The escalating prevalence of burnout, depression, and anxiety is significantly impacting workplace productivity, according to a recent news report.
The Financial Times reported Monday on a growing global mental health crisis in the workplace, with the financial services sector particularly affected, citing new research. Economists, business leaders, and health experts highlight burnout, depression, and anxiety as major productivity inhibitors.
A Deloitte survey revealed that 17% of UK finance and insurance employees experience exhaustion, decreased performance, and mental detachment—a higher rate than the 12% average across all sectors.
The report indicated that the annual cost of poor mental health per employee in financial services is £5,379, more than double the cost in any other of the 14 industries studied.
Alarming figures from the World Health Organization (WHO) and the International Labour Organization (ILO) show that approximately 12 billion workdays are lost annually due to depression and anxiety, resulting in an estimated $1 trillion annual global economic loss.
“The scale of this problem is deeply concerning, especially among young people,” Professor Kate Pickett, an epidemiologist at York University, told the FT.
“The increase has been dramatic, indicating a genuine issue,” she stated, refuting claims that the rise in reported cases is simply due to increased awareness.
Deloitte researchers emphasized the particularly worrying mental wellbeing of young people, noting that one in five UK children showed signs of a probable mental health disorder in 2023, compared to one in nine in 2017.
Researchers attribute this global “mental health pandemic” to factors including the cost-of-living crisis and extensive social media use.
The Covid-19 pandemic worsened the decline in mental health, with WHO data showing a 25% surge in global depression cases between 2020 and 2021.
The organization stated that mental health has not yet rebounded to pre-pandemic levels, with some individuals experiencing a prolonged “massive hangover from the pandemic.”