Lack of mental health support can lead to businesses to lose out on top talent as less than a third have said they would stay in their existing employer if a competitor offered them similar pay but with mental health support as well.
This research was conducted by Legal & General, a financial services group that found that only 29 per cent of employees would stay with their current employer if they were offered the same job with a competitor but with mental health support.
Younger employees seem more attuned to such issues as 64 per cent of 25-34-year-olds said they would consider leaving a job if a competitor had a wide-ranging mental health support network in place. Also, a large majority (89 per cent) of 25-34-year-olds and 75 per cent of 35-44-year-olds would be more attracted to a role within a company if their senior executives freely discussed mental health.
More than half (53 per cent) of employees said they are likely to apply for a new role with a company that has a mental health and wellbeing policy in place. Just shy of three-quarters (73 per cent) of 25-34-year-olds would consider a business’s mental health policy before applying for a job, with 46 per cent of 55-64-year-olds saying the same.
Most (73 per cent) of line managers believe having a mental health policy in the workplace is essential to recruiting and retaining the best talent. As well as 82 per cent of line managers who manage four to six people, and 80 per cent who manage more than 10 employees, said they would be more attracted to working in a business where senior leaders have spoken openly about mental health.
Nigel Wilson, CEO of Legal & General said:
We already know the serious impact that poor mental health can have on individuals and their employers. Our research highlights how important mental wellbeing has become for employees, particularly emerging talent, when considering their career options. Businesses recognising this and taking action to support the mental health of their teams will be in prime position to attract top talent to their organisations. Mental health support is not a “nice to have” line on a benefits package – the commercial imperative for business to support the mental health of its employees is clearly evidenced. It’s time for all progressive organisations to get on board.
Legal & General spoke to 1,000 UK employees in order to gather this research.