A less than rosy picture of the economy was painted today by the The National Association for Business Economics. A survey released by the Washington, D.C.-based think tank reveals that 30% of the panelists expect gross domestic product to decline in the first quarter. 70% have a more gloomy outlook of the year than they did in January. Talk of recession is on the rise, but few are dishing about the impact on the workforce: the human capital.
We get so caught up in the numbers that we often forget the look beneath the P/E ratios, profits, and pontificating of the economists. What about the cogs in the wheels which allow the companies to operate? Tough times aren’t just hitting the spread sheets, but the minds and dispositions of the workers. Furthermore, the pressures of the economy in general, our 24/7 existence, and daily family challenges fuel the fires of chaos. It’s not an easy road on all counts.
A timely report was just released by the UK-based Depression Alliance that speaks to the challenges of depression and its impact in the workplace. The Inside Story: The Impact of Depression on Daily Life, gives an international overview of depression, the economic burdens, costs to health care and in fact how it knows no socio-economic or cultural boundaries.
Research published by the World Health Organization in 2007 supports the urgency of addressing this chronic illness. In fact, in 1997 the WHO considered depression the second greatest cause of disability in the world. The impact of depression on work is backed up with statistics measured in the report in terms of absence, higher health care costs and loss of productivity.
But lets take a deeper look at the indirect costs. In the report, which was funded by Servier Laboratories Limited, "79% of people diagnosed with depression in the UK felt that disclosing their condition to colleagues would have a detrimental impact on then and nearly a third believe they have been turned down for a job." It also revealed that many workplaces do not have the structures in place to support their employees. We have to learn to educate beyond stigma and sterotype. Depression is a real problem in our sensory overloaded world.
The pressure is building and creating stress for everyone to perform in a competitive 24/7 marketplace. The elusive quest for worklife balance, will remain just that – elusive – unless we start taking a closer look at the impact of the greater worldly challenges on the daily life of our human capital.
