Why Workplace Mental Health Is a Conversation for the CFO (Not Just HR)

The opinions expressed by entrepreneurs contributors are their own.

The workplace has been experiencing significant change and upheaval over the past few years. From closing offices in March 2020 and returning 18 months later to a time capsule of year-old calendars and dead plants, some companies (like ours) have pivoted to being totally remote while others have struggling to find the right hybrid or back to the office roadmap.

As the physical workplace changes, so does the workplace culture and employee wellbeing. From the Great Resignation, to the Quiet Shutdown, to the Next Phase, changes in the way we work have led to a lack of connection and a sense of belonging between colleagues, in addition to the challenges of proximity biases - which can all have negative effects. effects on the mental well-being of employees.

While I am glad to see the Surgeon General of the United States taking a proactive step to combat toxic workplaces by recently releasing a framework to help employers take action to support the mental well-being of their employees, it does not deal with a component key to make it happen. Supporting employee mental health has long been the responsibility of the Chief Human Resources Officer (CHRO) or Chief Human Resources Officer (CPO). But in today's world, it's also a conversation about business operations for the chief financial officer (CFO). Why?

Related: 5 Steps to Creating a Mental Wellness Workplace

Responsible for the company's financial performance, CFOs have single access to data and information across the entire company. This access gives them unique insight into every department, from sales and engineering to people/HR. CFOs are able to overlay this departmental data to get real insights into not only business performance, but also drill down to see how it affects employees. Are employees entering the office more likely to receive promotions or pay raises? Has engagement in business-focused events declined? Is there a drop in productivity? Has attrition increased? All of these metrics can help a CFO assess employee mental well-being and its impact on the business.

Seventy-two percent of employers are concerned that focusing on mental health could have a reverse return on investment, with employees working fewer hours to take care of their mental health and being less available. That's just not true.

In fact, companies cannot afford not to take care of the mental health of their staff. The World Health Organization (WHO) has found that depression and anxiety disorders cost the global economy $1 trillion a year, mostly due to reduced productivity. Twelve billion working days are lost each year due to depression and anxiety. It's metrics like these that indicate that CFOs, in particular, are uniquely positioned to make a difference when it comes to supporting employee mental health as well as the overall health of the business. /p>

Related: What Leaders Get Mental Health Wrong

As companies operate in an uncertain economic environment, they cannot afford to lose their best talent. Our Forrester-commissioned study found that top performers—those who are highly engaged and engaged in their role within the organization—work longer hours and are even more productive than last year, but are also sold out.

Despite high enthusiasm for their work, more than half (53%) of top performers report feeling burnt out at their job...