Despite notable advancements made by organisations in understanding and addressing employee mental health, recent research reveals that the working population in Asia is facing significant challenges. Factors contributing to this strain include work-related exhaustion, burnout, and financial instability.
Furthermore, issues such as the high cost of living, increasing healthcare expenses, the impacts of climate change, geopolitical instability, and the evolving nature of the workplace post-COVID-19 have further complicated the situation.
A comprehensive report, a collaboration between HRD, Aon, and Telus Health, offers the most up-to-date data and crucial insights to help employers minimize mental health risks and provide optimal support to their workforce. To download the full, free report, click here
The importance of prioritising mental health is not only essential for individual well-being but is also fundamental for fostering resilient workforces
It is becoming increasingly apparent that current interventions are falling short of effectively addressing the evolving mental health risks. Failing to respond to these concerning trends is projected to impose a substantial financial burden on organisations, with a total estimated cost of $6 trillion by 2030.
This economic burden is particularly evident in Singapore, where the total economic cost of lost productivity due to anxiety and depression is estimated at S$15.7 billion (US$11.72 billion) annually.
In response to these challenges, organisations are acknowledging the necessity to invest in employee well-being. Since 2020, well-being investments have, on average, risen by 27% among Asia Pacific employers, aligning with a global trend where well-being has become a top priority for 63% of organisations.
Recognising the importance of prioritising mental health is not only essential for individual well-being but is also fundamental for fostering resilient workforces, maintaining high levels of engagement, and achieving successful productivity outcomes.