Commentary: It makes good business sense for firms to better support workers' mental health

The cost of living crisis has caused many of us to sacrifice on “non-essential” spending. But as costs continue to surge for even essential services, these spending cuts are coming at a detriment to our health. 

Poor mental health is already costing the Singapore economy S$16 billion a year. As the cost of living crunch hits, frugal spending is impacting health-related expenditure — and this is only expected to get worse unless employers step up to support their workforce. 

The impact of Covid on Singaporeans’ mental health has not ended. 

The recent iteration of the Telus Health Mental Health Index — a quarterly survey that provides a measure of the current mental health status of employed adults in Singapore — shows the mental health score for Singaporean workers is significantly strained. 

Indeed, 37 per cent of workers report a high mental health risk, which is a massive increase from the pre-pandemic level — where global data shows the increase to be nearly 4 times more than pre-Covid levels. 

Work-related stress and anxiety are key contributors to declining mental health, with added detrimental effects on workplace productivity. Cutting back on health-related expenses and financial stress add to these negative impacts. 

The mental health score of respondents who cut back on prescription medications is more than 10 points below the national average, and the respondents who cut back on expenses related to their health have a mental health score more than four points below the national average. 

We spend a large proportion of our lives working, so it is crucial that these spaces are healthy and balanced. 

When the workforce feels supported and valued, they are engaged and productive, subsequently having a net positive effect on the economy. The issue is that many businesses do not offer proper support. 

IT IS TIME TO TAKE MEANINGFUL ACTION

Mental health support in the workplace is often synonymous with free cake or yoga classes. Although these incentives are always welcome, their direct impact on mental health outcomes is minimal. 

We know the typical consequences of economic downturns are associated with poorer mental health. Facing a period of uncertainty can be stressful for anyone, especially when it is out of their control — like the current economic fragility.

While a financial cushion helps to mitigate some of the uncertainty faced, not everyone has this luxury. 

For those Singaporeans who don’t, trying to plan their future amidst a cost of living crisis, inflation and the looming threat of a recession is a struggle. The consequences of which are understandably taking a heavy toll on mental well-being and relationships. 

With nearly one-third (29 per cent) of Singaporeans reporting cutting back on health-related expenses due to inflation, the free cake work perks are doing little to solve a wider problem. 

IT MAKES BUSINESS SENSE

We’ve heard it all: burnout, quiet quitting, and the great resignation. Businesses must take ownership of their employees' well-being — this is not a “nice to have”, rather it is a commercial imperative. 

Studies show that when mental health issues are ignored, employees suffer from decreased well-being, reduced productivity, and increased turnover rates, impacting their personal lives and job satisfaction. 

Decreased employee well-being can also lead to a less competitive workforce, reduced economic output and potentially slower economic growth. 

Employers who understand this know that taking action will help all those involved, not to mention their bottom line. 

Stronger mental health scores of workers directly improve engagement and productivity — and the impact of this on younger employees is greater. 

We have consistently seen Mental Health Index scores improve with age. 

In addition, we have seen the discrepancy between older and younger workers, across both mental health and productivity, increase from the pre-pandemic period. 

BUILDING THE RIGHT SUPPORT

Mental health awareness and support in the workplace have made some promising developments. 

Much of this can be attributed to the global rise of health and wellbeing trends, with more workplaces introducing welfare policies and an increase in conversations relating to one’s mental well-being concerns. 

Despite this, many Singaporeans still find it difficult to speak up due to associated stigmas. 

It is crucial employers recognise their role in creating a culture that promotes open communication channels where workers can comfortably discuss their mental health concerns, without fear of judgement or shame and before concerns reach a crisis point. 

Because, ultimately, the best returns are from businesses focusing on prevention and early intervention. 

While recognition is the first step in having well-being at the forefront of a workplace, implementation is the most important one. 

Leaders within an organisation need guidance, training and tools to be able to support their workers. It cannot be overstated how important it is to have leaders (especially front-line managers) who are empowered and understand their company's vision when it comes to well-being.  

Access to confidential counselling services, either through employee assistance programmes or partnerships with external mental health providers, are tools employers can offer, and resources that managers can promote. 

Flexibility, whether that be in working hours or tasks, is another way employers can promote wellbeing. 

There is also immense value in offering financial education and automated savings programmes. While ideal to have in place prior to an economic downturn, it is never too late to introduce these kinds of offerings to employees. 

For businesses that already offer these kinds of support, ramping up the communication of these programmes is extremely helpful and, on a more practical level, it demonstrates that the leadership team cares about the wellbeing of their people. 

A POSITIVE IMPACT ON SOCIETY 

The evidence continues to point towards a mentally healthy workplace as having a positive impact on society — and businesses — as a whole. 

Singaporean culture has historically placed hard work and a rise-and-grind attitude on a pedestal. 

But as the times change and more individuals report feeling burnt-out, with declining rates of positivity and productivity, there’s a new shifting of attitudes. 

Employers play a crucial role in protecting and supporting the mental well-being of their people. 

This is no snap-cure, but through incremental adjustments and new streams of open conversations, society as a whole will benefit from a happier workforce. 

The businesses that achieve this will boost employee engagement, revenue and contribute to a better economy. 

ABOUT THE AUTHOR: 

Jamie MacLennan is the senior vice-president and managing director (Asia-Pacific) at Telus Health, a global healthcare leader delivering digital innovation and clinical services in more than 160 countries.