What does it really cost you, not to spend on your employees’ mental health?

‘The future of work’ is already here. Today a lot of people can work from anywhere and many teams only meet a few times a year face to face. As technology allows us to explore these new ways of working, it is essential for companies to adapt the way they care for their employees.

The ‘nice to have’ perks are long gone.

If COVID has taught us anything it is that we need to take mental health and well-being seriously and it is not something that is only the responsibility of the private realm.

Now the shift that needs to happen, is for companies to understand and fully embrace that investing in your employees’ mental health and well-being actually means future-proofing their business.

Studies across the world give compelling estimations of how much money is being wasted or lost due to employees’ poor mental health.

In the US alone, companies could lose up to 300,000 billion dollars a year because of employees’ poor mental health according to the National Alliance on Mental Illness.

Deloitte’s report on Investing in Mental Health in the UK presented £42 billion of losses due to absenteeism (£7 billion), turnover (£9 billion), and presenteeism (£28 billion) created by mental health issues, especially in industries like finance, insurance, real estate, and communication.

Employee well-being encompasses a lot of areas such as personal health of course but also workspace & environment, work relationships, career growth opportunities…

When employees feel trust and belonging within their team, when they feel safe and supported and share an alignment on common goals and values, that is when great things can start to happen:

– Increased productivity ( Studies show that people with depression symptoms can be up to 35% less productive)
– Increased engagement
– Greater collaboration & innovation
– Higher chance to attract and retain talents – A 2019 Harvard Business review shows that 50% of Millennials and 75% of Gen Zers had left positions for mental health reasons.

However these things are rarely achieved solely through gift cards and gym memberships but through establishing good practices, clear communication, and offering safe forums for employees’ voices to be heard and championed or supported. Such good practices need to be set up and structured through careful and proper investments in finding the right people, tools, and services. And what might seem like a lot of money right now is really an investment toward a stronger company with happier employees. Indeed, the same Deloitte report estimates that every £1 spent towards your employee’s well-being and mental health gives a £5 return thanks to the impact listed above.

There are many reasons to invest in your employees’ well-being but these alone should convince any leaders to bring this topic to the forefront of the priority list in 2023 in order to create more resilient teams in which talents want to stay and thrive together.