First-of-its-kind Canadian research has found that “positive returns on investment (ROI) of workplace mental health initiatives are within reach for Canadian businesses,” says Deloitte Canada.
Backed by this research, our wellness-led benefits model has been substantiated yet again. At HCG we’ve flipped the traditional benefits model on its head by leading with wellness first, supported by benefits. Mental health support is at the top of our list, as we recognize that the cost to the Canadian economy of poor mental health in our workplace is estimated to be $50 billion annually.
This analysis reveals that “companies with mental health programs in place for one year had a median annual ROI of $1.62 for every dollar invested. For companies with programs in place for three or more years, the median annual ROI is more than double, valued at $2.18 for every dollar spent.” Such a gain is substantial, and should not be overlooked. And yet, it is.
Deloitte Canada continues: “there is an economic and moral imperative for Canadian employers to take action, noting that the ROI in workplace mental health programs translates into: Good for people, Good for Business.” This means that employers could achieve greater program ROI by prioritizing investing in higher-impact areas such as leadership training and preventive intervention, including psychological care benefits.
The fact of the matter is that many organizations might already realize that they either have benefits or could easily shift their current model to strengthen workplace mental health; putting in place mechanisms to measure performance can enable organizations to achieve desired programming to benefit employees and support productivity.
This is our very specialty.