Mental Health in the Workplace: How Leaders Can Support Their Employees

April showers bring May flowers! April has been a rainy month for us here in Nashville, Tennessee, but we’re excited for sunny skies in May. Speaking of May . . . did you know May is Mental Health Awareness Month?

We typically recap our month in this newsletter, but this time we want to look ahead and share some helpful information with you.

But first, we have a new announcement to share! ⬇️

Money stress follows your employees to work. But what does that look like? How bad is it? Do leaders really need to invest in SmartDollar to help their employees change their money behavior?

We answer all these questions (and more!) with our new Financial Turnaround Calculator.

The Financial Turnaround Calculator is specifically designed to give leaders an estimation of how much debt the average employee has and how much money they have saved up—no matter the industry or size of the company.

Then we show you the life-change that happens after using SmartDollar. Hello, financial peace!

Great leaders aren’t born, they’re made. And the best leaders refine their skills and craft through continuing education.

Our course focuses on how employers and hiring managers can recruit, retain and engage their quality talent! 🥳

The three-lesson course will take you through the ins and outs of refining your hiring process to get the best candidates, using retention strategies that meet your employees’ needs, and investing in your leadership and employees to improve engagement.

Take advantage of this learning experience today. Sign up for our free course now.

According to Financial Health Network, 76% of financially vulnerable people experience high or moderate stress levels because of money. Only 13% of people who are financially healthy said the same thing.

Mental health and money have a close relationship. Consider your employee’s behavior and activity over the last few years:

• How many have come in asking for a raise?
• How many have expressed their stress about money?
• How much has the cost of living increased in your area?
• Have you seen an increase in absenteeism?
• Have you noticed a drop in employee engagement and productivity?

Everything in an employee’s personal life and at work forms this complicated mess they’re in.

So, what should you do?

Mental health and financial wellness issues cannot be solved in isolation. Leadership needs to bridge the gap between mental health support and financial guidance by offering things like financial wellness programs, connections with mental health professionals, and more.

🧠 How has your company addressed the mental health needs of its employees?

An employee’s money situation affects their mental health. And their mental health affects their money situation. It's a vicious cycle for anyone caught in the middle.

And this doesn’t stay at home. Employees bring their worries, stress, depression and anxiety to work with them. Here’s how employee mental health affects your business:

So, what can employers do to help employees escape the vicious cycle?

Learn as much as you can about employee mental health. We recommend starting with these tips from our article, 5 Ways to Support Employee Mental Health in the Workplace:

1. Make yourself available.
2. Be a good listener.
3. Model good mental and emotional health habits.
4. Understand how money impacts employee mental health.
5. Provide support and resources.

Here are some additional resources to help you start May off on the right foot:

• How to Choose Mental Health Resources for Your Employees
• Understanding the Link Between Financial Wellness and Mental Health

• Financial education is the resource that can take your employees from anxious and stressed to relaxed and rested. Learn why you should be offering financial education for your employees.
• Strategic thinking isn’t critical thinking or planning. It’s completely different. Here’s what strategic thinking actually is and how you can improve it.
• Leadership is hard. Here are three core leadership styles and our advice for choosing (or changing) your personal leadership style.
• Employee stress has been on the rise for the last decade. Here are eight tips for managing employee stress at work.
• Stay up-to-date with our latest educational HR videos by subscribing to our YouTube Channel.
• Lead your business the Ramsey way with EntreLeadership.
• Interested in joining our team? Check out our openings!

Here’s to clearer skies and healthier minds in May! Make the most of this month and share mental health resources with your fellow leaders and employees.

See you next month!