Why supporting employee mental health is worth the investment

Resources are available to help business leaders implement these vital workforce benefits

By Principal®

The turmoil of 2020, ranging across a pandemic, social unrest, climate disasters and a divisive presidential election, have put unusual pressure on business leaders faced with improving the mental health and well-being of employees.

The scope of the problem was reflected in a survey conducted by Magellan Health, a managed health care company that provides services to many Principal EAP clients. Magellan tracked a 42 percent increase in members seeking phone or videoconference coaching through their EAPs in 2020 compared with the previous year.* The most noticeable increase was among people struggling to stay motivated and manage stress during the pandemic.

Dr. Steven E. Pratt, Magellan’s senior medical director, said 1968 was the only year he could remember that looked anything like 2020. That landmark year included political assassinations, widespread civil rights protests and even a flu pandemic.

“2020 has been a year unlike any other in the memory of almost everyone,” Pratt said.

Business leaders have become painfully aware of 2020’s effects, as they’ve navigated lockdowns, supply chain disruptions and threats to employee well-being.

More than half of employers surveyed late last year already were providing special emotional support for their workforces because of covid-19. In the latest Principal Financial Well-Being IndexSM conducted last September, mental health/well-being was the most popular category of employee benefits to add or increase among the employers surveyed. Mental health benefits improve employee morale and can have an impact on a business’s bottom line. A 2018 academic study showed employees suffering both mental and physical disorders can double or triple healthcare costs.

“For many, if not most, employers, the single most expensive category of health problems in their companies isn’t heart disease, cancer, or musculoskeletal illness, but mental disorders,” the study said.

And that was before the pandemic.

So, business leaders need to know where to turn when signs of depression and the need for mental health resources seem to be having an effect on their workforces.

We’re here to help answer those questions, and maintain business productivity, with a series of short articles focused on a few key employee stressors. There’s also more detail on how an EAP can help businesses navigate these difficult times.

1. External stress, such as covid-19

The spread of the pandemic and vaccine development may be out of your control, but you can take proactive steps to reassure employees about external factors (such as a local spike in infections or political demonstrations) that may intrude on the workplace.

2.Work-related stress

Widespread remote work has introduced conveniences and complications, while collaboration and teambuilding have often been challenged in the process. Get ideas on mental-health support for specific types of workers, as well as the role physical exercise plays in employee mental health.

3.Personal and family stress

Balancing the professional and the personal has gotten trickier for millions of American workers—for instance, juggling home schooling or caregiving with their careers. Here’s a resource to explore everything from telehealth to “reflective listening.”

4.Financial stress

In volatile times, good financial education and reassurance about long-term retirement savings strategies, portfolios and other aspects of personal budgeting can help lower money-related stress.

5.Focus on employee assistance programs

Even businesses with an EAP may not realize all the well-being resources they can access through its services. See if you’re maximizing your program.

What’s next

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