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As employers consider the future of work, the topic of employee mental health is becoming a business imperative. Given that industry research shows half of employees “strongly” or “somewhat” agree that their mental health and well-being can have a negative impact on their job performance, it’s more important than ever to prioritize mental health in workplace policies.
Stressors (the economy, changes in workplace culture exacerbated by the pandemic, politics, weather, etc.) are really taking a toll on employees’ mental health. May is Mental Health Awareness Month, and it’s a great opportunity to raise awareness about the importance of mental health and wellness in American lives. You also have an opportunity to help your employer. Reconsider To optimise your workplace mental health practices, keep the following in mind:
Mental health stigma and the need for awareness
According to the National Alliance on Mental Illness, one in five American adults experiences mental illness, but many don’t seek help because of the stigma surrounding mental health.
On top of this, a recent survey from Voya Financial found that the majority of working Americans (79%) believe that stigma around mental health prevents employees from seeking help at work, creating an opportunity for employers to step up their employee communication efforts, education programs, and services.
In reality, the stigma surrounding mental health issues often stems from a lack of understanding or fear. Addressing these fears can help individuals become more comfortable talking about mental health and be more aware of the resources available to help them. Voya’s research also found that the majority of workers (82%) believe their employers could do more to overcome the stigma surrounding mental health, highlighting the need for employer support. Today, more and more companies are looking to help. Some employers are increasing the availability of employee assistance programs and expanding the availability of therapy through their benefits solutions. Others are providing counselors and specialists to help with a variety of personal issues.
For employers, the opportunity to constantly communicate with employees to combat bias is important, but it doesn’t have to be complicated. Offering solutions such as tips to help alleviate burnout or recognizing awareness months, or sharing recommended playlists to harness the power of music, are all areas to consider, and are becoming more and more so in today’s world.
Financial stress and mental health go hand in hand
Many core workplace benefits (medical, dental, vision, etc.) have traditionally been focused on an employee’s physical well-being, but as employee needs continue to evolve, creating a culture and environment where employees get the mental health support they want can also be a differentiator. Not only is it the right thing to do, it can also help improve employee productivity and attendance.
Financial stress, for example, has a measurable impact on mental health. In fact, a Voya survey found that 71% of working Americans say their mental health is regularly affected by financial stress. This can have a serious impact on a company’s ability to meet its business goals and serve its customers. Therefore, a focus on providing a work environment that supports both the physical and mental health of employees can benefit everyone.
We also know that facing “competing priorities” when it comes to splitting paychecks (e.g., saving for retirement, building an emergency fund, paying off student loan debt, etc.) is more pronounced today in the wake of the pandemic and inflation. Notably, Voya’s survey also found that nearly half of workers (43%) would be willing to accept a lower-paying job for better mental health benefits and support. So while many employers are offering resources like health savings accounts to offset eligible out-of-pocket medical expenses, student loan debt support, and tools to build emergency savings, mental health resources should be considered as well.
Employees appreciate and want mental health support
Offering mental health services that employees value can give employers an advantage in attracting and retaining top talent. A Voya survey found that 68% of employees would be more likely to stay with their current employer if they were offered mental health days, and 65% would be more likely to stay if they were offered benefits that covered mental health services and support. And even more employees (85%) believe that workplace benefits that improve their mental health and well-being, such as mindfulness, meditation, mental health coaches, and therapists, are important. With a focus on mental health always being a top priority, employees can clearly find these resources beneficial.
Repeatedly modeling support for your employees and starting a clear path to enabling and reinforcing that support can help remove any stigma employees may have. This also includes encouraging organizational leaders to model this behavior. And as an employer, recognizing that mental health benefits are an essential part of an employee need and a productive work culture is a great first step. Having a physically and mentally healthy workplace is advantage everyone.
Carole Mendoza is Vice President of Benefits at Voya Financial. She helps define the company’s benefits strategy, scale employee retirement readiness initiatives, and advance diversity, equity, and inclusion (DEI) and health benefits equity across the organization.
