Increasing awareness regarding employee wellbeing and increasing prevalence of mental disorders are driving the market growth. Additionally, organizations are increasingly adopting systematic approaches to identify stress triggers. Such programs are designed to help improve employee attendance levels, management styles, and internal communications, among other things. As a result, the Workplace Stress Management Market Size is expected to increase rapidly over the next decade.
Lack of awareness towards workplace stress management
A lack of awareness about workplace stress management has hindered the growth of this market. While the rise in awareness about workplace stress is encouraging, it is limited by several challenges, including an insufficient number of skilled counselors and a lack of awareness in developing regions. However, with increasing emphasis being placed on health and safety regulations, this market is expected to grow at a healthy rate.
Costs of workplace stress management
Stress in the workplace costs businesses trillions of dollars a year and affects the overall health of workers. Studies have shown that one third of employees experience high levels of workplace stress, causing higher healthcare costs and a higher turnover rate. Employees also lose five hours a week due to stress, which impacts their productivity. As a result, workplace stress management is a vitally important issue for businesses.
According to the Center for American Progress, the cost of employee turnover due to workplace stress can reach 50 percent. Employees who experience workplace stress are more likely to leave the organization or decline a promotion. This can lead to increased costs for companies because they will need to recruit and train new employees, as well as lose valuable expertise. One employee’s salary can be as high as $60,000 a year, and companies will spend nearly half of that amount to replace them.
Psychological interventions for workplace stress are increasingly popular. Many companies now offer counseling services for their employees. Almost half of workers indicated they needed some type of support in dealing with stress. Counselors can conduct individual or group sessions with employees.