- SME leaders are reporting increased stress and mental health concerns
- Higher workloads, tech stresses, and a lack of downtime are all contributing
- Tech worries like downtime and data breaches are concerning leaders
British SME leaders are increasingly stressed and struggling with mental health concerns thanks to increased workloads, hours, and tasks, research from Virgin Media 02 reveals. A shocking three quarters (76%) admit that shifting business demands are impacting their mental health.
For most of us, holidays offer a welcome break, chance to relax, and just an opportunity to switch off from work-related craziness. For SME leaders though, many don’t get the chance, with 28% saying they cannot afford to take the time off.
Leaders can expect sleepless nights too, with 33% losing sleep at night over tech worries specifically, as technology-related stresses correlate directly to wellbeing for 89% of respondents.
‘Too many hats’
Pretty much anyone will tell you that tech can sometimes be troubling, and over half (53%) of SME directors have dealt with tech issues causing lost time, revenue impacts, or significant stress in the last month alone.
Unsurprisingly, cybersecurity threats as well as technical faults and data breaches are cited as stressors for 79% of respondents – with tech downtime costing 37% of leaders money their business can’t afford, and 31% suffering productivity loss as a result.
SME directors are spending an average of 10 hours per week on tasks that are outside of their core expertise, and 54% have to spend more time on unfamiliar tasks than those they’re trained for, adding enormous pressure.
The report outlines that SME leaders are frequently de-facto appointed as the go-to person for problems that they ‘don’t really know how to solve’ (59%), and many are unable to ‘switch off,’ with 96% reporting checking emails or solving business issues outside of work hours.
“The pressures on the shoulders of the SME community are enormous,” says Ross Pearson, Head of Small Enterprise at Virgin Media O2 Business.
“Especially as many make difficult business decisions and are often stretched across many different areas. SME leaders have always been known for ‘wearing multiple hats’, but in today’s business landscape, the term has a new meaning. The latest data from Virgin Media O2 Business reveals the toll of added responsibilities, with action needed to support leader wellbeing and mental health.”