Late payments

Survey: Four in 10 SMEs battle mental health issues due to pay issues

Four in ten small and medium-sized businesses (SMEs) across all industries are battling mental health issues due to unfair payment practices, according to a new YouGov poll

Commissioned by engineering services bodies BESA and ECA, the survey identified mental health issues in SME staff due to late or unfair payments including stress (29%), depression (14%), extreme anger (9%) and suicidal feelings (3%), directly resulting from late or unfair payment practices.

Other survey findings

More than two in ten (22%) SME owners have had to reduce their salary or stop taking a salary for a period of time, as a result of late or unfair payment.

Those working for SME businesses in London reported the highest number of mental health issues among staff due to late or unfair payment (42%). Businesses in the North and East reported the smallest number of mental health issues (34% each).

Compared to over 55s, under 35s were eight times more likely to say someone at their business had experienced suicidal feelings (8% vs 1%), and four times more likely to recognise self-harm among staff from unfair payment (4% vs 1%).

Dual crisis of mental health problems and unsustainable business

BESA director of legal and commercial Debbie Petford, stated: “This poll confirms what previous industry-wide surveys have shown – a dual crisis of mental health problems and unsustainable business practices.

“With this growing evidence of the huge social and economic damage caused by systemic unfair payment practices, the question should no longer be what is the cost of reforming the status quo, but how can we afford not to?”

ECA director of legal and commercial Rob Driscoll, added: “These shocking new findings show how late and unfair payment is causing a wave of mental health issues right across the economy and society.

Ref:https://www.pbctoday.co.uk/news/health-safety-news/mental-health-issues-smes/72594/

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