THE FINANCIAL IMPLICATIONS OF IGNORING MENOPAUSE IN THE WORKPLACE

Welcome to the second article in our menopause series. In the first, “Starting difficult conversations,” we looked at the importance of being actively involved in the dialogue around menopause in the workplace. However, it is important to recognise that the impact goes beyond the wellbeing of your employees. This article will uncover how ignoring the conversation may have a direct impact on your bottom line.

In a recent survey carried out by Nottingham University, 200 women working in professional roles were interviewed. The results identified that menopause had impacted their lives in the workplace as well as at home, and they suffered lower confidence around their colleagues, poor concentration and memory. Research further suggests awareness and training for line managers and leaders is evidentially a major issue, with eight out of ten women saying their employer hasn’t shared information, trained staff, or put in place a menopause policy in the workplace.

The Government Equalities Report on Menopause has highlighted the need for employers to put training, processes and information in place so all colleagues have a clear understanding of menopause to enable them to manage the potential issues. Many organisations in both the public and private sector, large and small are already doing so. Leading the way in best practice are companies such as HSBC UK, Sainsbury’s, Next Plc, Aviva, South-Eastern Railways and many NHS Trusts and Universities

But what if you continue to overlook menopause as a potential threat in the business?

The 2022 Menopause and the Workplace report by the Fawcett Society and Channel 4, polled 4,000 women aged 45-55 and found that 10 per cent had left their job because of menopausal symptoms. Indeed, thousands of women in the UK are passing up promotions, reducing their hours or giving up their jobs because of the menopause. This is not an issue which can be ignored and investing in training to help manage the symptoms of menopause for employees can be a quick win-win. Taking into account the relatively small investment in activity, the financial payback would be ten-fold considering the following:

Cost of recruitment.  According to Oxford Economics, the cost of replacing women who leave the business, is more than £25,000 for a person earning £30,000 a year. This includes direct recruitment costs and bringing a new member of the team up to speed. Moreover, it is the loss of experience and expertise that you cannot put a price on, as well as the impact to other members of the team. By keeping women in work, businesses and employers will benefit by retaining their talent and experience.

Cost of absence. According to the Office of National Statistics, the groups who experienced the highest rates of sickness absence included older women and those working in large organisations. In a survey by the Welsh TUC stated that 44% of respondents who had taken sickness absence due to the menopause had not told their manager the real reason for their absence. In addition, 35% of respondents had taken annual leave or rest days to take time off because of their symptoms.

Cost of employee relations issues. Whilst the cost of replacing staff may be obvious, there are other invisible costs to the business that will impact reputation and employee relations. When there is lack of understanding by line managers or even the employee as to why their performance is being affected, this can often result in disciplinary procedures due to ‘poor performance’ because of the impact of their symptoms on their work. The correlation between effective, productive employees and the detrimental effect of disciplinary issues on the morale, confidence and wellbeing of both employees and managers is clear.

Cost of employment tribunals. The average cost of defending a tribunal case is £8,500, which doesn’t include the cost of any awards or the claimant’s legal fees, if won. In addition to this, is the distraction in both the business and reputational risks. Poor brand management not only effects the productivity of other employees but your ability to recruit in the future too.

Women of menopausal age are highly skilled and experienced, typically at the peak of their careers and are role models for younger workers. To safeguard your workforce and support female employees going through the menopause, organisations need to create a culture of openness and understanding, where women feel comfortable talking about their symptoms and requesting the help they need.

Working with and talking to many organisations whilst delivering menopause support, we have seen clear, compelling reasons for developing a strategy to manage menopause in the workplace. It supports an inclusive culture, loyalty, retention and is good for motivation. That’s a win-win for all.

Kumud Gandhi is a Food Scientist, Nutritionist, Public Speaker, Author and Broadcaster. If you would like further information on wellness events, and getting menopause on the agenda in your organisation you can contact Kumud Gandhi at kumud@thecookingacademy.co.uk