Workforce productivity depends on the health of its people. Yet, almost half of the accounting industry’s employees are so worried about the financial implications of taking time off for a physical or mental illness that they choose go into work while sick – putting themselves at risk of developing longer-term conditions. GoodShape CEO Alun Baker writes
Recent YouGov research that we commissioned at GoodShape found that 45% of respondents in the accounting and financial sectors are worried about the financial implications of taking time off work.
That is not all: over half (55%) reported that financial worries are having a negative impact on their ability to do their job.
Interestingly, employees’ attitudes towards taking time off work vary considerably, depending on the illness. This suggests societal acceptance exists for some conditions, but not others.
Just over a quarter (26%) feel uncomfortable calling in sick to report a physical health-related absence from work, such as migraines, menopause, or other conditions, but over half, (56%) are not comfortable taking time off for a mental health condition, such as anxiety or depression. Similarly, 29% in the sector say they will continue to work even when they are suffering from poor mental health.
The problem with presenteeism
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By GlobalDataThese findings paint a picture of an industry grappling with a health and wellbeing crisis. They also point to a worrying culture of presenteeism.
If workers simply ‘power through’ a mental health condition, it will have a negative impact on their performance and make their recovery slower. Illness of any type cannot be parked outside the office. It is likely that those who fail to recuperate but continue to work will risk damaging their recovery while compromising their own productivity.
The wellbeing crisis is not just a concern for individuals, but should be a worry for leaders as well. Organisations that do not address the health and wellbeing of their workforce put future growth and success at risk. So, how can leaders take steps towards achieving an effective wellbeing policy?
Unlocking wellbeing
Unfortunately, this challenge is not unique to the accounting sector. In the UK, true employee wellbeing is, for most, a distant ambition.
The average amount of time people in Britain take off work each year due to ill health has increased by 51% in the last five years. In 2017, this equated to an average of four days a year per employee, and by 2021, that figure had jumped to six days.
The widespread impact of employee absence on productivity is not to be understated, and there is an urgent need for action. It is essential that the early signs of employee ill health are identified, as early intervention is key to a faster recovery.
To do this, organisations need access to meaningful data which provides visibility of workforce issues, enabling them to develop a data-driven wellbeing approach that drives real impact.
Many companies still take an ad hoc approach to wellbeing, investing in disparate solutions and employee assistance programmes; but measurable outcomes are far and few between, so evaluating the positive impact of such policies is challenging.
The best approach
To address this, accounting firms should adopt an evidence-based and clinically led approach to wellbeing, leveraging real-time employee data to provide robust insights. Gathering this information does not need to involve staff surveillance – which is wholly counterproductive. Instead, evidence should be carefully and sensitively used to reveal wellbeing incidences and trends to support and help staff feel reassured and valued.
This task requires expertise and experience. Third-party specialists can dedicate the necessary time, apply their knowledge and clinical expertise to support employees without overburdening management. If staff are facing financial worries that are impacting their ability to work, leaders should know about it, so they can adapt their policies to provide support.
Accounting firms across the country need to transform the way they manage the health and wellbeing of their employees. If they wish to create lasting change, they need to address the root causes of absence. It is time to close the books on the UK accounting sector’s wellbeing crisis – starting today.
