10X Return: The Business Case for Proactive Mental Health Education
Business cases need numbers, not warm fluffy feel good stories and gut feelings.
How about that stress costs American companies 300 Billion Dollars Annually.
Here’s what business have to gain or lose:
Improve employee retention
It costs 33% of an employees salary to replace them. so if you lose 3 employees for preventable reasons, you are looking at losing the cost of one full time employee.
Workers miss time due to mental health. If you can make them happy, they show up, they do good work, and your business wins. Absenteeism is a known issue for business. Another topic emerging is presenteeism, meaning people who show up, but are checked out. A workforce that doesn't show up and isn't engaged, costs you.
Reduce Recruiting Costs:
If people are happy, not only do they stay, they tend to tell people about it. I joined Cisco specifically because they foster a strong culture of mental health in the workplace. And I tell everyone how much I love it. If you have even three employees refer a friend, that can save you thousands in recruiting.
Make up to 10 dollars for every dollar you spend:
I learned more about sales form a CFO than any other salesperson I've met. He told me that if you show a business that they can make an incredible return on a purchase, its a no brainier. Proactive mental health education fits this criterion. If you were to spend $2,500 on a training, and that saved one employee making $75,000 that is a $25,000 savings alone.
So if you think improving your team's mental health is expensive, try doing nothing.
If you feel behind and are looking to build out a strategy, book a free consultation.