At Lloyds, where I’m CEO, we’ve seen how a change in attitudes has helped staff – and our business – to thrive

British society has made huge strides in recent years in its willingness to acknowledge, confront and treat mental health, but the workplace remains an area where we continue to struggle with its impacts: and the costs are devastating.

Despite the fundamental changes to our working lives during the past decade – flexible working, the end of the nine-to-five working day, an “always on” culture and the rapid evolution of technology – there is one troubling constant: declining UK productivity since 2007. As far as productivity is concerned, the past decade has been the worst since the late 18th century, around the time of the industrial revolution, according to research by the Bank of England released last week.

Related: How to manage mental health at work

Related: How to manage mental health at work

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Mental health is a level of psychological well-being, or an absence of a mental disorder; it is the "psychological state of someone who is functioning at a satisfactory level of emotional and behavioral adjustment".