Investing in supporting employees’ mental health is not only a hallmark of a great workplace, it makes good financial sense too.
An investment in the mental health of your employees means more than just ticking a box to show that you care. Businesses that take action to promote mental health in the workplace can see significant benefits to their bottom line.
A recent report by PricewaterhouseCoopers (PwC) shows that, on average, businesses will experience an ROI of $2.30 for every $1 invested in initiatives that foster better mental health in the workplace. Increases in productivity vary depending on the industry and size of an organisation and the results of the report were also influenced by the prevalence of mental health conditions within each industry.
Reaping the rewards: the mining industry
The mining industry can expect to see an average ROI of $5.70 for every $1 invested in mental health initiatives in the workplace.
Manufacturing and construction
The manufacturing sector would see an average of $3.50 for every $1 invested, while ROI for the construction industry averages $2.50. In both cases, various sized businesses within these industries are likely to see the biggest returns on their investment in mental health.
Transport, postal and warehousing
The transport, postal and warehousing sector can also expect an attractive return for their investment in mental health, with an average of $2.80 for every dollar spent.
Other industries that can expect to see significant financial returns on investment if they invest in mental health support programs include electricity, gas, water and waste services, with an average ROI of $5.70. Meanwhile, businesses in the information media and telecommunications sector would receive an average ROI of $4.20 for every dollar invested.
Create better workplace health: register with Heads Up
A key assumption behind the return on investment is that mental health interventions are effectively implemented. Heads Up, a joint initiative of Beyond Blue and the Mentally Healthy Workplace Alliance (MHWA), aims to guide business leaders towards implementing an action plan that not only promotes good mental health for all employees, but also achieves a positive return for business.
To access the Heads Up action plan and tools for better workplace health, simply register your details.
Heads Up on LinkedIn
If you would like more information and resources about how to create a more mentally healthy workplace, please visit our LinkedIn company page, which is regularly updated with stories and links related to the issue.
If you would like to join the discussion about a mentally healthy workplace, please visit our LinkedIn group page and become part of the conversation.