Australian health foundation, VicHealth, recently published a report stating that the Australian economy is losing $730 million per year due to overworked and overstressed employees. The report found that 13.2% of men and 17.2% of women were depressed as a result of job strain, directly impacting employee productivity and ROI, and costing employers an average of 8,000AUD per person, per year.
These results are particularly important as the Australian economy is growing in strength amidst the rise of the Asia-pacific in the world – AESC Q2 stats revealed Asia-pacific to be the fastest growing region for executive search (hiring for senior executive jobs). Thus, as the economy continues to grow, the strain upon Australian executives is only likely to increase.
Organisations need to ensure HR are sufficiently equipped to manage job-strain related depression and that employees are not over worked, as eventually they will lose long-term productivity to short-term gains.
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