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With a potential recession on the horizon, we know you want resources to help your business master the moment. We've put together our Agility & Excellence Resource Center to bring you strategies and solutions with a finger on the pulse of what's ahead.
The financial impacts of a recession are widely acknowledged. However, the emotional damage an economic downturn can inflict on employees is just as damaging, if not more so. As we head into a period of great uncertainty, employers should begin to consider how to support employees’ wellbeing to minimize fear and stress in the workplace.
The Impacts of Poor Mental Health
When multiple individuals experience poor mental health in the workplace, it can have negative implications for the organization as a whole. Poor mental health results in increased absences, reduced productivity and heightened workplace tension. If these consequences coincide with a potential workforce reduction, the outcome can be catastrophic for employers.
Supporting employee mental health is one of the many benefits resolutions employers should make in 2023. See more benefits decisions to prioritize as we navigate a recession here.
How to Support Employees
So, how can you minimize widespread panic, keep stress levels low and support employees during this difficult time? Consider the following tips:
- Provide mental health support through employee assistance programs (EAPs). Mental health assistance can include mental health screenings, employee flexibility and allowing mental health leave in accordance with the Family and Medical Leave Act.
- Talk openly about mental health support in the workplace. Educating employees about mental health can go a long way to help destigmatize this sensitive subject.
- Provide stress management resources to employees. Stress is a significant contributor to decreased mental health. Conduct regular one-on-ones with employees to ensure their workload isn’t out-of-control and, if employees express extreme stress or signs of burnout, be prepared to direct them to resources that may help.
- Survey the needs of employees. Surveying employees can help evaluate the overall mental wellbeing of your workforce. It can give you some insight into the resources and services you should be offering and promoting to address your employees’ unique needs.
Supporting employees’ mental health amid a recession is essential. However, it’s important to remember that total wellbeing is made up of three key components — physical, emotional and financial. You may think that boosting employees’ financial wellness involves raising pay and investing in costly benefits, but that’s simply not true. Learn how you can harness the power of earned wage access and other creative offerings in our webinar, “Why Financial Wellness Programs Are a Win/Win for Employers.”