In recent years, the conversation around mental health has slowly but steadily made its way into the workplace. Yet, despite growing awareness, many organisations still underestimate the profound impact that mental health issues can have on their workforce and overall business performance. It is quite likely that you have encountered an employee or a colleague in your company who has struggled due to a mental health condition.
It’s increasingly being recognised that the mental health of employees is paramount to a successful organisation, as a business owner you will know the relentless pursuit of productivity and a profitable company can often overshadow the importance of well-being. Even before the pandemic, Mental health and wellness issues have been a leading concern. Did you know that on average 18 million working days are lost every year in the UK due to employee mental health conditions? This alone is a critical factor that can profoundly influence workplace dynamics, employee performance, and, ultimately, the success of your firm.
Mental health issues are more common in the workplace than you may realise
According to the World Health Organization (WHO), depression and anxiety alone cost the global economy an estimated $1 trillion per year in lost productivity. In the UK, nearly one in five working adults experience a mental illness at any time during their professional life that results in them taking time off work. Despite these numbers, mental health is often stigmatised, leading to an underreporting in the figures and a lack of adequate support systems within businesses.
Mental health and workplace productivity in your business
One of the most immediate and noticeable effects of mental health issues in the workplace is a decline in productivity. This can manifest in several ways and may result in staff absence, not to mention the challenges employees might face to carrying out their work or to develop themselves within the business. Employees struggling with mental health conditions are more likely to take sick days. While occasional absences are normal, chronic absenteeism can disrupt workflows, increase workloads for other employees, and lead to missed deadlines within a team.
Even when employees are at work, they may show signs of presenteeism which is where they are not fully engaged or productive. Mental health issues such as depression or anxiety can significantly impair concentration and decision-making abilities, thus affecting the overall job performance of an employee. Cognitive impairments associated with mental health conditions can increase the likelihood of mistakes or accidents on the job. In industries where safety is paramount, this can have serious, even life-threatening consequences.
It’s also becoming increasingly clear that mental health is deeply intertwined with physical health, employees who struggle with chronic stress, anxiety, or depression are not only at risk of burnout but also are more susceptible to physical illnesses like diabetes, and heart disease.
Mental health issues are also a significant driver of employee turnover. When employees feel unsupported in their mental health struggles, they are more likely to leave their jobs. High turnover rates not only disrupt team dynamics but also lead to increased costs associated with recruiting and training new staff. The loss of experienced employees can result in a talent gap that is both hard to fill and can lead to some unexpected and high recruitment costs for a business.
How health insurance can help with employee mental health
Seeking NHS mental health services could be extremely difficult for your employees due to what is widely acknowledged as long waiting times for mental health treatment in the NHS. This can leave your staff out of work for quite some time, while they seek support through public health providers.
Did you know that as an alternative to this corporate health insurance is well geared to dealing with mental health issues? By taking a health insurance policy out, you will provide your employees with around-the-clock support that can include help with telephone-based assessments for conditions such as anxiety, depression and addiction.
It is important to note that mental health support by health insurance providers does vary between different policies, but we have highlighted some of the support available here so you can see what could be put in place for your team.
- Giving you and your team access to either face-to-face or remote counselling sessions delivered by mental health clinical professionals, allowing access to timely mental health support for your staff when they need it
- Having the availability to book an appointment with a mental health professional, we can eliminate the need for them to take time out for a GP appointment by fast-tracking your employees to speak with a professional counsellor or psychologist who will listen to their concerns and guide them to the right support.
- With help from digital apps you’ll be able to get 24/7 virtual appointments with a registered private GP. This includes an unlimited amount of video consultations along with support articles for easy to access information that your employees can dive into to help with their mental health plan.
- Providing outpatient services that can arrange specialist consultations for psychiatric treatment by a psychologist or cognitive behavioural therapist.
- If care in hospital is needed this can cover private psychiatric treatment fees, including accommodation and diagnostic tests at any hospital or day-patient units.
Choosing a policy through a health insurance broker
Selecting the right health insurance broker is crucial for ensuring that you receive the best coverage tailored to your employee’s needs. As health insurance brokers based in the City of London, Anderson Health brings expertise and experience; we deeply understand the health insurance market, giving you expert advice that you can trust.
Our approach is advisory, not sales-driven and focuses on finding the best options for your organisation and employees. We conduct full market reviews to identify the most suitable policies for your specific situation, and we negotiate the best renewal terms to help you save money without compromising on coverage.
Anderson Health are independent Private Medical Insurance advisors based in the city of London with customers both in the UK and throughout the rest of the world.
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