How Managing Employee Mental Health is a Major Cause of Stress Among Small Business Owners
Small business owners face various challenges daily, and managing employee mental health is one of the major causes of stress among them. The Global State of Well-Being for Small Business Owners report from Xero revealed that the well-being of small business owners is worse than the general population in five out of seven countries surveyed. According to the report, South African small business owners reported the highest level of general well-being using the internationally recognized World Health Organization framework. Surprisingly, small business owners in South Africa feel better off than the majority of the population, despite facing socio-economic challenges such as rising interest rates, reduced charges, and slow economic growth.
However, small business owners worldwide face important underlying stressors, with work-related problems as the major cause of stress in their personal lives. Specifically, managing employees’ mental health causes stress for almost a third (28%) of South African small business owners most or all of the time, the second-highest among all countries surveyed. This article discusses the report’s recommendations for small business owners to enhance their well-being, including investing in innovation, learning, upskilling, and networking with peers.
Recommendations for Enhancing Small Business Owners’ Well-being
Investing in Innovation and Upskilling
Small business owners should invest in innovation and upskilling to boost their resilience amid uncertainties and continually changing market demands. They should leverage digital technologies to automate their business processes and increase efficiency. In addition, they should foster a culture of innovation where they continuously seek new business opportunities and use creative solutions to address challenges. Upskilling will enable small business owners to adapt to emerging trends, acquire new skills, and improve their competitiveness. For instance, small business owners may seek training in digital marketing, financial management, and other essential business skills.
Networking with Peers
Small business owners should establish networks of peers to share experiences, challenges, and lessons learned. Such networks provide an opportunity to learn and connect with other small business owners, industry experts, and stakeholders. Through networking, small business owners can access valuable knowledge, share ideas, and collaborate to address common challenges. They can also leverage these networks to establish partnerships, acquire funding, and access new markets.
Addressing the Root Causes of Employee Mental Health Problems
Small business owners should address the root causes of employee mental health problems to reduce stress and improve their well-being. They should provide a supportive workplace culture that prioritizes employee well-being, promotes work-life balance, and encourages open communication. Offering employee financial support programs is an effective way to reduce employee stress. For example, Earned Wage Access (EWA) allows employees to access their earned wages early, enabling them to pay bills on time, avoid late fees, and avoid high-interest debt. EWA can help alleviate financial stress, which significantly impacts employee well-being and productivity.
Additional Piece: Five Strategies for Managing Employee Mental Health as a Small Business Owner
Small business owners face unique challenges when it comes to managing employee mental health. As a small business owner, you must prioritize employee well-being and promote a healthy workplace culture. The following strategies can help you manage employee mental health effectively:
1. Develop a Supportive Work Environment
Creating a supportive workplace culture that prioritizes employee well-being is essential for managing employee mental health. As a small business owner, you must foster a positive workplace environment that encourages open communication, recognizes employees’ achievements, and prioritizes work-life balance. Additionally, creating policies that support employee well-being, such as flexible work schedules, can help alleviate stress and foster a healthy work environment.
2. Address Mental Health Stigma
Mental health stigma is a significant barrier to addressing employee mental health problems. As a small business owner, you must recognize that mental health is a critical part of overall employee well-being. Encourage your employees to seek help when they need it, and offer support and resources for those who are struggling with mental health conditions.
3. Offer Employee Assistance Programs
Employee assistance programs (EAPs) are a useful tool for managing employee mental health. EAPs offer confidential support and resources to employees who are struggling with mental health issues, addiction, or other life challenges. As a small business owner, you can partner with EAP providers to offer your employees access to these resources.
4. Train Managers to Recognize Signs of Mental Health Problems
Managers play a significant role in recognizing and addressing mental health problems in the workplace. As a small business owner, you should provide training for your managers to recognize the signs of mental health issues and provide support to employees who are struggling. Training should cover topics such as how to have difficult conversations, how to refer employees to EAPs, and how to create a supportive workplace culture.
5. Encourage Self-Care
Encouraging employees to practice self-care is another effective strategy for managing employee mental health. Simple practices like taking a break, going for a walk, or practicing mindfulness can help alleviate stress and improve overall mental health. As a small business owner, you can encourage your employees to prioritize their mental and physical health by offering wellness programs, promoting healthy habits, and providing resources for self-care.
Summary
Managing employee mental health is a significant cause of stress for small business owners globally. Small business owners must prioritize employee well-being by fostering a supportive work environment, addressing mental health stigma, offering employee assistance programs, training managers to recognize signs of mental health problems, and encouraging self-care. Additionally, investing in innovation, upskilling, and networking with peers can help small business owners boost their resilience, adapt to emerging trends, and improve competitiveness. Addressing the root causes of employee mental health problems, such as financial stress and work-related issues, is critical for promoting a healthy and productive workforce.
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A global survey on the well-being of small business owners finds that managing employee mental health is a major cause of stress among owners.
Detailing the results of a survey of 4,600 small business owners in seven countries, Xero’s “Global State of Well-Being for Small Business Owners” report found that the well-being of small business owners is currently below that of the general population in five of the countries. Seven Countries: As a result of the myriad challenges facing small business owners in 2023, including high inflation, slowing economic growth, concern for staff well-being, and general uncertainty about the future.
The report found that of the seven countries surveyed, South African small business owners reported the highest level of general well-being using the internationally recognized World Health Organization framework.
This may come as a surprise to South Africans, who are faced with a wide range of socio-economic challenges, including rising interest rates, reduced charges and slow economic growth. Research indicates that small business owners, despite these stresses, feel better off than the majority of the population.
But the report also shows important causes of underlying stress. Examining specific stressors, the report found that work-related problems cause stress in their personal lives for a third of South African small business owners most or all of the time. Nearly a third (28%) feel stress due to managing employees’ mental health most or all of the time, the second highest of all countries surveyed.
The report offers several recommendations for small business owners looking to improve their sense of well-being, including investing in innovation, learning and upskilling, and networking with peers.
In particular, the report advised addressing the root causes of employee mental health problems and finding ways to ease the pressures of work on home life. These goals can be achieved through employee financial support programs that have been shown to reduce employee stress.
Earned Wage Access (EWA) allows employees early access to already earned wages. Employees who run out of cash before the next pay cycle have traditionally sought relief in the form of a payday loan, but this can have dire consequences. Payday loan providers often operate informally and charge exorbitant interest rates. This can lead to a cycle of debt, affecting financial, mental and physical health. EWA eases those monthly stresses.
Denise Neethling, Marketing Director at Paymenow Group, says: “Financial stress can have a significant impact on an employee’s well-being and productivity. EWA can help alleviate this stress by giving employees the ability to access their wages when they need it most, helping them pay bills on time, avoid late fees, and avoid high-interest debt.”
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