from our friends at: LinkedIn
As we continue to observe Mental Health Awareness Month, we discuss the significant costs associated with untreated mental illness, particularly in the workplace. The impact of mental health on employees and organizations is often overlooked, leading to substantial financial losses and decreased productivity. In this article, we will explore the costs of untreated mental health from both a national and company perspective.
The National Burden:
On a national scale, the cost of untreated mental illness is astonishing. Approximately $200 billion is spent annually on untreated mental illness. This enormous expense not only encompasses medical claim costs but also includes the indirect costs of turnover, absenteeism, and reduced productivity. The ripple effect of untreated mental health extends far beyond the individual, impacting families, communities, and the economy as a whole.
The Company Level Impact:
When we narrow our focus to the company level, the consequences of untreated mental health become even more apparent. On average, employees struggling with mental health issues lose 27 workdays per year, essentially equating to an entire month of lost productivity. For organizations, this translates to significant financial losses and disruptions in workflow.
It is important to recognize that the costs associated with mental health are not limited to medical claims alone. The overall well-being of employees and their families plays a critical role in their ability to perform at work. When mental health challenges arise, whether personally or within the household, employees may find it challenging to prioritize work responsibilities, leading to decreased productivity and engagement.
The Role of Employers:
As the conversation surrounding mental health in the workplace continues to gain momentum post-Covid, it is crucial for employers to prioritize the well-being of their employees. CFOs, CEOs, and HR professionals must work collaboratively to address mental health as an integral part of their company’s culture and benefits package.
By making mental health a priority, organizations can foster a healthy and functioning workforce. Just as physical health screenings, blood pressure management, and lifestyle choices are emphasized, mental health should receive equal attention. Ignoring the mental health aspect of employee well-being can lead to individuals struggling to perform their job duties effectively, regardless of their physical health status.
Creative Solutions:
While addressing mental health in the workplace may seem overwhelming, there are creative ways to make it a focal point without necessarily increasing costs. Incorporating mental health discussions into wellness initiatives and treating it with the same importance as annual preventative care visits can be a starting point.
One innovative example is the implementation of bereavement support programs. Recognizing the profound impact of loss on employees, whether it be the loss of a child, spouse, or the responsibility of caring for a recently deceased family member, employers can offer resources to help individuals navigate the challenging process of grief and the practical aspects of dealing with death.
The costs of untreated mental health in the workplace are too significant to ignore. By prioritizing mental health and implementing supportive measures, organizations can mitigate the financial losses associated with absenteeism, turnover, and reduced productivity. Investing in the mental well-being of employees is not only a compassionate approach but also a strategic business decision that can yield positive returns in terms of a healthier, more engaged workforce. As we continue to raise awareness about mental health, let us work towards creating workplaces that prioritize the holistic well-being of every individual.