A third of insurance workers less engaged due to workplace culture
More than a third (35 per cent) of those in the insurance industry have been less engaged with their job due to their company’s poor workplace culture, according to research from Culture Shift
The research from the impact software developer reveals the true impact absenteeism and presenteeism is having on employees and businesses across the insurance sector, with two fifths (41 per cent) of workers saying their productivity has been impacted by toxic workplace culture. In addition, more than a quarter (29 per cent) have taken time off due to an incident which happened at work, and 29 per cent have called in sick, costing businesses billions of pounds through lost productivity.
In fact, research from Deloitte and mental health charity, Mind, uncovered the UK’s presenteeism problem is considerable, costing employers between £26 billion and £29 billion annually.
Gemma McCall, CEO at Culture Shift, commented: “Our research reveals that almost half of those working in the insurance industry across the UK have experienced negative behaviour at work, with more than a third confirming toxic workplace culture has impacted their mental health. This is a concerning statistic and businesses need to address the issue before it’s too late.”
A third would encourage colleagues to seek legal advice
The research also uncovered more than a quarter (26 per cent) of those working in the insurance industry would leave an organisation as soon as they could find a new job if they experienced or witnessed bullying or harassment. Whilst a third (34 per cent) would encourage a colleague to seek legal advice if they knew they were experiencing toxic workplace behaviour.
“Employees who feel valued and appreciated at work are known to thrive, work better as a team and deliver stronger results. But, in contrast, those who are working in toxic environments are more likely to be impacted by absenteeism and presenteeism,” added Gemma.
Almost nine in 10 (86 per cent) investors say if they had invested in a company that was then embroiled in a workplace bullying or harassment case, they would rapidly distance themselves from the company.
For organisations hoping to secure investment, almost three quarters (71 per cent) confirm they wouldn’t invest in a company that had a problematic workplace culture, while two thirds (64 per cent) wouldn't invest in a company that has numerous NDAs with former employees.
“From appealing to investors and a business’ profitability, to the cost of recruitment and legal action, there is only one way that businesses can avoid these added costs and that’s by looking after their people,” concluded Gemma.
Meanwhile, employees feel they still lack support concerning mental health, a recent Aetna survey revealed.