The New Pandemic
Covid-19 is costing more than you think
Posted on 05-18-2021, Read Time: Min
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Eight out of 10 American adults have it—you’ve probably caught it. It’s costing you in more ways than you know. In fact, it is estimated to be costing employers an average of $13,400 per employee per year. What is it? Covid-19 Stress!
The American Psychological Association reports that the mental health consequences of the Covid-19 pandemic have created record-high levels of stress in almost 80% of all adults. At work, this is creating hidden costs through increased turnover, absenteeism, disengagement, unhappiness, loss of innovation, decreased resilience and inability to focus. And all of this adds up to lost productivity and profit. According to the American Institute of Stress, more than 275 million working days per year are lost because of stress.
Most people wish this would all just go away. But it won’t. We have to navigate our way through it, and leaders must be at the helm. One thing I quickly noticed with the onset of the Covid-19 pandemic was that the jobs of the leaders we serve had shifted. In the past, employee well-being could more easily be assumed. Today, if leaders are not regularly checking on and supporting their employees, probing to identify sources and degrees of stress, they aren’t leading effectively.
As leaders recognize signs of stress within their teams, we have seen increased demand for tools and programs to help alleviate it. We are routinely using assessments, team building, coaching and more to identify, measure and mitigate different sources of stress, as well as its impact on individuals. It is critical to understand the causes and impacts of stress today.
We’ve observed that many of these common sources of stress have been amplified as a consequence of the Covid-19 disruption. Your team may be experiencing several of these:
- Demand exceeds the ability to cope. This includes how working hours are spent, the prioritization of tasks, and how well a person’s talents fit their current role.
- The balance between effort and recognition. This includes the sense of purpose a person gains in their work and the return on effort, or reward, they experience. Reward, in this case, goes far beyond compensation.
- A feeling of powerlessness. This is a universal cause of stress. It includes the extent to which people feel they have an impact on decisions and actions that affect their jobs. It also includes how much autonomy and responsibility for decision-making they feel they have in their work.
- The impact of organizational change. This includes how well communication occurs and is expressed through policies and procedures. It also includes the individual’s response to the process of organizational change and their connection or lack of connection to an aspirational vision in the organization. Change affects people differently.
- The employee and supervisor relationship. This is an important factor in understanding stress. Does the supervisor recognize and care about the employee’s interpersonal needs? Does the supervisor’s style help or hinder employees in doing their best work?
- Support from colleagues. A lack of support can also lead to more stress. In today’s virtual or hybrid environments, employees take on more stress when they feel disconnected from other colleagues. Cooperation can become arduous and challenges from trying to balance work and personal schedules, environments, and needs can create new levels of frustration.
- Indeterminate job security. This has taken on a much greater role in the stress matrix. Millions have laid off over the past year-plus, and many millions more are insecure about what the future of work will look like for them. This is a worry that will not go away as organizations navigate a different economy in the future. In addition, many employees worry that their leaders are not always candid about the future. And they feel vulnerable and cautious about sharing struggles they may be having mentally and otherwise.
Stress impacts people in many different ways. Some respond with physical symptoms, such as low energy, aches and pains, and frequent illness. They may not always see the correlation between their physical manifestations and the sources of stress they are experiencing.
Others are more impacted emotionally by stress, with symptoms of irritability, feeling overwhelmed, or moodiness indicating the influence of stress. Some experience the impact of stress through an inability to concentrate, memory problems, or poor judgment that is uncharacteristic of past performance. Finally, some experience stress through eating or sleeping issues, procrastination or nervous habits.
There are no vaccines for this epidemic. Social distancing doesn’t help. In fact, it probably accentuates the problems. For many, stress is the silent epidemic. Its effects will impact us long after we reach herd immunity from Covid-19. Smart leaders will pay more attention to this silent enemy and find ways to lead differently in the days and months to come.
Author Bio
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Ron Price is the Founder/Senior Facilitator at The Complete Leader. He is an internationally recognized business advisor, executive coach, speaker, and author who has worked in 15 countries and served in nearly every level of executive management over the past 45 years. Visit https://thecompleteleader.org/ Connect Ron Price |
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