82% Companies In India Agree That Employees' Mental Health Impacts Their Business, Reveals Study

The COVID pandemic and mass layoffs have been no less than a wakeup call about understanding the importance of mental health. And a recent study shows that even companies are beginning to realise and accept that.

Understanding The Importance Of Employees' Mental Health

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8 in 10 companies in India will increase their spending on employees' well-being in 2023 when compared to 2019, while two out of every three firms believe that unhealthy employees have a direct impact on business financials. This is according to a study in the Aon India Primary Care Benefits Report 2023 that mapped 250 companies.

The study suggests that 82% of companies agree that mental health has a potential impact on business outcomes.

"We have witnessed a big shift in the way companies want to offer benefits. As a result, there is an increase in benefits plans curated by insurance companies and technology players," Shantanoo Saxena, executive vice president of Health Solutions for India at Aon, said, as per the ET report.

The Aon study revealed a 51% increase in companies offering outpatient department (OPD) benefits compared to 2019. Among the hi-tech and consulting industries and small and medium-sized companies, the provision of primary care benefits more than doubled and tripled in this period, respectively.

Also, an increasing number of companies are expanding their well-being benefits under primary care, with 80% of those providing employee assistance programmes and mental health support and 37% offering telemedicine, according to an Aon study.

Also Read: 88% Indians Would Quit Their High-Paying Jobs For Mental Health

Companies Hiring 'Chief Wellness Officers' For Employees

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Earlier this month, it was reported that in the post-COVID era, many companies have been hiring for a new role that didn¡¯t exist much a few years ago: Chief Wellness Officer. As per the World Economic Forum (WEF), Chief Well-Being Officers (CWBOs) are responsible for creating a healthy and positive work culture by improving employees' physical, mental, and emotional health.

Professional services giant EY hired a chief well-being officer in 2021, and management consulting firm Aon hired a chief well-being officer in 2022. Even the CIA (Central Intelligence Agency) hired a chief well-being officer last year. Other companies, like major US airline Delta, which hired a chief health officer in 2021, are pivoting that role away from strictly medical oversight and into a broader¡ªthey would posit, more holistic¡ªvision of wellness, as per a Fortune report. Deloitte, too, has a chief well-being officer.

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Also Read: Health Insurance Myths Debunked

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