Manulife employees can now claim up to $10,000 in a mental health support benefit each year
Manulife is putting its money where its mouth is to help its employees combat mental illness.
The firm’s employees will now receive a mental health support benefit of up to $10,000 per person each year. Previously, Manulife workers could claim up to $1,000 annually, so the revised plan represents a significant increase and a great boost for anyone suffering from a mental illness.
It’s far from an inconsequential number either – a 2011 study by the Mental Health Commission of Canada showed that 21.4% of the working age population suffered from a mental health disorder or mental illness. The Commission estimated that lost productivity due to absenteeism, presenteeism or staff turnover cost Canadian businesses approximately $6.3 billion annually. That meant that over the next 30 years, the cost to Canadian economy would stand at $2.5 trillion.
Such glaring statistics meant the business community has sat up and taken notice, and is currently working to address the problem and its root causes. Manulife EVP of Human Resources Stephani Kingsmill reveals why the company made the decision to increase its benefits for those suffering from a mental illness.
“There are reasons from both an employee and a business perspective why we pursued this,” she says. “For employees, obviously quality of life, financial security and everything associated with mental health is important. From a company perspective, mental health has so many hidden costs and direct financial costs.”
According to the Canadian Mental Health Association, an estimated one in five Canadians will experience some form of mental illness in their lifetime. In Manulife’s case, mental health claims represent 35 per cent of all short-term disability claims and 44 per cent of all long-term disability claims among its workforce. For that reason, the firm’s decision to act proactively is not that surprising.
“When you put it all in perspective, the cost of disability claims associated with mental health, the absenteeism, the productivity loss – you put all those things in context and we feel that helping employees deal with mental health issues and overcoming the financial hurdle that might be present when seeking treatment was important for us,” says Kingsmill.
Advances in medicine, science and technology are also allowing companies to identify problems before they become a major issue. Kathy Mcilwham is the VP, Wellness, Disability and Life, with Manulife’s group benefits team; as such, helping workers deal with the various causes of mental illnesses is a major part of her job.
“A number of years ago we decided to build a specialized team with people that understand mental health – people with educational and clinical backgrounds that looked at every one of our disability claims,” she says. “We saw that one in three of cases had a mental health issue. They were not getting appropriate treatment as many did not qualify under the government-funded program. Also they often simply could not afford it.”
Cost is less of an issue for huge financial institutions like Manulife; not forgetting that the $10,000 per worker commitment is equally an investment in the company’s future well-being too. Healthy workers, in body and mind, make for much more productive and successful companies, which Manulife has been for 130 years now. A company with such longevity has obviously had to undergo different evolutionary cycles. In 2017, that means giving its employees the help they need to deal with any medical issues that may occur. In the past there was a certain stigma attached to mental illness, so many suffered in silence. That is no longer the case, and businesses across Canada are finally giving this issue the attention it deserves.
“We recently participated in the SALVEO study,” says Mcilwham. “That was able to take a saliva test and through the levels of cortisol you could find if there was a mood disorder or anxiety issue. Often a stigma comes from people being afraid to share their suffering from a mental health episode because people may not believe them. This study will help with that type of thing – putting the science behind the illness.”
Related stories:
Advisors need to be aware of exempt rule provisos: Manulife
New research shows long-term disability claims rise as economy improves
The firm’s employees will now receive a mental health support benefit of up to $10,000 per person each year. Previously, Manulife workers could claim up to $1,000 annually, so the revised plan represents a significant increase and a great boost for anyone suffering from a mental illness.
It’s far from an inconsequential number either – a 2011 study by the Mental Health Commission of Canada showed that 21.4% of the working age population suffered from a mental health disorder or mental illness. The Commission estimated that lost productivity due to absenteeism, presenteeism or staff turnover cost Canadian businesses approximately $6.3 billion annually. That meant that over the next 30 years, the cost to Canadian economy would stand at $2.5 trillion.
Such glaring statistics meant the business community has sat up and taken notice, and is currently working to address the problem and its root causes. Manulife EVP of Human Resources Stephani Kingsmill reveals why the company made the decision to increase its benefits for those suffering from a mental illness.
“There are reasons from both an employee and a business perspective why we pursued this,” she says. “For employees, obviously quality of life, financial security and everything associated with mental health is important. From a company perspective, mental health has so many hidden costs and direct financial costs.”
According to the Canadian Mental Health Association, an estimated one in five Canadians will experience some form of mental illness in their lifetime. In Manulife’s case, mental health claims represent 35 per cent of all short-term disability claims and 44 per cent of all long-term disability claims among its workforce. For that reason, the firm’s decision to act proactively is not that surprising.
“When you put it all in perspective, the cost of disability claims associated with mental health, the absenteeism, the productivity loss – you put all those things in context and we feel that helping employees deal with mental health issues and overcoming the financial hurdle that might be present when seeking treatment was important for us,” says Kingsmill.
Advances in medicine, science and technology are also allowing companies to identify problems before they become a major issue. Kathy Mcilwham is the VP, Wellness, Disability and Life, with Manulife’s group benefits team; as such, helping workers deal with the various causes of mental illnesses is a major part of her job.
“A number of years ago we decided to build a specialized team with people that understand mental health – people with educational and clinical backgrounds that looked at every one of our disability claims,” she says. “We saw that one in three of cases had a mental health issue. They were not getting appropriate treatment as many did not qualify under the government-funded program. Also they often simply could not afford it.”
Cost is less of an issue for huge financial institutions like Manulife; not forgetting that the $10,000 per worker commitment is equally an investment in the company’s future well-being too. Healthy workers, in body and mind, make for much more productive and successful companies, which Manulife has been for 130 years now. A company with such longevity has obviously had to undergo different evolutionary cycles. In 2017, that means giving its employees the help they need to deal with any medical issues that may occur. In the past there was a certain stigma attached to mental illness, so many suffered in silence. That is no longer the case, and businesses across Canada are finally giving this issue the attention it deserves.
“We recently participated in the SALVEO study,” says Mcilwham. “That was able to take a saliva test and through the levels of cortisol you could find if there was a mood disorder or anxiety issue. Often a stigma comes from people being afraid to share their suffering from a mental health episode because people may not believe them. This study will help with that type of thing – putting the science behind the illness.”
Related stories:
Advisors need to be aware of exempt rule provisos: Manulife
New research shows long-term disability claims rise as economy improves
