The McKinsey Health Institute estimates that if all companies invested in employee benefits, they could create between $3.7 trillion and $11.7 trillion in value, Enomoto says.
Kana Enomoto, partner and director of brain health at the McKinsey Health Institute, said the value gained from investing in employee health and well-being is estimated to be between $3.7 trillion and $11.7 trillion.
“If we could capture 10% of that, it would unlock $1 trillion in value per year and raise global GDP by 1%,” she said.
Enomoto and Betsy Schwartz, director of the American Psychiatric Association Foundation’s Workplace Mental Health Center, spoke to NPF Workplace Mental Health Fellows about how workplace mental health impacts the economy in relation to productivity, absenteeism and other factors.
Important Quotes from Betsy Schwartz:
“Last year, 65% of employees said their mental health was impacting their ability to perform at work, including reduced focus, motivation and productivity.”
“We’re hearing from companies that potential employees working in the field want to know not only what benefits are available around health insurance, but what mental health benefits are available,” she said, noting that 68% of millennial employees and 81% of Gen Z employees report leaving a job for mental health reasons.
Important quotes from Kana Enomoto:
“If we can retain people who love where they work, not only do they have a great purpose, but they care about their employees, then we’re attracting the best talent.”
“I want companies to think of employee wellness as a strategic imperative. If companies decide to do this, it needs to be a whole-organization effort, not just one part. It can’t just be ERGs. ERGs are great, but ERGs are important in the context of other broader efforts. Don’t invest in more, invest in better.”
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This program is sponsored by the Luv U Project and cosponsored by the Department of Mental Health at the Johns Hopkins Bloomberg School of Public Health and the American Psychological Association. The National Press Foundation is solely responsible for the content of the program.
