The primary source of stress that can launch the cycle of mental health challenges is financial strain, an unfortunately widespread stressor in the U.S (Photo: Shutterstock)
It's a vicious cycle; employees are experiencing higher than normal levels of stress, resulting in deterioration of their mental health and wellbeing either acutely, due to a specific situation, or chronically, adding new mental health concerns and exacerbating existing ones. Poor mental health impacts the physical body too, resulting in costly medical care. A shocking 56% of Americans with chronic disease have missed medication or delayed care because of financial hardship, worsening physical health.
As a result of the pandemic, almost one in four Americans are avoiding medical treatment because of the cost. Due to mental, physical, and financial stress, poor wellbeing contributes to lost productivity, absenteeism, and turnover. On the contrary, according to Gallup, employees thriving in all areas of wellbeing are 81% less likely to find a new job and miss 41% less work.
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The primary source of stress that can launch the cycle of mental health challenges is financial strain, an unfortunately widespread stressor in the U.S. According to the American Psychological Association, finances are one of the top stressors in America. Although this problem impacts every generation, more than half of millennials and Gen X employees report significant financial stress. The statistics around debt are even more telling, painting a more nuanced picture between finances and wellbeing. People with debt are three times more likely to have mental health issues, including depression and anxiety and financial problems are the second most common cause of suicide.
Defining the problem
Mental health is a spectrum, and many individuals can cope on a day-to-day basis, tackling minor inconveniences such as kids spilling their cereal or receiving a traffic ticket. However, the added strain of more catastrophic life events, such as losing a loved one, going through a divorce, or facing a pandemic, makes even the most minor stressors unmanageable.
Although the onset of major life stressors is often acute and jarring, the occurrence of chronic stress can be more subtle and insidious, making it easy to go undetected for longer. Let's think about our employees in the workplace. There are those with diagnosed (or undiagnosed) mental health conditions, such as depression and anxiety, those dealing with catastrophic life events, and those trying to juggle the responsibilities life brings daily. Employers must provide resources to support employees across the spectrum of mental wellbeing.
Strategic solutions
When we feel good mentally, we are better positioned to manage other areas of wellbeing. Keeping employees and their families physically healthy, financially stable, and socially connected are necessary aspects of a high-performing culture. Below are six ways for employers to take action and support employees:
- Lose the stigma – Three tips for removing the stigma around mental health include mindfulness of language used when discussing mental health, placing equal value on mental health initiatives as physical health and finally, training your employees and leadership to be vigilant. It's important for all team members to know the signs if an employee or peer is struggling or in crisis, and more importantly, what to do.
- Conduct an organizational assessment – Assess your company culture, from leadership to communication strategy, finding areas of opportunity. Once you conduct an inventory of the current programs available, and gather employee feedback, you can prioritize areas of need based on employee needs, interests and gaps in support for total wellbeing and your unique workforce demographic.
- Create focus groups – Facilitate focus groups to allow employees to offer informal feedback related to company culture, support and benefits they want and value, and expectations from their employer.
- Emphasize employee education – Educate employees on mental health resources available to them and how to access these resources. Often, there are free options available within traditional health plans. Provide support through existing resources, internal initiatives, and third-party vendors where necessary. Different types of education that can help increase wellbeing include, cognitive training (resiliency, memory, focus, and coping), clinical and behavioral therapy, Diversity, Equity, and Inclusion trainings and enhancing social connectivity among employees.
- Create a custom communication strategy – Consider revamping your communications strategy to reach a remote workforce if applicable and to get your messages across in a more personalized way. Be thoughtful about your demographics and communicate in modalities that are meaningful and relevant.
- Conduct leadership and management training – One of the biggest reasons employees leave a job is their manager. Equip your managers to be an asset to the job by offering general leadership and development training, along with specialized areas of focus such as supporting employees' total wellbeing and mental health.
Supporting mental health in the workplace enables employees to perform at their best and maintain a healthy work-life balance. Employers are responsible for designing informed strategies and fostering an environment conducive to positive wellbeing.
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