It pays well to take care of your employees, a new study finds.
Companies with mental health programs in place can earn a more-than-double return on investment (ROI), according to the study by Deloitte Canada.
It found firms with these programs in place for one year had a median annual ROI of $1.62 for every dollar invested.
For programs in place for three or more years, the median return was $2.18 per dollar spent.
Programs assessed in the study include engagement campaigns, workplace events, psychological care benefits, and a dedicated team for workplace mental-health planning and governance.
“There’s both an economic and moral imperative for Canadian employers to take action, recognizing that the cost to the Canadian economy of poor mental health in our workplaces is estimated to be $50 billion annually,” Deloitte Canada CEO Anthony Viel said in a release Monday.
“The findings from this report provide a business case that is impossible to ignore. Organizations committed to delivering and measuring impactful employee wellness programs are creating healthier workplaces and seeing investments in their people’s mental health pay off.”
The report also said programs are more likely to achieve a positive ROI when they cover the entire spectrum of mental well-being, from prevention to intervention to care.
Deloitte said the study compiled data and interviews with business leaders from companies including Air Canada, ATB Financial, Bell, Canada Life, CIBC, Desjardins Group, Enbridge Inc., Energir, Husky Energy Inc., and Morneau Shepell.