A mental health crisis is fuelling billions in losses for employers

Article content

Almost three years after pandemic afflicted Canadians, workers are still suffering mental health It’s reaching new depths, and it’s costing employers billions of dollars.

Article content

Paula Allen, global leader and senior vice president of research and general wellbeing at Lifeworks Inc., a division of Telus Corp.’s health division, says employee mental health is ‘strained’ . Nearly half of all employees report being more sensitive to stress, 34% are thought to be at higher risk for mental health effects, and 34% are more likely to suffer from depression, according to the latest survey from a recruitment agency. and anxiety are interfering with their lives.

Article content

“I think employers will be shocked to actually find out how many of their employees are having such a hard time and come to work with big smiles every day,” she said.

1 in 5 people deal with mental illness Every year, one in two people have one by the time they turn 40, the Center for Addiction and Mental Health says on its website. However, access to treatment is lacking and only half receive the help they need.

Article content

Given that the third Monday of the month is called Blue Monday, or the gloomy day of the year, it doesn’t matter that it’s January. Blue Monday has no basis Survey sheds light on well-being as vacation bills are filed, New Year’s resolutions are abandoned, and lack of light in the northern hemisphere is causing all mixed feelings of fatigue, depression and anxiety .

The winter downturn is bad enough, but the stressors from last year haven’t gone away either. remote workMany are still stressed by being forced into over-alert during the pandemic. You are left with a kind of mild malaise that builds up, putting you at increased risk to your mental health.

Article content

“We’re going through a lot of upheaval,” Allen said. “People are really at stake.”

A potential recession and rising cost of living must also be addressed. Inflation and rising interest rates put a lot of pressure on people’s budgets, highest level of stress Money issues have been on the rise since the 2008 financial crisis, with 61% of North American employers feeling more stressed than at this time last year, according to a study by Ceridian HCM Inc. and Canada’s Financial Wellness Lab. increase.

That stress is affecting people’s work, with more than 80% of North Americans admitting that they take time out of their jobs to think about their financial situation. Nearly a quarter of them spend an hour or more a day worrying about money.Result: billions of dollars lost Productivityreaching US$50 billion in Canada and US$614 billion in the US, the Financial Wellness Lab estimates.

Article content

Mental health disorders in addition to corporate productivity loss claims are growingStatistics Canada data show an increase of 8.7% in 2021 from 6.4% in 2019.

The economic impact should be reason enough for employers to take action for the well-being of their workers, and some are doing so. In many cases, this comes in the form of offering an Employee Assistance Program (EAP) that provides counseling and support services. These initiatives are more than just perks, he says, Allen. they save lives.

But experts say it’s not enough to just post an EAP hotline number in employee break rooms and be done with it. Employers must also focus on creating workplaces that promote respect and acceptance, which are essential to well-being. That can mean training managers on how to address employee concerns and identify and assist employees at risk. These measures create a productive work environment, keep employees feeling supported, increase loyalty and retention, and in turn reduce recruitment and training costs in a tight labor market.

Article content

Of course, mental health is not just an employer’s responsibility. January is an ideal month for individuals to take steps to enhance the well-being of not only themselves but those around them. We have to take it seriously,” Allen said.

She suggests making a concrete plan to connect with your friends. Seeking professional help is one of her options. Especially when the dark, gloomy days of winter are taking a toll. People should also avoid procrastinating on asking for help as it can turn a difficult situation into a crisis.

Article content

“Don’t take mental health for granted,” she said. “We all have a certain level of vulnerability, and often we don’t know how serious a vulnerability is until we’ve broken through it.”

A common adage is, “Be kind, you don’t know what people are going through.” If you’ve been paying attention to mental health statistics, this is a saying worth following. We spend so much time at work that employers have a unique opportunity to make a difference. If bosses aren’t driven by an ethical and human case for dealing with the mental health of their employees, perhaps financial gain is enough to get their hands on it.

• Email: [email protected] | Twitter: vwells80