We are experiencing a mental health crisis
For employers, worker productivity and retention are at extreme risk
Mental health conditions significantly impact workforce productivity; over 200 million workdays are lost due to mental health conditions each year — the equivalent of $16.8 billion lost in employee productivity.
By putting off behavioral health needs, medical spend can increase by up to 300%. Unsupported mental health conditions lead to employee absenteeism and presenteeism, which cost US businesses billions annually from losses in productivity, engagement, and retention.
According to Mind Share Partners’ “Mental Health at Work 2019” report, 50% of millennial and 75% of Gen Z workers reported having left a job due (at least in part) to mental health reasons.
Virtual care provides a scalable and lower-cost delivery vehicle for mental health support
With the market facing staffing shortages, new offerings including virtual coaching platforms have emerged and gained traction. Enrollment for virtual health support for mental health is on the rise, and Forrester predicts that in 2020, one out of 11 mental health visits will be delivered virtually.
To improve both the member and employee experience, and reduce attrition, health insurers and employers must invest in offering access to behavioral health support, including access to virtual care services as a delivery vehicle — a significantly more economically palatable option. A mobile-first approach catalyzes and supports on-demand access to drive higher rates of engagement. Mobile-first also enables those employees and members most in need of care to gain access to mental health support 24/7/365.
Three steps to start improving the mental health of your workforce
A paradigm shift in the perception of mental health must occur within your organization. Human capital management can start catalyzing this transformation by:
Want to see our other four big predictions for 2020? Check out the full predictions report here.
The original article by Forrester’s senior analyst Arielle Trzcinski, researcher Annalise Clayton, and research associate Caleb Ewald, is here. The views and opinions expressed in this article are those of the author and do not necessarily reflect those of HR&DigitalTrends. Photo credit: iStockphoto/cihatatceken