More and more, the emerging workforce — Millennials, Gen-Z and even Gen-X to some extent — say their happiness and well-being means more to them than their salary, and a healthy work-life balance is something that can’t be compromised. It’s a sentiment that has grown significantly since the COVID-19 pandemic began two years ago. They’re looking for vacation time, sick leave, flexible schedules and other lifestyle-related benefits.
According to a survey by Benefitnews.com, 87 percent of job seekers say the benefits offered by an employer — health, dental, vision, life and disability, wellness — are among the main things they look at when contemplating a job offer.
No question, providing benefits comes at a cost, but financial experts say not providing these important benefits can prove even more costly for a company. For business owners, providing quality health coverage and behavioral health services does more than serve as a perk in the hiring process.
Productivity
The World Health Organization estimates that depression and anxiety cost the global economy $1 trillion a year in lost productivity. The number sounds startling, that is, until you realize that one in four people will have a mental health crisis at some point in their lives. The good news is happy employees are better and more productive employees.
The WHO found that companies can see a 400 percent return on their investment in behavioral health care. It’s simple, really. If you’re happy and feel good, you’re going to want to do your job to the best of your ability.
Turnover
Productivity is a consideration when looking at the profitability of any business, but your bottom line potentially has even more to lose. The cost of employee turnover can exhaust a company’s finances. TELUS International polled 1,000 workers. About eight in 10 said they would consider quitting their current position for a job that focused more on employee mental health.
Health care & disability costs
Illness and absenteeism can also be costly. A person’s behavioral health and physical health are so closely intertwined that it can be difficult to address them individually. According to the National Alliance on Mental Illness, rates of cardiovascular disease and diseases like diabetes are twice as high in adults with serious emotional health issues.
At the same time, chronic conditions can lead to issues with depression and anxiety. Governmental reports show that well-implemented workplace-health programs can lead to a 25 percent savings because of reduced absenteeism, lower healthcare costs and fewer workers’ compensation and disability claims.
A Bright Spot
I believe behavioral health was the biggest healthcare crisis we faced going into the pandemic, and it will easily be the biggest one we face coming out of it. But let’s not overlook a bright spot — change.
When the COVID-19 pandemic began, and employees and businesses alike began to feel the impacts, the outlook on whole-person health began to change. And it is still evolving. We’re more aware. We no longer feel so alone in our struggles. While the numbers shared here are difficult to digest, a growing number of companies are working to reshape their culture.
They’re exploring a wider variety of traditional benefits, as well as wellness programs. Allowing employees to work from home in full remote or hybrid models is beginning to feel more normal and accepted. Some are even stepping outside their own offices to create change and address behavioral health concerns in their communities.
Last year, the Blue and You Foundation for a Healthier Arkansas committed to spending $5.29 million to expand behavioral health resources across our state, supporting behavioral health in all stages of life — from early childhood, through adolescence and into adulthood. This is the largest investment in the 20-year history of the foundation.
Schools were able to start trauma programs. The funds helped support a statewide network for those seeking behavioral health treatment, and endowments were created to help train an expanded behavioral health workforce.
We still have a long way to go to normalize the conversation surrounding behavioral health and address the various health conditions plaguing our state, but it’s something we must continue to work together — for ourselves, our employees and our communities.
And as the benefits culture continues to evolve and our workforce changes, one thing is certain and maybe more important than ever… peace of mind is essential in whole-person health for employees today and in the future.
A lifelong resident of Arkansas, Curtis Barnett is a veteran of the health insurance industry, serving for nearly 30 years in local, state and national capacities to help make health care more affordable and compassionate. He has led Arkansas Blue Cross and Blue Shield as president and chief executive officer since 2017.
