Are your Mental Health costs rising? The Business Logic of Investing in Mental Health?

Are your Mental Health costs rising? The Business Logic of Investing in Mental Health?

Many business owners are paying monthly for health plans / EAP (Employee Assistance Providers) to offer mental health counselling to their employees.  However, as a business owner, are you truly getting value for the money you’re spending?  If your EAP provider used MyOutcomes, you would know.

MyOutcomes is a leading psychotherapy outcome measurement system with the ability to provide real-time feedback to therapists/counsellors.

Businesses around the world are fast coming to realize that mental health is essential for success.

Mental health problems are on the rise, made worse by the pandemic, in every country in the world.   An estimated 12 billion working days are lost each year due to mental health.  Additionally, mental health is said to cost the global economy 16 trillion annually by 2030.

Here are two main ways mental health drains businesses:

Burnout:  Unhappy and stressed-out employees experience burnout much quicker than employees who cope with stress well.  It’s very difficult to get the most out of an employee that experiences burnout, and even harder to motivate them to maximize productivity.  On the other hand, many studies, like this one here: demonstrate a positive correlation between happiness and productivity.  Simply put, mentally-healthy employees perform better and stay engaged longer.

Retention:  Good employees are key in any business.  But in high-stress environments, where good employees are even more valuable, retention suffers.  In addition, businesses that care for employees’ mental health have an easier time recruiting quality candidates over those who do not.  Taking care of employees’ mental well-being reduces turnover, makes it easier to acquire talented employees, and keeps businesses from spending valuable resources in training and getting new employees up to speed.

Mental health remains an under-treated and under-funded aspect in businesses.  Historically, businesses have not really understood why they need to invest in their employees’ mental health.  But it is now a critical part of human resources–it improves productivity, retention, and recruiting among other things.

Like any good business, the ability to get ahead must be explored.  With MyOutcomes, your Health Plan Provider or Employee Assistance Provider gets access to tools that help improve employees’ metal well-being, which in turn improves overall operations.  Additionally, like any good business, money can’t simply be spent willy-nilly.  While keeping patient data private, through MyOutcomes, you can get an aggregate report that shows how effective your mental health spends is.

By prioritizing mental health at your business, you’ll improve the lives of your employees, which is a good thing to do in and of itself.  Plus, investments into your employee’s mental health also improves your company’s bottom line.

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