Global Credit Crunch Affects Employee Health
The Economic Slowdown is Causing Stress and Unhealthy Life Choices
Mar 7, 2009
Reports out of the United Kingdom have found that, as the global credit crisis and economic slowdown takes hold, employees are spending less money on healthy food items such as fruit, vegetables and lean cuts of meat. Expenditure on items such as gym memberships and visits to healthcare practitioners has also decreased.
Anxiety and stress levels are also increasing due to fear about job losses and the tightening labour market. Other physical health problems that may potentially increase as a result of stress include blood pressure levels, coronary artery disease and certain cancers.
In the past, some employees have taken to self-medicating their anxiety during an economic downturn by using excessive amounts of alcohol, tobacco and other recreational drugs.
The emotional health of employees has also been affected as a result of the Global Credit Crunch. The emotional effects of ongoing stress on a person can result in mental health issues, burnout and relationship difficulties with family and colleagues.
Employers have a duty of care to ensure that the health of their employees is not decreased as a result of their working environment. Although the economic slowdown is not the fault of any one particular employer, it can create an unhealthy level of stress and lead to potential physical health issues. Some simple tips to help employers care for the mental and physical health of their employees are set out below.
Communication Can Ease Anxiety
Many employees are stuck in an anticipatory phase, unsure of when and if the announcement or dreaded “pink slip” will arrive. During this time, anxiety levels are low-level but consistently in the person’s life and affect not just their work performance but their other social interactions. Regular communication from management in order to inform employees of the company’s current position can allay employee’s anxiety and potentially stop self-medication with alcohol, tobacco or other drugs.
Employee Assistance Programs
Although businesses are looking to reduce expenses in order to remain profitable during this tough economic period, it is not the time to remove your employee assistance program. In fact, the opposite is true, with the ongoing stresses associated with the economic slowdown, a review of the Employee Assistance Program may be warranted, including increasing the number of sessions provided with counsellors or providing new forms of assistance for employees who have been made redundant as part of scaling back operations.
Career Counselling
For employees that have to be made redundant, provide them with an opportunity to undertake career counselling with an external provider. Career counselling will provide the employee with the chance to review his/her working life and have support while making the next step. Many people have turned redundancy into an opportunity rather than a death sentence.
Company Newsletters
The company newsletter can be used to communicate to staff about the organisation’s current position, the likelihood of redundancies and what programs the company offers to assist staff during tough times. An organisation can also use their newsletter to educate staff about dealing with mental health issues, the impact of stress and what services are available in the local area to assist them, whether that is financial counselling, personal counselling, life coaching or low cost physical activity or food suppliers.
The global credit crunch is not going to go away quickly and every business is going to be affected. In turn, this economic slowdown will affect physical and mental health of human beings, particularly through the work environment. Employers should routinely communicate with employees to allay anticipatory stress and provide practical assistance through counselling and skills assessment to assist employees cope.
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