Costs of Psychosocial Risks
Business-related social risks, products related to the design, manufacture and management within social and material resources that are likely, hot or have the potential to be probable.
Be Exposed of Psychosocial Risks
Studies have found that short-term exposures to psychosocial risks are associated with hazards and reactions such as stress, sleep disturbance, mood changes, fatigue, headaches, and stomach ache.
Long-term exposure to psychosocial risks is known to be associated with a wide range of mental and physical health outcomes, including anxiety, depression, suicide attempts, sleep problems, back pain, chronic fatigue, digestive problems, autoimmune diseases, weak immune function, cardiovascular diseases.
Other people-oriented costs of stress and psychosocial risks at work include the emotional pressure and poor quality of life experienced by affected individuals. There is also evidence that workplace stress is associated with reduced quality of relationships with spouses, children, and other family members. It has also been associated with psychosocial risks, poor job performance at work, and lower job security outcomes.
Psychosocial risks and their effects on health will bring a significant financial burden on individuals, organizations, and society.
Economic Costs
The economic burden of a particular psychosocial risk or of the psychosocial strains resulting from the risk is estimated by taking into account the costs associated with resource consumption, productivity losses within a particular group (organization, country, or region).
In many national and international studies, it has been observed that the total estimated economic costs of psychosocial risks and work-related stress range from $221.3 million to $187 billion annually. In addition, in current research, it is seen that the total cost has increased compared to the research made in previous years.
In the cost study based on workplace stressors using the General Society Survey in the United States, 17.4% of men and 34.5% of women at most stated that they were affected by workplace stressors at certain rates, and it was calculated that the psychosocial risk cost per person was 1211.84 dollars.
A study conducted in Canada by considering psychosocial risks with the job demand, control and support model, social service costs, health care costs, and economic costs due to loss of productivity were examined together. The annual overall economic cost is $2.59 to $9.59 billion; The economic cost per employee was found to be between 131.30 and 486.33 dollars per year.
The main cost indicators relate to stress-related absenteeism (presenteeism and absenteeism) and turnover, but other cost-inducing factors are also included in the surveys. It is known that insight into business costs, assessment of stress, and psychosocial risks in organizations have significant positive effects on the management and prevention of these risks.
However, more data on stress costs and psychosocial risks at the organizational level are of great importance in generating an organizational review for the management and prevention of stress in the workplace.
Conclusion
Research in Europe and internationally provides evidence that the financial burden on societies and organizations is substantial about workplace stress and psychosocial risks.
There is also evidence to suggest that appropriately planned and implemented workplace interventions that focus on preventing stress, improving the psychosocial work environment, and promoting mental health are cost-effective.
N_HumaN Consultancy has developed the five-stage İYRS ® model, which contributes to the assessment of psychosocial risks and the implementation of implementation plans in the relevant risk areas, to ensure risk management and reduce the costs associated with psychosocial risks, by implementing them by organizations.
References
1. Hassard, J., Teoh, K., Cox, T., Cosmar, M., Gründler, R., Flemming, D., ... & Van den Broek, K. (2014). Calculating the cost of work-related stress and psychosocial risks.
2. Potter, R., O'Keeffe, V., Leka, S., Webber, M., & Dollard, M. (2019). Analytical review of the Australian policy context for work-related psychological health and psychosocial risks. Safety science, 111, 37-48.
3. Hassard, J., Teoh, K. R., Visockaite, G., Dewe, P., & Cox, T. The Cost of Work-Related Stress to Society: A Systematic Review.
4. Health and Safety Executive, Costs to Britain of workplace fatalities and self-reported injuries and ill health, 2010/11 (data complemented through direct correspondence with the HSE).
5. Potter, R., O'Keeffe, V., Leka, S., Webber, M., & Dollard, M. (2019). Analytical review of the Australian policy context for work-related psychological health and psychosocial risks. Safety science, 111, 37-48.