Just over one-in-four of the UK’s largest listed employers have improved their performance on workplace mental health in the past year.
Run by CCLA Investment Management, the CCLA Corporate Mental Health Benchmark- UK 100, ranks 101 UK-listed companies, covering 4.9mn workers, on how they manage and report on workplace mental health.
The report found that 93 per cent of UK companies acknowledge mental health as an important business issue with 96 per cent investing in some level of mental health support services for employees.
Overall 24 companies improved performance on mental health this year to increase their tier ranking.
Of the five largest sectors in the report, the financial sector performed the strongest, achieving a score of 53 per cent compared with the benchmark average of 41 per cent.
Peter Hugh Smith, CCLA’s chief executive, said: “Enlightened investors can increasingly see the value of robust support for workplace mental health, whether that be decreased absenteeism or increased staff retention.
“The doubling of the number of firms in the top tiers of mental health performance over the last three years is not only good news for workers at those companies but it also clearly shows the power of the investment community to push companies to improve and drive positive change.
“As we align with the new era of sustainable disclosure regulations, CCLA’s Corporate Mental Health Benchmark demonstrates that persistent and consistent investor engagement really can deliver a better world.”
The report also revealed that there needed to be better line manager training as only 44 per cent of companies had trained on the provision of mental health.
While also needing to set out clear mental health related objectives and targets as only 35 per cent of companies had done this.
Daniel Babbington, portfolio manager at TAM asset management, added: “The long shadow of the pandemic has seen mental health become a bigger and bigger concern for retail clients and advisers which is why as part of AdviserAction, we engage on this issue.
“Deloitte’s research tells us that UK employers in the private sector lose £43-£46bn each year to poor workplace mental health which makes it a material financial concern.
"That’s why we, together with advisers across the UK, welcome this benchmark’s ranking of leaders and laggards on mental health and encourage UK companies to take positive action for good workplace mental health.”
alina.khan@ft.com
