The ‘invisible’ nature of mental health is one of the biggest challenges facing leaders post-pandemic, according to Generation CFO; a think tank of chief financial officers (CFO) and finance directors from a range of businesses.
Disturbing statistics from the World Health Organisation, CIPD and other international research reveals that employee depression, anxiety and loneliness have soared during the pandemic, as reported. Many studies reveal that poor mental health at work accounts for high rates of absenteeism, increases presenteeism and reduces performance on the job. Yet despite the rising number of staff feeling stressed, or unable to cope at work, many financial leaders are struggling to invest in the right mental health support.
MENTAL HEALTH ON THE BALANCE SHEET
A recent roundtable organised by Generation CFO and Make a Difference Media (sponsored by Kooth Plc), shed some light on why CFOs are struggling to invest in adequate mental health support. The meeting, led by Starbucks EMEA Finance Director Jonny Jacobs, revealed that CFOs want mental health to be an “asset on the balance sheet”.
Interestingly, Jacobs believes companies could “potentially see a 9:1 return on investment in mental health”; something CFOs “don’t see very often”. There is also a general consensus among CFOs that addressing “mind health and mental fitness is now a moral obligation for companies to fulfil”.
In short, CFOs want to support their company’s “most precious asset – the health of its people”; and ultimately keep moving in a positive direction. That means ensuring staff are healthy and productive. According to David Sayers, Partner and CFO Practice Lead of recruitment consultancy Green Park, “Having a clear mental fitness strategy is key to not only retain, but also attract the stars of the next generation.”
INVISIBLE MENTAL HEALTH CHALLENGES
So what’s stopping leaders from investing in employee mental health support? Most CFOs attending the roundtable admitted that one of the biggest challenges that they face is that they remain “in the dark about the connection between employee loyalty, goodwill and mental health”. Additionally, Gerald Dawson, a portfolio Finance Director, believes there is a “lack of comfort” around the terminology of mental health that doesn’t exist with physical health. “Every business understands health and safety. You look at pathways through factories, signage and markings and it is all really obvious and clear,” he said. “But then you start talking about mental health, which is 24-hour, seven days a week, and suddenly we have left the comfort zone as most of it is invisible. We just don’t have the vocabulary and the mindset yet to treat it in the same way.”
Financial leaders from companies, such as Kelloggs, Ipsos and Zurich Insurance, all agreed that the key to progress in improving workplace mental health was creating a trusting environment, where people felt safe to share their experiences and open the door to a deeper understanding. At the same time, they recognise that this is no easy feat.
“Research shows that the majority of people are afraid to talk to their line manager, so the language we use is really important,” pointed out Jacobs. “A big part of getting mental health right is about talking.”
RIGHT LANGUAGE & DATA
Sanjay Jawa, CFO of Kooth plc, suggested that getting the language right was down to the CFO. “As CFOs, we are by our nature data driven. But in areas such as mental health, we’re not yet collecting the right data. This means many employers have yet to invest in employee mental health and wellbeing,” pointed out Jawa. “This has a compounding effect, as it leaves staff who are on sick leave for mental health reasons unsure if they can tell their team, the true reason for their absence; and it becomes even harder to create accurate, quantifiable data.”
However, data is key. “Helping CFOs understand which mental health initiative will work or is working requires data,” added Jawa. “Without data we are flying blind. CFO’s don’t like that. Setting the tone from the top is important; but CFOs know that the measures being put in place are purely ‘box-ticking’, if they fail to support line managers and meet grassroot needs.”
THE CASE FOR MENTAL HEALTH INVESTMENT
So how can DE&I/HR/wellbeing professionals convince their CFO/CEO to invest in employee mental health? Here are a few tips generated by the roundtable meeting:
- Connect your proposal to a strategic imperative that your organisation has already stated, e.g. attracting and retaining the very best people.
- Demonstrate that you have understood the specific needs of your organisation and how your proposed investment will support these. For example, if you have employees working night shifts, how will these be accommodated?
- Show how costs saved by the hybrid workplace model can be invested in your people.
- Illustrate how less sick days will be good for your people (and the bottom line).
- Propose the risk of not making the investment; no leader wants a tragedy at work.
- Provide evidence that others in your sector are actively embracing the mental health and wellbeing agenda; nobody wants to be left behind.
- Relate your solution to employee engagement; CFOs know that we need everyone bringing their A-Game.
- Give us evidence and data; leading and lagging indicators that will help us re-invest.
In short, employers “have to be seen to be taking the lead”, concluded Jawa. “And a small investment in this area will pay dividends; not only in the mental health and wellbeing of employees but also the quality of the information available to the company.”
For more information about the findings, contact claire@makeadifference.events.
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