Why Paying Attention to Mental Health Pays Dividends for a Small Business
Here’s a surprising statistic. In 61% of all work places, anxiety is present in a big way. In turn, this has a dramatic impact on substance dependency. The result is a less productive workforce that doesn’t offer its best to clients.
This is only one statistic from the 2016 Mental Health & Substance Abuse survey commissioned by the IFEBP. (The International Foundation of Employee Benefit Plans based out of Brookfield, Wisconsin.).
According to the survey, 94% of organizations reported that their employees are stressed. 67% additionally said that drug and alcohol abuse issues have been on the rise over the last five years. These are concerning numbers.
Given these issues, all companies (small and large alike) are encouraged to look at what may cause worker anxiety in the first place. For example, can simple changes in employee policy manuals and benefits packages can have a huge impact?
Look for employee policy changes that can reduce stress. For example, Netflix offers a common sense approach for allowing workers to use company phones for the occasional phone call. Same thing with making the occasional personal photocopy. Netflix treats these as small benefits. They make it a point to hire workers that they can trust to make smart decisions. In fact, Netflix pioneered employee policies that are commonly referenced in HR departments around the U.S. (link to https://hbr.org/2014/01/how-netflix-reinvented-hr)
Also, take time to review the benefits you offer with your Insurance professional. In fact one of the best things you can implement is an Employee Assistance Program. (link to https://en.wikipedia.org/wiki/Employee_assistance_program)
Separate studies have found these programs increase employee productivity. They also lower overall medical costs while reducing absenteeism and turnover.
Another option is to offer health care benefits that include a mental health / substance abuse component. (Again, talk with your Insurance professional about options. They have the most up-to-date information and understand your specific requirements.)
Why consider incorporating substance abuse & mental health into existing benefits? Because anxiety isn’t the only issue facing employers and employees…
Here’s a breakdown of the issues survey participants cited and the percentage of those saying these issues were prevalent in their firms…
- Alcohol addiction (49%)
- Prescription drug abuse (33%)
- Stress disorders (49%)
- Sleep deprivation issues (33%)
- Other psychological health issues (12%)
And just as important as having such benefits is making sure workers know they are available and that they are safe to leverage such benefits.
In fact 36% of survey participants noted that their companies could do a better job helping employees capitalize on benefits.
Employees who are fighting drug & alcohol abuse issues are in particular need of outreach programs. Many struggle in secret and fear admitting their problems will cost them their job.
By addressing these issues, small businesses are able to cut costs. These can include quality issues, productivity, hiring, training, and legal, etc.
And remember. As you ponder anxiety, employee policies, and mental health benefits, the impact is greater than your bottom line. You may save an employee for sure. But you may save a life and a family in the process as well.