The demand for mental health service at the corporate level is on the rise. According to research, half of Millennials and 75% of Gen-Zers have voluntarily left a job, in part due to mental health reasons. Businesses are able to retain talent, adding mental health as an employee benefit instead of a perk according to Forbes.
Thank you for reading this post, don't forget to subscribe!
- Absenteeism; depression can result in 26 additional absences a year when compared to an employee who does not suffer from depression. Research suggests that absenteeism related to mental disorders accounted for an estimated 7% of global payroll, surpassing other disorders!
- Productivity loss; an even larger cost. It’s estimated that the loss of productivity is 3-4 times higher than the cost of absenteeism
- Healthcare costs: the costs associated with employer-based insurance are more than twice as high for employees with mental illness when compared with costs for other employees.
Effective mental health programs can create a high return on investment. The World Health Organization found that every dollar put into mental health treatment produces a four-dollar improvement in health and productivity for employees and businesses.
The pandemic has worsened the challenges of mental illness. A June 2020 CDC survey found that more than 40% of individuals reported an adverse mental health condition (31% from depression or anxiety). This compares with about 10% prevalence of depression and anxiety pre-pandemic.
Smaller companies are also leading the way in mental health support. Etsy, an online marketplace for unique and creative goods, has provided unlimited mental health days and therapy sessions to its employees.
Source: CDC Morbidity and Mortality Weekly Report, Vol. 69, No. 32, August 14, 2020.
We provide a 30-60 minute presentation (in person or virtual) upon request for employers, non-profits, colleges, and universities.
