Bridging the wellbeing gap: Employers rethink mental health

As mental health concerns grow, employers in Singapore are increasingly prioritising employee wellbeing. According to the 2024 Wellbeing Diagnostic Survey by WTW, organisations are focusing on mental (51%) and physical (49%) wellbeing. However, despite these efforts, a significant gap exists between what employers offer and what employees need. Financial wellbeing, which employees rate as their top concern (53%), remains a low priority for employers (8%).

Nearly half of employees (46%) report moderate to major issues in at least two areas of wellbeing, leading to higher absenteeism, presenteeism, and burnout. The survey found that 50% of employees have above-average stress levels, with 32% experiencing untreated symptoms of anxiety or depression. Notably, those aged 40 to 49 are the least likely to seek treatment, highlighting the need for better-targeted support.

Cathay United Bank provides an example of how addressing mental health can become an integral part of workplace culture. Recognising that mental health and wellbeing are key drivers of employee engagement and performance, the bank has introduced a comprehensive suite of wellness programmes that focus on stress reduction, mental resilience, and a healthy work-life balance. From offering access to counselling services to promoting flexible working arrangements, Cathay United Bank demonstrates that addressing employee wellbeing is not a one-size-fits-all solution but a multi-faceted approach tailored to individual needs.

Meanwhile, Sandrine Provoost, CEO of Vertical Breakthrough, has led initiatives aimed at breaking down the stigma surrounding mental health. Her programmes focus on training managers to identify and support employees dealing with mental health challenges, fostering a more supportive work environment.

Her advocacy extends beyond internal programmes, as Provoost emphasised the need for organisations to build external partnerships with mental health professionals and institutions. By providing employees with direct access to expert support, she ensures that they can navigate personal challenges while maintaining their professional responsibilities.

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Despite these efforts, the disconnect between employee wellbeing initiatives and employee perceptions exists. Only 48% of employees believe that their organisation’s wellbeing programmes are truly effective, compared to 58% of employers who see these initiatives as critical to workforce health. Audrey Tan, Head of Health and Benefits for South-East Asia and Singapore at WTW, highlighted that organisations investing effectively in wellbeing see benefits like improved productivity and retention, but need to better align their efforts with employee feedback.

On a national scale, the importance of addressing mental health in the workplace has been underscored by Singapore President Tharman Shanmugaratnam, who cited a study from Duke-NUS Medical School that projected significant economic costs if these issues are not tackled effectively. Efforts like the National Mental Health and Wellbeing Strategy emphasise on creating society-wide support mechanisms reinforces the urgent need for organisations to adapt their human capital strategies.  

As organisations reassess their wellbeing strategies, fostering open dialogue about what employees truly need is essential. To delve deeper into this, HRM Asia is running a LinkedIn poll, inviting HR professionals to weigh in on which aspect of mental health support should be prioritised to enhance employee engagement and productivity. Click here to participate.