Google has just made it abundantly apparent that the necessity of ensuring employee well-being is at the bottom of their priority list. The tech giant recently laid off 12,000 workers. Kristin Maczo, the former director of mental health and well-being, was among those who lost their jobs. The company dissolved its mental health team. Despite all of the discussion about prioritizing mental health, the large organizations do not seemtocare for their employees well-being.
Despite the fact that the tech giant is on a cost-cutting mission, research shows that ignoring employee mental health and well-being can be catastrophic for the long term for the company.
According to a Forbes 2019 report, failing to care for employees’ mental health can cost businesses huge capital loss. This expense is borne by lost productivity due to depression and low self-esteem, as well as rising medication and hospitalisation costs for chronically depressed or suicidal employees.
In India, a Deloitte 2022 study found that ignoring mental health costs companies around $14 billion, or Rs 1.1 lakh crore. It serves as a wake-up call to employers not to dismiss employee mental health.