Mental health is a key area of corporate investment in 2024, with 91% of companies planning to invest more in mental health solutions for their workforce. This news comes at a time of impressive growth and progress regarding workplace well-being. In 2023, the corporate wellness market was valued at an estimated $61 billion and projected to reach $85 billion by 2030.
According to the American Psychology Association’s annual 2023 Work in America survey, more than three-fourths of workers report being somewhat or very satisfied with their employers’ support for mental health and well-being. In addition, 72% of workers said their employer provides services that help them develop and maintain a healthy lifestyle.
This is all very good news for the workforce. However, it's important to note that our work in this space is far from finished. Employees continue to struggle with issues related to mental health. In fact, 64% report struggling with mental or behavioral health issues, with a majority of those workers being less productive as a result.
Why the disconnect? Though companies are implementing more programs and services than ever before, many of them fail to address one of the biggest barriers to mental health care and treatment: cost.
Financial Instability's Impact On Mental Health
At E4E Relief, we provide financial relief grants to people experiencing disaster or hardship, so we regularly see the connection between finance and mental health. Let's say someone who's experiencing some level of financial insecurity experiences an unexpected event—the loss of a loved one, for example. Because they lack the resources to cover the unplanned accompanying costs, it's likely they'll become even more financially unstable. Oftentimes, this exacerbates the negative mental health effects they were already experiencing because of the disaster or hardship.
This pattern isn't unique to our work. Financial instability and mental health often go hand in hand. In fact, 72% of employees dealing with financial stress experience negative impacts on their mental health, and 42% of American adults with a mental health condition can't afford access to the treatment they need.
While insurance can help offset the expense of mental health care, it often has limitations. The average deductible for an employer-sponsored plan in 2021 was $1,434, according to the Center for American Progress. This amount is out of reach for many Americans, especially considering that up to 75% of workers are living paycheck to paycheck. What's more, nearly 60% of Americans are unable to afford an unexpected $1,000 expense. That forces many individuals facing urgent behavioral health needs to either forego care or accrue significant medical debt.
A Two-Pronged Approach To Addressing This Barrier
If you have built a mental health program within your organization, you know firsthand the challenges inherent in the task. The needs of the workforce are diverse, and what will benefit some may not support all. Additionally, the stigma surrounding mental health is a difficult factor to manage. For some, no one program can encourage them to access mental health supports at work; others may want to but may fear potential repercussions.
Given this, you may benefit from a well-being solution that takes cost into consideration. Some options allow companies to cover the cost of mental health support directly. For instance, employee assistance programs can provide employees with free, confidential access to mental health professionals, among other benefits. A corporate subscription to a virtual mental health care provider would allow employees to seek out specific types of care and spare your company from spending money on programs that may be underutilized.
You should also consider the impact that financial wellness programs can have on the broader well-being of your workers. After all, these programs have high utilization; in 2023, a PwC program found that 68% of employees take advantage of employer-provided services to improve their personal finances. Additionally, a majority of employees these programs decrease stress levels and, importantly, result in increased loyalty toward their employer. Check out The Evolving Total Rewards Landscape for further highlights on how integrating financial wellness into rewards programs can alleviate stress and improve overall well-being.
When you incorporate financial well-being into your wellness approach, you create a holistic solution to one of the biggest corporate challenges of the modern world. You support your people—your company’s most valuable asset—and the benefits can be felt across your organization. A well workforce is more resilient, productive, engaged and loyal. In the end, investing in their well-being is one of the best things you can do for the success and sustainability of your enterprise.
This article was originally published on Forbes. To read the original article, click here.
