Working in a small business is twice as stressful compared to larger enterprises, according to research from HR and payroll specialist Moorepay.
The study found that 12% of employees working in firms with fewer than 50 employees suffer from stress on a constant basis, compared to 8% in larger companies.
The Health & Safety Executive reports that over 11 million days are lost at work a year because of stress, costing the UK economy over £5 billion each year. Businesses with smaller workforces are hit the hardest as they often don’t have the additional resources to fill the gaps.
Despite this, many SMEs struggle to support their staff and alleviate work pressures. Moorepay’s research found that half (47%) of small businesses don’t provide mental health support to staff, compared to the national average of a third (34%).
Employees across businesses of all sizes agree on what would help combat stress at work, with flexible working (44%), reducing working hours (34%) and offering access to counselling (34%) coming out as the top three initiatives.
“There are many advantages to working in for a small firm, but these businesses often lack the time and resources to devote to wellbeing and mental health initiatives,” explains Andrew Weir, Employer Services Manager at Moorepay.
“Businesses, whatever their size, have a duty of care to support their employees. Supporting staff with stress or other mental health issues doesn’t have to be expensive or involve a complete process overhaul. Many effective initiatives are simple to introduce and within easy reach for many smaller organisations,” adds Weir. “Insight in people data is crucial to helping smaller firms identify warning signs and provide help and support where it’s needed. This includes absence, training and progression data. Ultimately this will have positive impact on productivity, and the bottom-line.”
Founded in 1966, Moorepay is a market leader in payroll and HR solutions for UK businesses. Supporting a customer base of over 10,000 clients, Moorepay process an average of 3,500,000 payslips every year and manage approximately 150,000 queries from clients requiring professional HR and Employment Law advice.