Five tips for employers to support mental and financial health in the workplace

Today is World Mental Health Day. With a theme this year of workplace mental health, we wanted to discuss how employers can better support their employees’ financial and mental health. Two thirds of employees who are struggling financially report at least one sign of poor mental health that could affect their ability to function at work. 

Employers have the power to improve both the financial and emotional wellbeing of their workforce, as well as their productivity, by introducing new processes that build financial resilience, creating a culture of support and providing essential help once problems have set in.

So here are our top five tips for employers to support and promote mental and financial wellbeing in the workplace:

For people experiencing mental health problems, additional help managing money can reduce the likelihood that money problems will spiral out of control and make someone unwell. Help can come in the form of tools and apps or personal advice. Whatever type of support on offer, employers should make sure it is clearly and readily accessible.

There continues to be a pervasive stigma around both financial difficulty and mental health problems which can deter employees from seeking support. This can allow problems to spiral, possibly leading to increased debt and further mental health problems.

Employers should deliver mandatory training so all staff understand financial difficulty and mental health problems, and how the two can overlap. They should also provide resources to help managers support people with mental health problems and/or financial difficulties.

Paid sick leave is vital to ensure that anyone experiencing ill-health, including mental health problems, has the time and space to prioritise recovery. Anxiety about a reduction in income can act as a disincentive for taking necessary time off, and can encourage presenteeism. 

Employers should consider the impact of their sick pay policies on staff willingness to take time off, and also support people to attend to deteriorating mental health problems at the earliest opportunity by considering preventative part-time sick leave policies. 

All policies should be transparent and accessible to support employees to make the most informed choices.

Flexibility in the workplace allows for more people to contribute at work, and can be particularly beneficial to those who have taken time off due to ill-health. Employers can develop this through ensuring flexibility in recruitment, retention and progression policies. 

Often employees can be unsure of what sort of adjustments are available or which could be of benefit to them, so employers should actively develop a list of reasonable adjustments and offer these to staff regularly.

Conscious and unconscious bias and discrimination can impact who is considered for recruitment and progression in organisations. This can have a significant impact on those who have mental health problems 

One in five working-age people with a mental health problem report having been discriminated against in work due to their mental health, and this presents a real barrier to career and personal growth. Employers can tackle this through actively encouraging employees to take up beneficial opportunities, regardless of sickness absence records and hours worked.

Employers should also seek to facilitate shadowing and secondment opportunities.

These are just some of the ways in which employers can help break the link between money and mental health problems through supporting their employees’ financial and emotional wellbeing. 

This World Mental Health Day it is essential to put good intentions into action – not only will this directly help employees, but it will also embed a culture of support into the workplace.

You can learn more about best practice for employers by reading our guide in full.