State of Mind
Canada

The background on October Health's State of Mind Report

The world is facing a growing mental health crisis.

Canada's mental health landscape is similarly facing significant challenges, with estimates suggesting that one in five Canadians will experience a mental health issue in any given year. Contributing factors include long wait times due to a shortage of mental health professionals, limited access to services in rural and remote areas, and a healthcare system that is often overburdened. Economic pressures and rising cost of living, particularly in urban centers, add further stress that can exacerbate mental health conditions. The Canadian government recognizes these issues and has been working to invest in mental health resources, yet more needs to be done to ensure equitable access to care. Emphasizing preventive care, integrating mental health services into primary healthcare, and increasing digital health services are crucial steps. Public education campaigns are also needed to tackle stigma and encourage individuals to seek help. Initiatives like those offered by companies such as October could be instrumental in providing more comprehensive mental health support through digital means, making help more accessible across various sectors.

Businesses are suffering without realising

Poor mental health has extremely significant costs to businesses:

• Lost productivity. Employees with mental health issues like depression, anxiety, or substance use disorders may be less productive and miss more work. This lost productivity results in lower output and revenue for businesses. Estimates suggest mental health problems reduce productivity and economic growth by up to 4% per year.
• Presenteeism. Some employees may come to work but not be fully productive due to poor mental health. This "presenteeism" still costs businesses money in the form of reduced performance and effectiveness. Presenteeism can be harder for employers to detect but can be even more costly than absenteeism.
• Higher healthcare costs. When mental health issues go untreated, they can lead to more severe health problems and higher healthcare costs. For example, untreated depression can increase the risk of chronic physical health issues, resulting in greater spending on healthcare premiums and services. Providing mental health benefits could help address issues early and reduce long-term healthcare costs.
• Recruitment and retention challenges. If a company does not provide adequate mental health support, it may struggle to attract and retain top talent. In today's market, mental health benefits and a supportive work culture are appealing to employees and candidates. When people's needs are met, they are more likely to join and stay at a company, which reduces costly turnover.
• Safety and risk issues. Poor mental health can impact judgment, focus, and decision making, which may put employee and public safety at risk in some jobs. Proactively supporting mental health and monitoring risks is important for companies where safety is a concern. Doing so could help prevent dangerous incidents and legal issues.