Each year mental health issues such as depression and anxiety result in 12bn lost workdays globally according to data compiled by Resolute Psychiatry.
The new report reveals that increasing workloads and unhealthy work-life balance is detrimental to both personal well-being and company productivity. Compounding effects of depression and anxiety include fatigue, poor concentration, detachment, stress and physical symptoms.
Resolute Psychiatry said, “Not only is prioritising mental health in the workplace a moral imperative; it’s an investment in a company’s most valuable resource—its people.”
Resolute Psychiatry said providing access to mental health resources including counselling services, wellness workshops and access to wellness apps is imperative. It said Employee Assistance Programmes should include all these plus more.
The benefits that accrue from such programmes are primarily intangible; however, these reduce barriers to seeking help, supports emotional well-being, and demonstrates that the organisation actually values its employees’ mental health.
It said the organisations should reskill and train their managers on the specifics of mental health support as also to recognise signs of mental health challenges and initiate supportive conversations and direct the needy employees to useful resources. These steps would promote early intervention, reduces stigma and lay the groundwork for a workplace culture that prioritises care and empathy.
The psychiatric firm said looking ahead to 2025, there is also potential for an uptick in workers' compensation costs despite a softer market. A report by Risk Strategies shows wage inflation, reduced rates and increased size of primary claims could lead to premium increases.