How to Support Mental Health at Work

How to Support Mental Health at Work

How to support mental health at work: Manage work-related mental illness risk factors and encourage employees to engage with available mental health programs and benefits for improved health and higher productivity.

Nearly a quarter of U.S. workers have been diagnosed with depression and 40 percent of them take an average of 10 days off from work each year because of their mental illness, according to the American Psychiatric Association (APA).

The World Health Organization (WHO) estimates depression and anxiety cost the global economy $1 trillion each year in lost productivity. The good news? WHO also estimates that for every $1 put into scaled up treatment for common mental disorders, there is a return of $4 in improved health and productivity.

Employers can start to minimize the effects of mental illness in the workplace by identifying work-related risk factors and simplifying access to mental health benefits.

The WHO identified work-related risks, like inadequate health and safety policies, poor communication and management practices, limited participation in decision making or low control over one’s area of work, low levels of support for employees, inflexible working hours and unclear tasks or organizational objectives, as factors that could negatively impact employees’ mental health. The WHO recommends offering flexible hours, job-redesign, addressing negative work dynamics, and supportive and confidential communication with management to help people with mental disorders continue or return to work.

Traditionally, employees have accessed mental health benefits using an employee assistance program (EAP), a time-consuming process where they’re screened by phone and directed to an in-network provider. Benefits providers have started looking for solutions that streamline access to mental health benefits, acknowledging how frustrating the traditional model can be.

Fairview, a health system based in Minneapolis, places a behavioral health provider onsite, or at the nearest clinic, for employees to consult with in person. “The system eliminates barriers; people will know where to go for help. And getting help sooner means that we’re more likely to resolve the issues earlier in the process. We believe that will save the employer money, both with claims costs and productivity,” says Rene Coult-Calendine, Vice President of Market and Product Development at Fairview.

Organizations should develop integrated health and well-being strategies that include mental health intervention, covering prevention, early identification, support and rehabilitation to better support mental health in the workplace. Communicating available programs or benefits, and, more importantly, encouraging their use can make a real difference when it comes to managing mental illness in the workplace.

How to Help Employees Save More for Retirement

How to Help Employees Save More for Retirement

How to help employees save more for retirement. Employees experience debilitating financial stress when it comes to retirement and they want employers to provide tools and support that ensure they’ll have enough money saved to last through retirement.

A third of workers and a fifth of retirees are ‘overwhelmed’ or ‘paralyzed’ by their financial situations, according to the latest Retirement Study Reveal by Wells Fargo. Nearly 40 percent are unsure how much they’ve saved for retirement, or say living to age 85 would be a ‘financial hardship.’

Close to 70 percent of employees are concerned about running out of money in retirement and don’t know what they’d do if it happened. Almost 60 percent of retirees took retirement earlier than expected or started taking Social Security as soon as they could.

Most of the focus for retirement education and support has gone to Millennials and Baby Boomers, but GenXers are nearing the critical pre-retirement phase and experiencing high levels of financial stress.

Less than half of GenXers are saving enough for retirement. Only 45 percent of them have a detailed financial plan, less than all other generations. They’re sandwiched between the financial responsibilities of Millennial children and Boomer parents. More than 60 percent of GenXers want more help from employers with their retirement choices.

How to Help Employees Save More for Retirement

Across all three generations, nearly 90 percent of employees want a 401(k) statement with retirement income estimates. Roughly 60 percent say making savings last through retirement is the most important part of retirement planning. If employees receive a quarterly estimate of what they’ll have in retirement they can compare it with the national average income they’ll need and will likely be more motivated to adjust retirement contributions accordingly.

Employees with a ‘planning mindset’ are more than 40 percent less likely to have financial stress. A planning mindset is a tendency towards setting short-term and long-term financial goals. Those who have one are twice as likely to say they’re ‘thriving’ and have three times more household retirement savings than those without a planning mindset. Employer-sponsored tools that simplify and automate the planning process make it easier for employees to develop and maintain a planning mindset.

Employers can also help employees plan for retirement by giving them access to professionals who can answer questions, clarify the process and give them direction to improve their preparation. The Society for Human Resource Management found companies providing access to investment retirement advice increased almost 15 percentage points over the last five years, and over 50 percent of organizations offered online advice in 2018, a 50 percent increase from 2017.

More On Retirement Readiness and Financial Stress

Baby Boomer Retirement Statistics and Financial Stress

Retirement Concerns Aren’t Boosting Contributions

How to Help Employees Save More for Retirement

Retirement Concerns: Is Financial Literacy the Solution?

Financial Support Limits Retirement Readiness for Parents

Retirement Research Will Blow Your Mind

Financial Wellness Is About More Than Just Retirement Planning Advice

It’s Easy to Help Your Employees with Retirement Planning