New York is a state of industry. Life here is fast-paced and people are always rushing about their daily business. Workers tend to be high-strung and burnout is just a part of the job. While this is not true for all of New York, it is the common way of life for many in the Big Apple. It comes as no surprise then that the increasingly high demands at work have led to an increase in employee mental health costs.
According to CNBC, employers are the ones footing the bill and anxiety is one of the biggest problems. In fact, companies have been spending more and more money on preventing and treating mental health problems in their employees. The costs associated with this are rising at twice the rate of other medical expenses.
Even more expensive than anxiety are other mental health illnesses, such as bipolar disorder, substance abuse and depression. People who suffer from these mental health problems are six times more likely than the general population to end up in an emergency room. They also submit claims that range from twice to quadruple what the general population submits.
Rather than shy away from the cost and the responsibility, many employers are stepping up to the plate to help. One of the most common ways to do this is to offer generous health and welfare benefits to employees. Employers benefit from this arrangement too. Sometimes keeping current employees healthy is less expensive than hiring new ones. This is especially the case for professions that require rare skillsets, high levels of creativity, years of experience and/or confidentiality.
In spite of their efforts, coupled with the employees themselves and health professionals, Forbes insists that there is a stigma surrounding mental health illness. Forbes believes that by raising awareness and eliminating mental health stigma, even more people will step forward in the earlier stages, rather than wait until its too late. This early treatment may also result in lower health costs and reduce workers’ compensation claims in the long run.