A Holistic Approach: Mental Health Benefits in the Workplace
Business owners today face many challenges. Finding new customers, staying profitable, and keeping costs low are just some of the items that must be solved. But at the heart of any business are your employees, and a crucial part of your business strategy should be keeping your employees engaged and invested in their work. One important way to let your employees know they are valued is to invest in employee benefits that support a healthy life, both inside and outside of the office. This is one reason why mental health benefits have been popular in recent years. These types of benefits have become a hallmark of a company that truly cares for its employees. Read on for an overview of why companies should offer mental health benefits, what kinds of programs to utilize, and how a PEO can support this endeavor.
The Facts: Why Mental Health Employee Benefits Matter
To understand the true impact of mental health benefits, it’s important to start with the facts. According to the National Alliance on Mental Illness (NAMI), one in five adults in the U.S. experience mental illness each year. And as the numbers of those affected by mental illness continue to rise, the rate of affordable care doesn’t necessarily follow suit. Mental health care is unaffordable and inaccessible without insurance, says one report, and the out-of-pocket costs can be astronomical without coverage.
Further, the stigma against mental health issues is still prevalent, and many employees may fear admitting to a problem, which can also hinder treatment and consequently affect productivity. If employers treat mental health as simply one aspect of a healthy lifestyle, they can contribute to the reduction of stigma and let employees know that they care about their well-being.
Why Employers Should Care About Their Employees’ Mental Health
You may be wondering why the mental health of employees should matter to an employer. Since mental illness is so common, it’s highly likely your employees could be struggling with these problems. For your employees to tackle their jobs with focus, they need to remove or be less distracted by external stressors as much as possible in the workplace. Dealing with a mental health condition is hugely stressful and can have a significant impact on the quality of the employee’s work. Therefore, promoting mental well-being in the workplace is strategic.
Employees who have access to mental health support are more likely to have reduced stress and anxiety, leading to improved mental health. When employees are feeling healthy, both mentally and physically, they are better equipped to handle workplace challenges, make sound decisions, and maintain higher levels of productivity. In fact, studies have consistently shown that employees with good mental health tend to be more engaged, focused, and innovative, resulting in increased job satisfaction and higher-quality work. Mental health benefits may even reduce absenteeism. A recent study found that “a comprehensive, employer-sponsored online mental health benefit results in 25% fewer missed work days and a 24% increase in productivity.” By investing in mental health benefits, businesses can foster a happier and more productive workforce, ultimately benefiting both their employees and the company’s bottom line.
How Can a PEO Help Small and Medium-Sized Businesses with Mental Health Benefits?
A Professional Employer Organization (PEO) serves as a strategic ally for Small and Medium-sized Businesses (SMBs) aiming to prioritize the mental well-being of their workforce. By leveraging their extensive network and partnerships, PEOs facilitate collaboration with regional and national insurance carriers to secure competitive group rates on comprehensive benefits packages. These curated packages are designed to encompass robust mental health benefits, aligning with the SMBs’ commitment to employee welfare.
Through these collaborations, PEOs not only make such offerings affordable but also ensure they meet the workforce’s diverse needs. By harnessing the collective bargaining power of multiple clients, PEOs empower SMBs to provide a supportive environment that addresses the mental health concerns of their employees, ultimately fostering a healthier and more engaged workforce. Let’s learn more about how a PEO can help small and medium-sized businesses facilitate or provide mental health benefits for their employees.
4 Ways a PEO Can Support Mental Health at Your Company
To learn more about how a PEO is the right choice when offering mental health benefits, we’ll review just some of the top methods. Here are four ways a PEO can support mental health at your company.
1. Employee Assistance Programs (EAP)
A great first step when offering mental health benefits is an Employee Assistance Program (EAP). EAP programs often cover a wide range of services to help with many types of situations, such as depression, anxiety, substance abuse, counseling, and more. PrestigePEO offers National EAP, which has a wide variety of programs to support wellness. In addition to the traditional EAP, they also offer crisis management, employee intervention, anger management, mediation, and even sexual harassment training and remediation. With the help of a PEO, this program can be offered at little to no cost to your employees and is incredibly versatile and useful.
2. Financial Wellness Programs
Did you know that, according to a recent study, employees spend about 25% of their workday worrying about money? In addition to mental wellness concerns, employees may be feeling stressed about money management troubles. This can contribute to negative mental wellness and reduced productivity. In addition to mental health services, it’s also a good idea to offer your employees a financial wellness program. PrestigePEO offers FinFit, an easy-to-use financial tool that helps employees manage their finances, create a savings plan, a budget, and more. This added benefit could provide necessary resources to employees in need, helping them reduce stress and improve wellness.
3. Flexible Savings Accounts (FSAs)
Another way to help your employees relieve stress is to offer Flexible Spending Accounts (FSAs). Expensive medical bills can be challenging to manage, especially if you lack robust savings. available. FSA allows your employees to set aside pre-tax dollars into an account solely used for medical expenses. This reduces their taxable income, which can be helpful. Further, the money in the account is front-loaded, meaning that if the employee has a large bill at the beginning of the year, they do not need to wait until the account accrues enough funds to cover it. This benefit is useful for both individuals and families and can help employees budget throughout the year, reducing their stress.
4. HR Management Services
Many small businesses that do not have an HR department or that only have one or two overworked HR staff members can run into difficulties. When a company doesn’t have an HR department, you can run into interpersonal issues that are tricky to deal with. Employees may not feel comfortable reporting an incident to HR if the person acting as HR in their company is a colleague and could even be involved in the incident. Having a team of professional HR staff members is invaluable at these times. PrestigePEO pairs each of our clients with a dedicated team of specialists who are on hand to help you and your employees with any issues as they arise. This service is very beneficial if your employees experience stress in the workplace, and HR management can help your company create a more positive and supportive work culture.
Improving Employee Well-Being and Mental Health Benefits Offerings With a PEO
Mental health is essential in all aspects of life, both at home and in the workplace. We’ve learned businesses need to offer comprehensive healthcare packages that include mental health services. This not only demonstrates your commitment to the well-being of your employees, but it also ensures that your employees have the tools they need to come to work healthy, focused, and ready to succeed. At PrestigePEO, we can provide tailored solutions that make it feasible for SMBs to offer robust mental health benefits. Our expertise in the industry allows us to create cost-effective and inclusive healthcare packages that will help demonstrate your commitment to the well-being of your employees.
Are you interested in learning how PrestigePEO can help your business with its mental health benefits and create a workplace environment where your employees can succeed? Contact us today and let us help your small and medium-sized business build a healthier and more prosperous future for your team.
