Stress Awareness Month 2023 The impact of work-related stress
The impact of work-related stress is not just limited to the health and wellbeing of employees, but it can also have a significant impact on the company's bottom line.
When employees are stressed, they are more likely to make mistakes, miss deadlines, and have low productivity. This, in turn, can lead to increased absenteeism and staff turnover, as well as a decrease in the overall morale of the workplace. More than 800,000 people (around one in 40 workers) were thought to be affected by work-related stress, anxiety or depression last year. What’s more, around 18 million working days are thought to be lost each year because of these problems. That’s over half of all the working days that are lost to ill health and an estimated loss of £5.2 billion per year to the UK economy, according to the Centre for Mental Health.
As a director in a workplace, you may often face high levels of stress. The pressure of making important decisions, managing teams, and delivering results can take a toll on your mental and physical health. Senior leaders and directors are the most likely group to experience work-related stress, with 86% of those surveyed saying that they had experienced stress in the past year. In addition, a report by the mental health charity Mind, found that 30% of senior leaders said that they would not feel comfortable talking to their employer about their mental health, and 25% said that they would be unlikely to seek support for a mental health problem.
In this article, we will discuss some of the common causes of workplace stress for directors and some tips to manage it effectively.
Causes of Stress for Directors & Tips to Manage Workplace Stress
- Long working hours: As a director, you may have to work long hours to meet deadlines or to address urgent issues. This can lead to fatigue, burnout, and other health problems. To counter this, prioritise your self-care. It is essential to take care of your physical and mental health. Get enough sleep, exercise, and eat a healthy diet. Take breaks throughout the day to relax and recharge.
- High workload: The responsibilities of a director can be overwhelming. Managing teams, budgets, projects, and dealing with various stakeholders can increase your workload and stress levels. Use time management: Develop effective time management skills to prioritize your tasks, set deadlines, and manage your time and team efficiently. This will help reduce the pressure of tight deadlines and increase productivity.
- Team management: Managing a team can be challenging, especially if you have to deal with conflicts, performance issues, and difficult employees. This can increase your stress levels and affect your productivity. Try to delegate tasks: As a director, it is crucial to delegate tasks to your team members. This will not only help reduce your workload but also empower your team members to take ownership of their work.
- Uncertainty: The nature of the business world is unpredictable, and directors must be prepared for unexpected changes. This uncertainty can create stress and anxiety. Communication is key: Effective communication with your team, stakeholders, and other departments is essential to manage stress. Keep everyone informed of the progress, issues, and changes to avoid misunderstandings and conflicts.
If you feel overwhelmed or stressed, seek support from a therapist, counsellor, or a trusted friend or colleague. Having a support system can help you manage stress effectively.
Following these tips can help directors to manage stress levels effectively, maintain job security, and deliver results. So, remember to prioritise self-care, delegate tasks, manage time efficiently, communicate effectively, and please seek support when needed.
IOD AND BUPA
We want to help keep you feeling your best and your business thriving, which is why we work with health insurance broker, Insured Health, to make finding the right cover for you simpler. As an IoD member, you benefit from 10% discount* on Bupa By You health insurance.
*Applies to eligible Institute of Directors members on quotes for new Bupa By You policies. Discount will be reviewed on 22/10/2023 and any changes will apply to renewals and new quotes thereafter. Quotes are valid for 14 days. Terms and conditions apply.
Institute of Directors is an introducer to Insured Health Ltd. Insured Health Ltd is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No: 9886202. Registered office: Saville House, 74-90 Savile Street, Sheffield, S4 7UD.
Bupa health insurance is provided by Bupa Insurance Limited. Registered in England and Wales No. 3956433. Bupa Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Arranged and administered by Bupa Insurance Services Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No. 3829851. Registered office: 1 Angel Court, London EC2R 7HJ.