Why Your Business Should Celebrate World Mental Health Day

World Mental Health Day, on October 10th, is a great opportunity for organizations to commit to improving the mental well-being of their employees. Since the start of the pandemic, 90 percent of employers were investing more in mental health programs. That year,  employees and employers spent nearly $77 billion on mental health.

While this number may seem large, it's important to remember that employee well-being and retention go hand in hand. According to Gallup, “The cost to replace an individual employee can range from one-half to two times the employee’s annual salary – and that’s a conservative estimate.” Investing in your employees’ mental health now not only saves you money, it also helps you keep valued team members.

Here are five best practices Great Place To Work® found that companies on the Fortune 100 Best Companies to Work For list use for you to consider while building a better workplace for your people.

1. Hire well-being coaches

If your business is serious about prioritizing employee well-being, it is important to staff this goal like any other. Well-being coaches help employees work towards goals, including fitness, self-motivation and mental resiliency.

2. Increase access to licensed therapists

Normalize and encourage employees to talk with mental health professionals. This destigmatizes the practice and helps employees get more familiar with the benefits offered in your Employee Assistance Program.

3. Focus on resilience

Instead of focusing on happiness as the metric of well-being, focus on resilience. This can be accomplished by finding systems to help workers manage stress at work or by encouraging mindfulness programs. These programs have proven results in building resiliency, mental stamina and creative thinking.

4. Partner with Employee Resource Groups (ERGs)

Employee Resource Groups are voluntary, employee-led groups that consist of employees who share a characteristic, such as gender, religious affiliation or interest. They exist to provide support and help in personal or career development capacity, and they create a space where employees can bring their whole selves to the table.

5. Share powerful employee stories

Meaningful connections with colleagues go a long way in helping employee well-being. When leaders share stories of times they have struggled or even failed, employees feel they are genuine and are more comfortable asking for advice.

For a more in-depth look at these tips, read the Great Place To Work® blog post, 5 Ways To Engage Employees on World Mental Health Day.