Mental Health Crisis Costs Spain €81.6B, Calls for Workplace Action
Mental health issues are causing significant economic strain in Spain, with an annual cost of 81,574 million euros, equivalent to 5.4% of the country's GDP. Elena Vargas, country manager of ifeel, stresses the strategic importance of addressing mental health in the workplace.
The impact of mental health on businesses is substantial. It can account for up to 8% of an organization's total annual payroll and is the second leading cause of absenteeism in Spain. More than 50% of employees work with reduced capacity due to mental health issues, affecting productivity and operational costs. Depression is projected to be one of the leading global health issues by 2050, underscoring the need for preventive solutions.
Predictive evaluation capabilities can help mitigate these issues. They can reduce the risk of mental health-related absences by 33% among at-risk employees in just six months. Early detection can also decrease associated business costs by 20%. However, traditional therapy models have a low adoption rate, indicating a high risk of absenteeism linked to emotional causes.
Addressing mental health in the workplace is not only a social responsibility but also a strategic business decision. Proactive investment in mental health can improve a company's ability to attract and retain talent, reduce absenteeism, and lower associated costs. While specific European companies achieving a 33% risk reduction are not yet identified, projects like the EU-funded IMPROVA are working on large-scale data-driven platforms to prevent mental disorders and improve mental health.
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