The Business of Sleep

In the globalized, uber-connected world of today; with its “never-off” working culture, we often spend longer hours in the office working to the serious detriment to our sleep. The average amount of sleep is on the continual decline as the world becomes ever more connected. And the more senior your position, the less sleep you are likely to get; the average individual gets around seven hours and fifty minutes of sleep, the average individual professional gets six hours and thirty-three minutes of sleep and ultimately the average CEO getting only six hours and fifteen minutes of sleep a night.

But is this actually a bad thing? Well to answer it simply; it is. Research has shown that the lack of sleep can fundamentally hinder employees’ ability to perform at their peak as well as leading to other damaging physical and emotional side effects. Sleep deprivation is a hidden threat that organizations should pay attention to, to ensure the well-being of their staff whilst gaining a competitive edge.

Here are three ways that sleep deficit can impact you and your business:

1. Sleep deprivation leads to poorer performance and productivity

The consensus for healthy sleep is between 7-8 hours a night. However, as mentioned earlier, professionals only get six and a half hours or less. This extra 30 minutes may not seem like much; however, the effects are notable and include, struggling to stay focused in meetings, taking longer to complete tasks and difficulty in generating new ideas. Along with these effects, there is also a reduced motivation to learn and a lowered ability to managing competing demands.

2. Sleep deprivation impacts your physical health

Often ignored in the workplace, the physical effects of tiredness can be significant. Numerous studies have shown a connection between the quality of sleep and the quality of physical health. A lack of sleep leads to a decreased immune function, which in turn, can make you more susceptible to common illnesses and this in turn can keep you away from the office, hurting business productivity. To emphasize this point further, a recent study found that people who average less than 7 hours of sleep are almost 3 times more likely to develop a cold. Meaning they are 3 times more likely to miss work.

More worrying is the potential long-term effects of sleep deprivation. Chronic sleep deprivation is linked to a host of serious medical conditions, such as, heart disease, obesity and diabetes.

3. Social, emotional and psychological well-being damaged by chronic tiredness

Sleep deprivation has been shown to have a profound impact on your feelings and mood. On the more serious end of the psychological effects are hallucinations, paranoia, mania and memory loss; all of which would be huge detriments on your business.

But it shouldn’t just be these more serious issues that concern you. More subtle effects of a lack of sleep can prove challenging in a business environment. Communication and teamwork are critical in corporate environments and are vital to the business’ success and when tired the interpersonal aspects of one’s job become more difficult.

The moodiness, frayed nerves and lack of focus associated with sleep deprivation put a strain on relationships in the workplace. Sleep deprivation makes you irritable, more stressed and anxious as well as more frustrated. On top of this, it can also lead to a lack of optimism about your business which can lead to stagnated business growth.

A study in the USA, estimated that sleep deprivation costs businesses an average of $2,280 a year per sleep deprived employee due to lost productivity. Better sleep is clearly better for business, whether it be improving workplace productivity or avoiding more serious health disasters. So, in order to give your business another competitive edge, think about ways that can create an environment for healthy sleep for yourself and communicate the importance to your employees.