Mental Health in Corporate Employee Benefits A Must-Have!

In recent years, the corporate landscape has undergone a profound evolution in its approach to employee benefits. The prioritisation of mental health and well-being has shifted from a mere luxury to an absolute necessity. This article delves into the driving factors behind this pivotal transformation, with a specific focus on the escalating rates of mental illness and their adverse impact on productivity. Additionally, we explore the proactive measures that companies are implementing to address these challenges and extend support to their employees.

Some facts:

Workplace productivity suffers because of mental health issues. According to a World Economic Forum research, depression and anxiety cost the global economy an estimated $1 trillion in lost productivity each year. As per a survey by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), mental health concerns might contribute to a 20-30% decrease in productivity.

Absenteeism and presenteeism (when employees are present but not totally productive owing to mental health difficulties) have been identified as key variables influencing corporate productivity. Companies were also becoming aware of the financial cost of untreated mental health concerns. The overall cost of untreated mental health issues in the Indian corporate sector was estimated to be significant, factoring in healthcare costs, reduced productivity, and absenteeism. The overall cost of untreated mental health concerns in the Indian corporate sector has been estimated to be substantial, taking into account healthcare bills, decreased productivity, and absenteeism.

Reasons for the Problems:

Changing Family Dynamics: India’s transition from conventional joint families to nuclear families has created a slew of issues. Smaller, busier family groups have spawned a quiet loneliness pandemic. These challenges have been exacerbated by the lack of established practises for seeking professional therapy and emotional assistance.

Rising stresses: The fast-paced urban lifestyle and the constant pressure to succeed at a young age have resulted in a significant increase in stress. Financial hardship and the pursuit of lofty life objectives have added to the weight of mental stress.

Personal Stress Factors: A varied spectrum of personal stress factors have arisen in the dynamic terrain of family structures and life conditions. These include singles’ experiences, people facing delayed marriages, persons managing the problems of parenting without direction, and the widespread sensation of loneliness caused by family members’ increasingly frantic schedules.

The Complex Interplay of Personal and Work Life: Unlike previously held ideas that mental stress was predominantly caused by work-related concerns, it is now obvious that the core causes are multidimensional. The complicated connection between personal and work life frequently causes mental stress in the Indian business sector. Struggling to find the correct balance between these factors has become a regular source of stress for employees in today’s fast-paced world.

Corporate Reactions: Businesses have realised the need of building a sense of belonging in their employees and providing help at various phases of mental stress in their personal and professional life. This proactive approach reflects a growing recognition that mental health is impacted by a variety of circumstances and is a shared responsibility between employees and their companies.

Probable Solutions Which Corporates Are Exploring:

1. Fostering the Right Culture: Encouraging regular breaks, off-premises leisure trips, and a zero-work policy during holidays are essential. Flexible work frameworks cater to employees with familial responsibilities. Feedback sessions help employers tailor their strategies to individual needs, fostering a culture of trust.
2. Prioritizing Mental Well-Being*: Companies are creating formal policies and nurturing a healthy informal environment. They provide avenues for employees to seek help, such as dedicated support groups, one-on-one consultations, and mental health helplines. Promoting diversity and providing education on mental well-being is crucial. Creating culture which allow people to use mental health counselling in same way as general physician.
3. Inculcating Right Habits and Comprehensive Insurance Coverage*: Encouraging healthy habits like nutrition and exercise is crucial for promoting positive mental health. Comprehensive health insurance policies cover mental health issues, including depression and schizophrenia. Employee Assistance Programs (EAPs) provide confidential counselling for diagnosed individuals.

Conclusion: The transition from “good to have” to “must-have” mental health benefits in corporate employee benefits signals a fundamental change in how companies perceive the well-being of their workforce. As family structures evolve and societal pressures increase, businesses must adapt by prioritizing mental health. By fostering a supportive culture, eradicating the stigma surrounding mental health, and providing comprehensive support, corporations can ensure their employees lead healthier, happier, and more productive lives. This paradigm shift benefits both employees and employers, contributing to a more productive and fulfilled workforce. Mental well-being is no longer an optional benefit but a cornerstone of modern corporate success.

The author is National Head- Health & Benefits, Howden (India). Views are personal.