To help employers address the mental health issues of their workforce, Zurich Resilience Solutions – part of the Zurich Insurance Group – has launched a new digital tool.
The new Zurich Risk Advisor (ZRA) app is a digital risk assessment tool that allows companies to learn more about their mental health exposures and receive recommendations and insights linked to industry benchmarks. ZRA tests different corporate scenarios through a series of question sets, so organisations can identify their mental health risks and prepare accordingly to mitigate them.
ZRA is free to download for all UK corporations, not just Zurich Insurance customers.
“The revolutionisation of the modern workplace has been significantly fast-forwarded as a result of the pandemic. Therefore, fear, uncertainty and lack of clarity clouds many people’s outlook when it comes to the future of how they will work. Organisations therefore need to ask themselves, are they managing the obvious risks around remote working as well as they could?” said Zurich Resilience Solutions wellbeing lead Andrea Steer.
The launch of ZRA is part of Zurich Insurance’s commitment to supporting its customers in developing their understanding of the risks involved with the management of employee health and wellbeing, a release said. The insurer also noted that the COVID-19 pandemic shone a spotlight on the “fragility and dependence” businesses have on a healthy and mentally well workforce.
Citing data from the Health and Safety Executive agency, Zurich noted the following mental health-related figures:
- Over 50% of workplace absence is due to stress-related conditions
- Annual cost to employers of poor mental health is estimated to be in the region of £45 billion, with more than half of this attributed to presenteeism (£27-£29 billion)
- Average cost of mental health absence per employee ranges from £1,475 to £2,277. This is similar across the public and private sectors
- 12.8 million working days were lost due to work-related stress, depression or anxiety
- An average return of £5 for every £1 spent on mental health intervention.
“Increased use of technology has led to a level of human detachment not previously experienced. And new risks such as an ‘always on’ mentality and the concept of ‘leavism’, employees working excess hours to impress their boss, only lead to increased mental health risks,” said Steer.
“It is imperative that employers continue to develop their own policies to manage the unintended consequences of these risks – as well as develop a healthy work culture by demonstratable leadership behaviours. After all, a collective strong mental health can lead to strong and sustainable companies.”