by Julie Tuggle-Nguyen
May is Mental Health Awareness Month, and a timely reminder that employee well-being is directly tied to business success.
Today’s workforce is under pressure. In addition to the nearly 1 in 5 adults who live with a mental illness, a MetLife study found that 57% of small business employees are concerned about their mental health. This pervasiveness of poor mental health isn’t just affecting employees — it’s taking a financial toll on businesses and the global economy.
Conversely, when small businesses prioritize mental well-being, the payoff is big. Here are some of the many benefits for employers:
- Higher Productivity: Healthy minds are more creative, engaged, and efficient. The World Health Organization recently found that for every $1 invested in mental health treatment, companies can expect a $4 return in improved productivity.
- Improved Retention: Employees who feel mentally supported are more likely to stay. In fact, companies that implemented mental health programs have seen a 30% reduction in employee turnover within a year.(1)
- Stronger Recruitment: 84% of U.S. workers consider mental health benefits important when evaluating potential employers.(2)
- Lower Healthcare Costs: Poor mental health can increase the risk of developing or worsening physical health problems such as heart disease, diabetes, and stroke.
As an employer, you have the opportunity to create a workplace where your team feels supported, understood, and able to thrive. This doesn’t require big budgets or in-house therapists. It starts with small, intentional actions that build trust, offer resources, and foster a culture of care. Here are actionable steps any business leader can take:
1. Give Employees a Voice
One of the most effective ways to boost morale and mental health is to make sure your team feels heard and valued. Try an employee engagement survey. You can use an internal resource, hire a consultant, or simply use a free online tool like SurveyMonkey and generate questions with AI. At Midwest BankCentre, we conduct an annual employee survey, providing employees the opportunity to anonymously voice their feedback and leadership the chance to learn from it.
2. Offer Mental Health Resources
Create safe spaces for employees to get help, ask questions, share, and learn. Employee Assistance Programs (EAPs) are workplace benefits that are available to companies of all sizes. These programs offer a variety of mental health services, including stress management tools and confidential counseling, both in person and via telehealth. Lunch and Learn sessions are another great way to open up the conversation around mental health in a casual, approachable setting.
3. Support Financial Well-being
Financial stress is one of the biggest contributors to poor mental health. That’s why Midwest BankCentre’s wellness program goes beyond physical and mental support to include financial well-being. We believe that financial education is key to personal empowerment and are dedicated to improving the financial literacy of our employees and our community. By teaching our team how to manage their money wisely through courses and learning sessions, we’re giving them the tools they need to have happier, more successful lives.
4. Create a Culture of Compassion
Perhaps the most powerful thing you can do as a leader is to model empathy and authenticity. Encourage managers to check in with employees regularly — not just on performance, but on well-being, too. Learn to recognize signs of burnout and stress, and make it clear that it’s okay to ask for help or utilize resources. And don’t forget to celebrate wins, big and small. Appreciation is a powerful antidote to workplace stress.
Mental health support isn’t a “nice-to-have” — it’s a must-have. And small business leaders are uniquely positioned to make a meaningful difference. By creating a workplace where employees feel safe, valued, and supported, you’re not just improving their mental health, you’re strengthening the foundation of your business.
This May, let’s commit ourselves to the conversations, actions, and policies that make mental health a priority year-round.
1. American Psychological Association, 2023
2. Lyra Health, 2022 State of Workforce Mental Health Report
Julie Tuggle-Nguyen is Chief Human Resources Officer at Midwest BankCentre.