Find and Keep Talent with Better Workplace Wellness
Burnout, stress, depression, anxiety - these are fast becoming the norm in North American workplaces as the pandemic rages on and labor shortages put pressure on overworked employees.
For employers, it’s now more important than ever to support staff. Not just because it’s the right thing to do but also because there’s a strong link between a lack of mental health support and high employee turnover. Around 68% of millennials and 81% of Gen Zers left their jobs in 2021 due to mental health reasons.
In today’s tight market, employers can’t afford to lose these staff members. Going the extra mile by investing in workplace mental health seems a small price to pay for continued productivity, retention, and loyalty.
5 reasons managers should prioritize mental health
1. Retain & attract talent
In an environment where employees have all the bargaining chips, employers have to work harder to cultivate staff loyalty and that often means stepping up perks such as health benefits and other health initiatives.
These programs can also help companies gain an edge over their competitors when advertising positions. According to a study from mental wellness firm Calm, 76% of jobseekers say mental health benefits are critical to them when evaluating a new job. If your company doesn’t cover mental health services, you’re harming your chances of attracting and retaining top tier talent.
2. Beat burnout
With the labor shortage creating efficiency gaps, many staff members are taking on more work, more hours, and more responsibilities. That’s a fast track to burnout and employers have an obligation to their teams to head off these kinds of crises with early intervention, open communication, and readily-available support services.
Employee burnout doesn’t just affect individuals, it can spread through your entire workplace. Research shows that burned out employees are twice as likely to have tried to convince another colleague to leave the job with them. So, investing in services to mitigate the risk of burnout is a no-brainer.
3. Reduce absenteeism and presenteeism
Embedding mental health awareness into your company culture will promote long-term satisfaction among staff, reducing both absenteeism and presenteeism (when employees are at their desk, despite not feeling their best).
The latter tends to be particularly prevalent among workers suffering from mental health issues - partly due to the stigma of sharing their concerns and partly due to a reticence to seek professional help. According to a study from the Employers’ Health Coalition, productivity losses from presenteeism are 7.5 times more than those of absenteeism.
4. Maximize productivity gains
Around one in four adults suffer from a diagnosable mental illness and mental health disorders are one of the top disability claims in North America, costing millions in productivity losses each year.
Overall productivity can drop as much as 50% when full-time employees are struggling with mental health challenges, according to Calm. Depression alone accounts for 200 million lost workdays in the US each year, costing employers $17 billion to $44 billion.
5. Long-lasting ROI
While budget-conscious companies may balk at the extra spending involved in greater mental health benefits, it doesn’t have to harm your bottom line - organizations that invest in mental health programs see an average yearly ROI of $1.62 per dollar invested according to a study from Deloitte, and that figure rises to $2.18 after three years, suggesting that returns accrue as the plan matures.
Deloitte’s research shows that S&P 500 companies who scored high on health and wellness saw their stock appreciate by 235% over a six-year period, while the stock portfolio of lesser performing organizations appreciated by 159% in the same timeframe.
Investing in employee mental health
From informal interventions to targeted therapies, mental health programs encompass a lot of moving parts. The more holistic models - those that promote wellbeing while simultaneously removing workplace triggers - tend to see more positive ROI, according to Deloitte.
A successful wellness initiative typically consists of:
- Company policy - a top-down approach embedding a wellness-focused company culture
- Health programs - comprehensive benefits that include access to counseling or other therapies
- Workplace practices - new attitudes to the 9 to 5, including greater flexibility so workers can work remotely or on a hybrid schedule and incentivizing healthy habits. A third of employees would like their bosses to offer wellness stipends, which can include incentives for using meditation apps, hitting movement targets or taking breaks outdoors.
Prodoscore’s innovative employee productivity monitoring solution gives managers a window into their team’s activities and tasks so they can easily identify which employees are showing signs of burnout, stress or anxiety. Contact us today to book a demonstration and see how our software solution can help your company maximize productivity while safeguarding employee wellness.