According to a report by the World Health Organization (WHO), depression and anxiety disorders cost the global economy an estimated $1 trillion each year in lost productivity. In the United States alone, the annual cost of lost productivity due to mental health issues is approximately $225.8 billion.
Investing in mental health can pay off in the long run, as it can improve employee engagement, reduce absenteeism, and increase productivity. A study by Deloitte found that for every dollar spent on mental health interventions, companies can see a return of $1.62 in productivity gains.
Furthermore, prioritizing mental health can also improve employee retention rates. A survey conducted by the American Psychological Association found that nearly half of employees who reported feeling unsupported by their employer in regard to mental health issues said they planned to leave their job within the next year.
Employers can take several steps to prioritize mental health in the workplace, including providing access to mental health resources and support, offering employee assistance programs (EAPs), promoting work-life balance, and reducing stigma around mental health issues.
It is essential for businesses to recognize the business case for mental health and take proactive steps to support their employees’ mental well-being. By doing so, employers can not only improve the overall health and happiness of their workforce but also boost their bottom line.
