Why employers should invest in their employees’ mental health

As employers think about the future of work, the topic of employee mental health is becoming a business imperative. Considering industry research shows that half of employees “strongly” or “somewhat agree” their mental health and wellbeing can negatively impact their work performance, making mental health a priority among workplace policies is more important than ever.

Stressors — including finances, shifts in workplace culture exacerbated by the pandemic, politics and even the weather — are having a real impact on employee mental health. As May marks Mental Health Awareness Month, now presents an opportune time to increase awareness about the importance of mental health and wellness in Americans’ lives. There is also an opportunity to help employers rethink and optimize their workplace mental health offerings. Here are a few considerations to keep in mind.

Stigma of mental health — and need for awareness

According to the National Alliance on Mental Illness, 1 in 5 U.S. adults experiences a mental illness, and many won’t reach out for support — largely because of mental health stigma.

Add to this the fact that recent research from Voya Financial found the majority (79%) of working Americans agree mental health stigma prevents some employees from seeking help at work. This presents a favorable time for employers to enhance employee communication efforts, education programs and services.

The reality is the stigma that exists around mental health issues often comes from a lack of understanding or fear. A way to help combat these worries is for individuals to feel more comfortable talking about mental health and to better recognize the resources available to help them. Voya’s survey also found the majority (82%) of workers think employers can do more to overcome the stigma surrounding mental health, indicating a need for employer support. An increasing number of companies today are seeking opportunities to help. Some employers are increasing their availability of employee assistance programs and expanding availability for therapies through their benefit solutions, some also offer counselors and specialists to help with a wide range of personal issues.

For employers, the opportunity to simply always be communicating to your employees to help combat the stigma is critical — and that doesn’t have to be complex. Offering solutions like tips for helping with burnout or acknowledging awareness months and even sharing suggested playlists to leverage the power of music are all areas to consider, and we’re seeing more and more of that in today’s world.

Financial stress and mental health can go hand in hand

Many core workplace benefits (e.g., medical, dental and vision) have traditionally focused on an employee’s physical health, but as employee needs continue to evolve, creating a culture and environment where employees can get the mental health support they desire can also be a differentiator. Not only is it the right thing to do but it may even aid in employee productivity and attendance.

For example, financial stress often has a measurable impact on mental health. In fact, Voya’s research shows 71% of working Americans say their mental health is regularly affected by financial stress. This can have a serious impact on a company’s ability to deliver on its business goals and serve its customers. Therefore, a focus on having workplace offerings that support both the physical and mental wellbeing of your employees has the potential of benefiting everyone.

We also know that being faced with “competing priorities” (such as saving for retirement, building an emergency fund and paying down debt, including student loans) when it comes to divvying up one’s paycheck is more prominent today following impacts from the pandemic and inflation. What’s notable is Voya’s survey also found that nearly half (43%) of workers are willing to take a job with a slightly lower salary for better mental health benefits and support. So while many employers offer resources such as health savings accounts to offset the burden of eligible, out of pocket medical costs, student loan debt support and tools for building emergency savings, mental health resources should be an equal consideration.

Related: Helping employers factor mental health into benefits programs  

Employees appreciate and seek mental health support

Providing mental health offerings that your employees value has the potential to give employers an edge in attracting and retaining top talent. Voya research has found 68% of workers are more likely to stay with their current employer if offered mental health days, and 65% are more likely to stay if offered benefits that cover mental health services and support. And even more employees (85%) think workplace benefits that improve mental health and wellbeing — such as mindfulness, meditation, mental health coaches and therapists — are important. Clearly, employees can consider these resources beneficial as the focus on mental health remains top of mind.

Starting a clear path for support to be modeled, enabled and reinforced repeatedly to employees can help remove any perceived stigma they might have. This includes encouraging leaders in your organization to be role models for this behavior. And as employers, recognizing that mental health benefits are an integral part of employee needs — and a productive workplace culture — is a great first step. It’s important to embrace them because having a healthy workplace — both physically and mentally — can benefit everyone.

Carole Mendoza is the vice president of Benefits at Voya Financial. She helps craft the enterprise benefits strategy, expand employee retirement readiness initiatives and champion diversity, equity and inclusion (DEI) and health-benefits equity across the organization.