Did you know that mental disorders affect 1 in 4 people worldwide?
Depression and anxiety are two of the most common illnesses. However, there's a wide range of conditions that can be caused or worsened by someone's work environment.
The unfortunate truth is that many people who are affected by these mental health conditions don't seek treatment. If you're trying to take your business to the next level, prioritizing mental health in the workplace can benefit your company in many ways.
Keep reading to learn how investing in mental health works wonders for businesses on all fronts.
Good Mental Health Boosts Productivity
At work, mental health often has to be put on the back burner to keep up with the high demands of the job. As a result, a vicious cycle is created. Stress continues to build up and your employees' job performance goes down.
Until you find a cost-effective way to improve your work culture, your company will continue to suffer. One interesting way that employers across the globe are handling this problem is to shorten the work week without reducing pay. Microsoft Japan reported that implementing 4-day work weeks increased productivity by 40%.
If this solution isn't viable for your company, you can also consider partial-telecommuting. This way, your employees will feel more relaxed working from home. Employers can also save money on utilities and other office expenses.
Employees Will Have Better Interactions with Customers
Does your industry require lots of direct communication with your customers? If so, investing in your employees' mental health can cause a surge in sales.
When employees aren't happy, they can treat your customers poorly and lose sales. To put things into perspective, as many as 70% of customers' buying experience is influenced by the way they feel they were being treated.
When you invest in your employees' mental health, it will always be reflected in your sales. Happy customers will spend more during their visit. They'll also be more likely to continue returning and give you more business.
Employees Will Take Less Sick Days
Your company may not have a policy that allows taking mental health days. However, that won't stop employees from taking time off anyway to manage their stress.
In addition, poor mental health can actually make our bodies more susceptible to catching colds and flu. This can increase the amount of time your employees take off.
If your line of work involves physical labour, chronic stress can cause inflammation, muscle soreness, and fatigue. Some employers may not believe in the body-mind connection. Regardless, poor mental health will still manifest as physical conditions in many cases.
Poor mental health conditions cost the Australian economy over $44 billion each year. Even though this figure stretches across the entire country, each sick day can still result in losses up to $578 per employee.
Your Health Insurance Costs Will Lower
Providing your employees with better healthcare may sound counter-intuitive at first. However, investing more money upfront will lead to less spending over time. When your employees have full access to mental health services, they won't develop as many stress-related illnesses that are much more expensive to treat.
Heart disease, diabetes, eating disorders, substance abuse, and even cancer are just a few of the many serious health conditions that can be caused by stress. Since preventative care is a lot less expensive, every business can benefit from providing full coverage.
Fewer Accidents Can Occur in the Workplace
Accidents can happen to anyone, but those who are suffering from mental health conditions are far more likely to make a mistake on the job than employees with better health. For example, depression can cause people to be less alert or careful while substance abuse issues can lead to higher rates of altercations and damage to company equipment.
Accidents themselves are costly to cover, but you may also be responsible for paying long-term workers' compensation fees and hiring new employees to replace others who are injured. Depending on the severity of the accident and how it was handled, your other employees could also feel more distressed, which impacts your work environment further.
Your Business Will Have a Low Turnover Rate
Employee satisfaction may not seem like the top concern when there's an abundance of people who are eager to join the workforce. However, it's in every company's best interest to keep their turnover rate as low as possible for several reasons.
Hiring new employees often drains a lot of valuable resources. Reviewing applications, conducting interviews, and doing background checks are just a few responsibilities that take time and money to complete. Once you find a replacement employee, they often have to go through lengthy training periods before they can reach their full potential.
Disregarding your employees' satisfaction can also lead to negative online reviews. These reviews will influence the quality and quantity of the new applicants you receive. They can also have a big impact on the way customers view your company.
Prioritizing Mental Health in the Workplace Will Always Yield Fantastic Results
There are plenty of impressive benefits of prioritizing mental health in the workplace. Now you can start taking the necessary steps to keep your employees safe and happy.
Do you need help managing your employees' health insurance coverage to ensure they have access to the mental health services they need? If so, Gallagher Bassett would love to provide you with stellar accident and health insurance claims management services. Contact us to learn more about how we can help take your business to the next level.