Is your boss ok? Not necessarily; it turns out that stress piles up on our leaders’ heads as deadlines approach, and the fear of letting their struggles show can lead them to the darkest of thoughts. That six-figure-plus salary certainly is not enough to stave off mental health problems, especially when one is at the helm of a struggling ship.
Let’s take a look at the problems that turn company bosses into ticking time bombs and how they can maintain good mental health.
What’s hurting you or your boss’ mental health?
An executive’s mental health tends to be tied closely to the financial health of the company they’re running. The Times newspaper (paywall) has explored the phenomenon of alarmingly poor mental health among leaders, and here are some factors that contribute to this:
- Pressure around financial deadlines
Addiction and psychological treatment centre Paracelsus Recovery, which is known to treat high-profile clients, noted a 200% increase in mental health referrals among CEOs in April 2024. This coincides with financial filing deadlines – a period where a business’s financial performance is most apparent to its leaders. - Financial stress
It’s normal for executives to be bombarded with financial stress, causing them to literally lose sleep, feel anxious and lack motivation. However, the pressure can be several times worse in struggling companies, and this was especially true during the pandemic. - Fear of failure
Company heads often feel pressured to maintain a positive image and reputation among their coworkers, investors, and family. This keeps them from overtly seeking psychological help, further compounding the mental strain. - Stigma around mental health
More often than not, executives simply refuse to seek help. For many of these individuals, this can be seen as a weakness and, in doing so, they invite more serious, though avoidable, mental health problems.
The cost of poor mental health in leaders
It is worth noting that a chief executive’s mental health struggle is not a personal problem; this can adversely affect the company’s performance, and the shockwave can go all the way down to the bottom rung of the organisational ladder. Here are some notable impacts of a company leader’s poor mental well-being:
- Financial impact. Poor mental health can cause a CEO to be less productive. They are not on top of their game and are prone to poor judgement and decision-making, resulting in unfavourable company performance.
- Employee morale. A CEO experiencing mental health struggles can leave a negative impact on the company culture. Pressured bosses have short tempers and are prone to making questionable decisions, often creating a culture of fear in the workplace.
- Stress and burnout. Absenteeism, presenteeism – reporting to work without necessarily being productive – and isolation are common among stressed executives. This inevitably causes burnouts that eventually lead to a costly and disruptive resignation.
Prioritising mental wellbeing for leaders
Contrary to what many CEOs might think, seeking psychological help in the face of serious mental health problems does not signify weakness. Rather, it shows that the executive recognises the problem and deals with it accordingly – a hallmark of personal strength and good leadership. Here are a few strategies that CEOs can follow to get their mental health in check:
- Encourage work-life balance
Leaders should set clear boundaries between work and everything else. Setting boundaries leaves room for rest and relaxation and keeps all stresses of work within the confines of the workplace.
- Promote a culture of openness
Fostering a workplace where mental health is discussed openly and without negative repercussions creates awareness of the subject matter. This creates an environment where employees trust and support each other, including their boss.
- Provide resources and support
It helps that the company provides resources and employee assistance programs that will help keep its employees’ mental health in top shape.
Investing in a healthy leader is investing in a healthy business
Leading a company can be stressful, with deadlines, financial pressures, and fear of failure impacting executives’ mental health. This can hurt the company too, with poor leadership decisions and a strained work environment. That said, it pays to prioritise leaders’ mental well-being, as a healthy, well-performing leader is key to a company’s success.