2 minute read
Employers are recognizing the importance of prioritizing mental health benefits in light of the challenges posed by inflation and increasing healthcare costs. The well-being of employees' mental health is now more critical than ever, as they face increased vulnerability and heightened levels of stress.
Mental Health Trends
According to the 2023 Workplace Mental Health Trends Report by Calm Business, 49% of employers are adding mental health related benefits in the next year. Forty-one percent are adding preventative mental health benefits and 38% are adding digital mental health therapy preventative benefits that address anxiety, stress, burnout, and sleep. Digital mental health clinical therapy benefits can increase in accessibility and help close patient care gaps.
Key findings from the report include:
- Employers believe workplace stress and financial loss have the biggest impact on employee mental health
- The most common reasons employees are seeking mental health support include work challenges (42%), undergoing personal illness (33%), and the changing health of a family member (21%)
- The most common workplace economic impacts that can increase employee stress level include inflation (51%), rising healthcare costs (44%), and budget cuts (42%)
Employers can identify stressors in their workplace and change policies or offer tools to help meet their specific needs.
Employer Considerations
While some employers are considering ways to control costs and optimize their benefit strategy, others are maintaining or expanding their current benefit offerings. Employers can use employee feedback as they prioritize benefits, as well as review employee utilization and engagement data. Benefits will continue to shift to meet employees’ needs.
Some employers offer an employee assistance program (EAP) which includes therapy benefits to address employees’ anxiety and depression. Adding preventative benefits in addition to their EAP can help employees take a proactive approach to their mental health. Preventative benefits can address burnout, stress, anxiety, and depression. The Calm Business report states that for every $1 invested in prevention, the employer can expect to save $4 downstream in health care and employee productivity costs.
Summary
Mental health is an important aspect of your overall health. Employers are prioritizing employee mental health and are adding preventative mental health benefits to their packages. Download the bulletin for more details.
Additional Resource
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
