By Katharine Moxham, Spokesperson, Group Risk Development (GRiD)
Given that the theme of this month’s World Mental Health Day was workplace mental health, I thought it would be pertinent to share GRiD’s latest research findings on this issue*.
While the research results invite analysis of several interesting data points, it’s clear that stress and anxiety related to work – such as pressures of overwork and uncertainty of the future – is becoming a truly multi-generational concern for employers.
This should be on the agenda for employers in any case, given their duty of care, but it has now overtaken stress and anxiety related to finances and debt as the number one concern employers have for most of their demographic groups** (except for Gen X).
Stress and anxiety related to work was perceived by employers as the top issue for Baby Boomers (40%), Gen Y/Millennials (44%) and Gen Z (39%) but perhaps for different reasons. While Gen Z and Millennials might be struggling with challenges around progression, excessive workloads, burnout and juggling work with parenthood, Baby Boomers are the generation most likely to be affected by the impact of ill health on their work.
The research supports this: of all four generations, employers are by far most concerned about serious ill-health affecting their Baby Boomer population – doubly so than for Gen Z and Millennials.
For Gen X workers, stress and anxiety related to home life – such as caring responsibilities and managing difficult relationships – just nudges into first place in terms of employer concerns at 42%; most likely because the age of this cohort of workers most closely aligns with that of the so-called ‘sandwich generation’ – middle aged adults caring for their aging parents or grandparents and their own children at the same time.
Although stress and anxiety related to finances and debt is no longer employers’ main concern for any of their generations, (perhaps reflecting a slight easing on household finances for some as wages have caught up with inflation and prices for energy and food are rising more slowly than they were) employers still believe it’s a major issue for their people: 18% cite this as a worry for Baby-boomers, 28% for Gen X, 35% for Millennials, 33% for Gen Z.
Given that, in their own eyes, employers think the main driver for employee stress is now down to work itself, it’s crucial that employers consider the impact that their corporate culture may be having on their people as it’s within their control and positive changes to prevent as well as to cure could make a real difference to outcomes.
Employee views
As was the case in 2023, employees’ number one concern for their health and wellbeing overall is cited this year as stress and anxiety related to work (21%), followed by stress and anxiety related to finances and debt (17%).
Generationally, this breaks down broadly in line with the employer view, with those under the age of 60 agreeing that stress and anxiety related to work was the most pressing issue for them. Over 60s however, cited serious ill-health (such as cancer or heart disease) and living with long-term chronic illness or health conditions (such as diabetes) as their most pressing health and wellbeing concerns.
Support for all
Although workplace stress is high on employers’ agenda at the moment, it’s impossible to guess what’s going on in someone’s life and it certainly shouldn’t be assumed that their stressors fit a certain generational pattern. Wherever stress and anxiety are rooted, it will certainly spill over into other areas of life. With the continued prevalence of hybrid working, the lines between home and work are increasingly blurred so employees may find themselves more affected across both areas than previously. Similarly, financial stress will impact and spill over into home, work and social wellbeing.
The good news is that employee support for these issues is more readily available and cost-effective than employers might think and can often be found within their existing benefits package. For example, as well as meeting the costs of long-term sick pay, group income protection insurance can include support for mental, nutritional and physical health, life planning, dental support, second medical opinion, early interventions for unwell employees and rehabilitation support for those recovering from illness, plusvirtual GPs and more.
GRiD’s research brings the challenges of a multigenerational workforce powerfully into view. The hope is that employers will respond by expanding their wellbeing strategies to support cohorts who can be overlooked – for example those balancing working with a serious illness and those with caring responsibilities – and not make assumptions based purely on demographics as issues affecting staff can change over time and external factors also have a significant impact and are harder to predict.
*Research undertaken by Opinium from 9-16 January 2024 among 500 HR decision-makers at UK businesses and from 9-12 January 2024 among 1,210 adults who work.
Baby-boomers (aged 60-78)
Gen Z (up to age 27)
Millennials / Generation Y (age 28-43)
Generation X (age 44-59)
