Mental health emerges as a top concern for Canadian employers: report

A new report shows that mental health is a top concern of Canadian employers.

Prior to the Pandemic, Canada businesses worried about more tangible risks, such as an office fire that could destroy essential documents or a flood that could short-circuit expensive equipment.

According to the annual Risk Insights Report, the biggest threats facing Canadian businesses are invisible and difficult to manage.

It was no surprise that COVID-19 was the biggest threat because it caused an epic global recession in 2020 and continues to torment businesses around the world. The second item on the list, cyber-security, was on the minds of executives a few years ago, even if few were aware of how to guard against malicious hackers. Labour shortages and supply disruptions have been reported to be the cause of a troubling burst of inflation.

Mental health, which was rarely discussed as an economic issue ahead of the Pandemic, is the biggest surprise. That has changed. Employees began working remotely after COVID-19 hit. Canadians are living with low-grade trauma from the events of the past two years, which increases the costs associated with treating mental health, according to experts.

Akela Peoples, chief executive officer of Mental Health Research Canada, wrote an op-ed in the Financial Post about the impact of lost productivity on our economy from new mental health challenges.

Other employees began working from home and isolated essential workers from their co-workers, increasing the risk of loneliness and depression, while essential workers continued to work with increased restrictions. The return to work and the initial transition have created a lot of anxiety. According to the report, 45 per cent of businesses had an impact on employee wellbeing.

There are drawbacks to working from home and the stress of being always-on, according to the report.

Some business sectors are more concerned with mental health than others. Businesses that rely on face-to-face client interactions are more likely to worry about their employees' wellbeing.

She wrote that front-line workers are the hardest hit by the mental health crisis.

Eight per cent of the school or working population are losing days to mental health every week, according to our data.

There is a risk to businesses. Most of the smaller companies that were surveyed were still reeling from the impact of the Pandemic and were focused on staying in business.

Susan Penwarden said that small businesses do risk management every day, even if they don't realize it.

The way Canadian businesses view risk is changing. In moving business operations online, the Pandemic increased the potential for cyber-security threats and has created new challenges for employees with regard to mental health. It made supply chain vulnerabilities painfully clear.

We need to be able to see beyond the next curve in the road and identify future risks before they hit us.

It is not possible to accurately predict what the next 5 or 10 years will hold, and concerns about mental health will pass, according to some. There is a chance that work will not return to normal. The risks of 2031 could include managing the hybrid work environment, keeping up with the rapid pace of innovation, and more according to Protiviti.

They are meeting the challenges head-on and with clarity, the report said.

Email: mcoulton@postmedia.com