Our country is in the throes of a mental health crisis that we are ill-equipped to manage. In New Jersey, nearly 29% of adults report symptoms of anxiety or depression, which mirrors the rates of depression and anxiety among adults across the U.S.
This has created a monumental and still-intensifying financial burden for employers who, in our current health care system, assume more than 80% of the cost of care on behalf of their employees.
Sadly, the mental health tsunami has yet to crest — which is why business leaders must make big changes now or suffer catastrophic consequences.
The cost of addressing the crisis pales in comparison to the cost of inaction, in both human and financial terms. Employees with unresolved depression experience a 35% reduction in productivity and an average of 31 days of missed work per year. This absenteeism translates to $210.5 billion in annual losses to the U.S. economy, not to mention the increased medical costs associated with untreated mental illness.
And the impact on individual employees and their families offers perhaps the grimmest statistics of all. Half of adults report a severe mental health crisis in their families, and 1 in 5 cites the inability to work or engage in other activities due to poor mental health. We have all been affected by this crisis and yet we have the power to make a difference.
