Graphs. Projections. Forecasts.
These representations of the conceptual force we call the economy can sometimes feel abstract. It’s just a line on a grid, a number on paper, or tickers on the Wall Street Stock Exchange.
Despite their seemingly distant impact, these abstractions can weigh heavily on our mental health. As the tech industry weathers a storm of layoffs, hiring freezes and budget cuts, there are real costs beyond the bottom line: the mental well-being of the workforce.
The Department of Labor website notes that, “Being laid off from your job is one of the most traumatic events you can experience in life.” A 2022 study published in Occupational Medicine identified unemployment as the seventh most stressful life experience — outranking divorce, being cheated on, miscarriage and hearing or vision loss and impairment. Even workers who make it through workforce reductions experience layoff survivors’ guilt.
A study identified unemployment as the seventh most stressful life experience — outranking divorce, miscarriage and hearing or vision loss.
At large, according to this year’s Franklin Templeton’s Voice of the American Worker Study, 66 percent of American workers say they are experiencing negative effects — such as feeling anxious, trouble sleeping, strained relationships and being distracted at work — as a result of the current economic environment.
That’s why it’s more important than ever for empathetic employers to dial up emotional support: whether through well-being days, increased access to therapy or wellness apps. To get an idea of what is working, Built In Colorado connected with leaders from companies that are going above and beyond to support employee mental health during these turbulent times.
Workiva is a connected reporting and compliance platform.
Describe how Workiva has supported employee mental health during tough times in tech.
At Workiva, our people are everything: the foundation of our culture and the driver of our success. Things that started as ideas to support and connect a global workforce during the pandemic have become ongoing and foundational components of the culture of well-being at Workiva: bi-weekly check-in meetings with our leadership team, an annual companywide paid well-being day and an annual companywide day of service to encourage employees to give back to causes they are passionate about. In 2022, 875 Workiva employees logged nearly 6,500 volunteer hours around the world.
We’re proud to support our team with our “work where you work best” approach to workplace flexibility, as well as an expanded geographic mobility policy that allows employees to explore the world and work from almost anywhere for up to 25 days per year. In 2022, 108 employees utilized our geographic mobility policy.
We also supplement our robust employee assistance program benefit with additional well-being care and support through a global partnership with Modern Health, a workplace mental health platform.
Why did you feel it was important to fortify your mental health support for employees during this time?
We recognize that mental well-being plays a crucial role in overall employee retention, engagement and productivity. That’s why we’re committed to supporting our employees’ health and happiness, both in and out of the workplace. As we saw the effects of the pandemic and current events continue to impact our employees and their families, we made it a priority to ensure they had easy access to care. Our partnership with Modern Health enables us to provide a wide variety of mental health resources and services to all Workiva employees worldwide.
From the day they start at Workiva, every employee as well as their dependents have access to one-on-one coaching, on-demand guided meditations on managing stress and proactively building resilience, community sessions, therapy and more — all through a single, secure app. As a global organization, an extra companywide paid day off provides everyone a chance to sign off without the fear of missing out. With so much going on in the world, we know having an extra day to refresh and recharge is important to the mental well-being of our employees.
What have the outcomes been?
In the first year of the partnership with Modern Health, 32 percent of employees globally are engaged with the resource, and 88 percent agree that care has improved their well-being. Employees also indicate confidence in their providers, with 98 percent strongly agreeing that their provider has the ability to help.
In the first year of the partnership with Modern Health, 32% of employees globally are engaged with the resource, and 88% agree that care has improved their well-being.”
As one employee shared, “Thank you so much for all you poured into getting every Workivian six sessions on Modern Health. I have been very impressed by the people I’ve been paired with and quite appreciate the additional sessions beyond EAP. As a manager too, it’s been a weight off my shoulders to have something I can recommend to people struggling with all the burdens of the last two years. To say it’s been life-changing isn’t really an exaggeration.”
Additionally, we know having a strong support system is important to mental health. Our seven business employee resource groups provide another way for employees to connect and support one another. In our most recent employee engagement survey, 95 percent of employees responded positively to the statement: “People care about each other here.”
FirstBank is Colorado’s largest locally owned bank.
Describe how FirstBank has supported employee mental health during tough times in tech.
FirstBank has done several things to support our employees’ mental health during these turbulent times. For example, partnering with Lyra provides several confidential support options including therapy, coaching and unlimited access to self-care apps. Lyra, a mental health care provider, helps our employees navigate issues such as stress, anxiety, depression, substance use, relationship challenges and more. FirstBank employees also can view research-based courses, virtual workshops and live facilitated discussions around mental health topics which promote personal and professional development. With our Lyra partnership, all eligible employees — and their immediate family members — receive eight free counseling or therapy sessions per calendar year.
A NEW BENEFIT FOR NEW PARENTS
Economic uncertainty can be especially troublesome when one has a new family to provide for. With these team members in mind, FirstBank recently introduced a paid parental bonding leave benefit. “It allows eligible employees up to 16 weeks of 100 percent paid leave to bond with and care for a newborn or a new child placed through adoption or foster placement,” Taylor-Mudd explains. “This gives our new parents additional time, aside from our FMLA and FAMLI leave programs, to be with their new family members during a crucial stage in a child’s life.”
Why did you feel it was important to fortify your mental health support for employees during this time?
Mental health has always been important for FirstBank and our employees. Now more than ever, emerging from the long pandemic, mental health is at the forefront. Offering support to our employees is incredibly important, supporting the mental wellness of our teams to help them perform to the highest of their abilities. Workplaces that promote good mental health are more than likely going to reduce absenteeism, improve work performance and productivity, and boost staff morale and motivation. We want our employees to feel that we are dedicated to their ongoing success on the job and in their personal life.
We want our employees to feel that we are dedicated to their ongoing success on the job and in their personal life.”
What have the outcomes been?
Personally, I went through a traumatic car accident last year. For weeks, I could not drive on the highway for fear of another accident. Since I was eligible, I was able to utilize my eight free yearly sessions to talk to an incredible therapist. I am so thankful to the Lyra network to have found her. She helped guide me through my emotions, taught me coping mechanisms and to understand and manage my anxiety. I’ve finally regained my confidence driving on the highway and taken back my power in controlling my emotions; all thanks to the work I did with my Lyra therapist.
The availability of Lyra has greatly impacted my life, for the better. I’m thankful to have found a company partnered with FirstBank that would offer support, such as therapy sessions, to help me work through my anxiety and ultimately further myself both personally and professionally.
Leaders at FirstBank truly care about their employees.
