Stress Costs The European Economy £77 billion

Stress Costs The European Economy £77 billion

The Independent reported on Sunday 27 April 2014 that a recent report from London School of Economics and Kings College London estimates that mental ill health costs the European Economy £77 billion per annum.

This staggering figure has lead to the coalition of leading European Organisations into an initiative called ‘Target Depression in the Workplace’.

Approximately 90 per cent of individuals suffering from depression are within the usual working age range and that this impacts upon the economy. A survey by the Depression Alliance suggests that one third of all people in the UK struggle with work due to depression stress or burn out.

Bill Wilkinson of ‘Target Depression in the Workplace’ said that depression was ‘the principle source of workplace disability’. This would seem to tie in with separate figures released which suggest that over 40 per cent of disability applications are for mental health issues and this figure has risen dramatically in recent years.

The report prepared by Target Depression in the Workplace is critical of current practices of many employers stating that ‘Research has proven that many organisations fail to have a concrete mental health and wellbeing policy in place.’

The report goes on to suggest that many employers are not equipped to provide adequate support to individuals with depression.

The aim of the report is to ensure that Employers become more aware of spotting the symptoms of depression such as indecisiveness lapses in concentration or forgetfulness particularly where such issues are out of character for the individual concerned.

The initiative has the support of a number of leading employers and falls in line with the launch of the EC backed Healthy Work Places Campaign 2014-2015 as reported in our previous post (http://www.michaellewin.co.uk/the-ec-launch-healthy-workplaces-campaign).

Mark McLane the global head of diversity and inclusion at Barclays said ‘Together we hope to change perceptions around mental health in the workplace in a positive way.’

The report appears to recognise that UK Businesses do not currently do enough to prevent stress in the workplace.

If you believe that you have suffered psychological injury as a result of stress at work please contact Michael Lewin Solicitors on 0844 499 9302 or email stress@michaellewin.co.uk

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