian businesses directly resulting from anxiety at up to 100,000 hours annually.

The flow-on effects from this immediate loss of work time can be strains on professional relationships and limited career progression for individuals, while their employers take a hit to lost work time, higher rates of sick leave and reduced productivity.

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“Anxiety is often linked with a self-induced fear of failure — which can be detrimental in a professional setting,” explained Mr Conway.

“As we spend a third of our lives at work, it’s no surprise that it’s a prime environment for anxiety.”

 

He suggested that the modern nature of work, with competing deadlines, constant pressure and an always-on mentality can be “immobilising” for people suffering from anxiety.

“A fear of disappointment is what hinders most people from asking for help – which is where our leaders come in,” Mr Conway said.

“An anxious leader cannot expect anything other than anxious followers. We need leaders with high emotional intelligence who are fine-tuned not just to take care of themselves, but are also fully aware of the impact they have on others.”

 

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Staggering cost to businesses of anxiety revealed
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Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

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