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AXA Study: Hong Kong workers buckling under high stress and poor mind health

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AXA Study: Hong Kong workers buckling under high stress and poor mind health
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Business

AXA Study: Hong Kong workers buckling under high stress and poor mind health

2024-08-12 18:19 Last Updated At:18:35

More than 3 in 4 Hong Kong workers face mind health issues at work, with nearly half taking sick leave

HONG KONG, Aug. 12, 2024 /PRNewswire/ -- The majority of the working population in Hong Kong suffers from multiple mental health problems related to work, and disengagement is alarmingly high, according to the latest findings from the AXA Study of Mind Health and Wellbeing 2024 ("the Study").

The annual survey, which assesses mind health[1] and wellbeing globally, paints a concerning picture of Hong Kong's workforce grappling with high stress levels and mind health challenges. A staggering 77% of workers in the city have experienced at least one mind health issue stemming from their jobs. Alarmingly, 82% have contemplated disengaging from work in some capacity as a coping mechanism. These findings clearly demonstrate the prevalence of work-related stress and mind health conditions plaguing employees in Hong Kong, issues that demand urgent attention and action from employers.

Worsening Impact of Burnout and Depression

Almost half (49%) of Hong Kong's workforce reported suffering from burnout, more than double from the previous year (2023: 22%). However, only 16% sought professional help. The study also reports that a significant portion of employees experienced excessive tiredness and energy loss (61%), uncontrollable stress and anxiety (52%), difficulties in concentrating or making decisions (51%), sleep disturbances (49%), and eating disorders (39%).

These mind health challenges have significantly impacted work performance, with nearly half (48%) taking sick leave due to mind health reasons, 41% planning to work from home to avoid engaging with colleagues, and 38% seeking job changes through internal transfers, while another 35% are already planning to leave their jobs.

Enhancing employee retention through mind health benefits and initiatives

The Study also revealed that 53% of the workforce expressed a desire for improved company response after reporting burnout. Additionally, nearly two-thirds (63%) believed that mind health benefits and initiatives are crucial in their decision to stay at their workplace, despite that mind health-related coverage remains limited. This indicates an opportunity for employers to enhance their mind health support and coverage, potentially leading to improved employee retention.

Emily Li, Chief Employee Benefits and Wellness Officer, AXA Hong Kong and Macau, said "It is concerning to observe that almost every person in the workforce experiences some degree of mental health issues. AXA has long advocated for mental health awareness, and now we are taking the next step – to provide solutions and treatments for individuals to take action. We are actively developing new mental health offerings and services to foster resilience among our customers and individuals in Hong Kong. We believe in the power of partnerships to address this ubiquitous issue, making it a key strategic direction for enhancing our mental health proposition for customers."

Since 2021, when AXA pioneered the first "mind health network" in the Hong Kong market, our commitment to advocating mental health prevention, diagnosis, and treatment has led to the expansion of the mind health ecosystem. From daily online meditation voice-overs to virtual psychology counseling support, our aspiration to provide end-to-end mental health support continues.

[1] The report uses the term mind health rather than mental health to emphasise the positive objective of the study which is to help break down the stigma still associated with mental illness.

About AXA Study of Mind Health and Wellbeing (AXA Mind Health Study)

AXA Mind Health Study is an annual study of mind health and wellbeing to assess the current state of mind health across the globe, and to provide individuals and businesses with the insights and advice needed to foster positive mind health.

AXA Mind Health Study 2024 was conducted in collaboration with IPSOS between 15 November and 11 December 2023 by means of online survey and online interviews among a total of 16,000 respondents aged between 18 to 75 years old across 16 European, American and Asian regions, namely France, the UK, Germany, Spain, Italy, Ireland, Belgium, Switzerland, Turkey, US, Mexico, mainland China and Hong Kong, Japan, Thailand and Philippines.

In Hong Kong, a total of 769 working individuals aged 18 and above were surveyed.

About AXA

AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 94 million customers worldwide. Our purpose is to act for human progress by protecting what matters.

As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation.

We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, an insurer and an exemplary company.

This press release is uploaded on the AXA Hong Kong and Macau website: AXA.COM.HK

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 - "Risk factors and risk management" of AXA's Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA's business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

AXA Study: Hong Kong workers buckling under high stress and poor mind health

AXA Study: Hong Kong workers buckling under high stress and poor mind health

Next Article

Tsubame BHB selected as a "2025 Global Cleantech 100" company

2025-01-22 02:00 Last Updated At:02:15

YOKOHAMA, Japan, Jan. 22, 2025 /PRNewswire/ -- Tsubame BHB Co., Ltd. (Head Office: Yokohama, Kanagawa Pref.; Representative Director and CEO: Koji Nakamura), which strives for the social implementation and commercialization of distributed ammonia production plants, has been named on Cleantech Groups. This annual 2025 Global Cleantech 100 list, now in its 16th year, showcases the most promising private cleantech companies making significant contributions to sustainable innovation.

Tsubame BHB was established in 2017 as a venture company originating at the Institute of Science Tokyo (formerly the Tokyo Institute of Technology) with a Vision of "Tackle social issues, including environmental and food problems, using our unique state-of-the-art technologies." Its goal is to contribute to the on-site production of ammonia at distributed plants, using technologies that synthesize ammonia at low temperature and low pressure. Tsubame BHB uses electride catalyst technologies developed by Professor Emeritus Hideo Hosono and is focusing its efforts on the overseas deployment of these technologies, mainly in North and South America, Australia, and Africa.

With the recent selection, the company was recognized for its innovative technology that enables the manufacture of ammonia at low temperature and low pressure, and which reduces environmental impact in comparison to conventional technologies. Ammonia, in addition to applications in fuel and chemical fertilizers, has gained attention as an important material for achieving a carbon neutral society. Through technical innovations in this field, Tsubame BHB will continue to work toward the further realization of environmental value and a carbon neutral society by incorporating manufacturing processes that utilize renewable energy.

Tsubame BHB's main achievements

Last year, Tsubame BHB welcomed its first overseas investors, and procured capital totaling approximately 5.3 billion yen in a Series C round of financing. It has gained increasing attention from overseas, for example becoming the only Japanese company to be selected for the "Startup Scale Program" in Germany. Recently, CEO Martins Brinins of MP INDUSTRIES, a green hydrogen project developer in Estonia, came to visit Tsubame BHB. In addition, a group representing PT PLN, an Indonesian government-owned power company, visited Tsubame BHB's pilot plant. This is an indication that various countries are showing an increased interest in the company's technologies.

In Japan as well, the company has received an order for a second unit to be installed as a small industrial ammonia manufacturing facility, and this year, ammonia production is scheduled to begin at Tsubame BHB's first commercial unit in a small ammonia synthesis facility, which is being introduced for comprehensive verification tests in the manufacture and use of blue hydrogen and ammonia.

About Global Cleantech 100 (https://www.cleantech.com/the-global-cleantech-100/)  

The Global Cleantech 100 program has been running since 2009 by Cleantech Group. Cleantech® Group is a research-driven company that helps corporates, public sector, investors and others, identify, assess, and engage with the innovative solutions and opportunities that are related to the world's massive, and growing, environmental and climate challenges. Their insights and expertise are delivered to clients all over the world through our Research, Consulting, and Events. The cleantech theme is poised for pivotal milestones in 2025 as market forces intensify and innovation accelerates. Continuing trends from 2024, including policy uncertainty, groundbreaking first-of-a-kind (FOAK) projects, and the surging demand for climate adaptation technologies, will emphasize the importance of product and project economics.

"2025 will be remembered as a transformative year for cleantech. The bar has gone up for what kind of level of potential novelty, uniqueness, and cost improvements might be attractive," said Richard Youngman, CEO of Cleantech Group. "The Global Cleantech 100 highlights innovators who are building the foundation for a sustainable and economically viable future."

About Tsubame BHB (https://tsubame-bhb.co.jp/ )

Tsubame BHB is a deep tech company with a Vision of "tackling social issues, including environmental and food problems, using our unique state-of-the-art technologies." Its goal is to contribute to the on-site production of ammonia at small-scale, distributed plants, using technologies that synthesize ammonia at low pressures and low temperatures. Established in 2017, Tsubame BHB utilizes electride catalyst technologies developed by Tokyo Tech's Professor Emeritus Hosono, and is currently strengthening the overseas deployment of these technologies, mainly in North and South America, Australia, and Africa. In 2023, the company was invited by the Japanese government to set up a booth at the COP28 UN Climate Change Conference in Dubai. We are the only Japanese company to have been selected for the Startup Scale Program in Germany in 2024, and we are currently promoting collaborations with companies mainly in the EU.

Company overview

Name: Tsubame BHB Co., Ltd.
Representative Director and CEO: Koji Nakamura
URL: https://tsubame-bhb.co.jp/
Head office: 2-3-12 Shin-Yokohama, Kohoku-ku, Yokohama, Kanagawa Pref.Shin-Yokohama Square Building, 6F
Established: April 2017
Outline of business:

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Tsubame BHB selected as a "2025 Global Cleantech 100" company

Tsubame BHB selected as a "2025 Global Cleantech 100" company

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