How Financial Institutions Are Making Mental Health a Priority

The challenge

For years, financial institutions have been struggling with the detrimental realities of long hours, high pressure, and a highly competitive climate. The declining mental health of employees in this sector is also being fueled by:

1. Burnout. The consistent pressure to perform paired with a fast-paced environment can affect both individual wellbeing and organizational stability, leading to employee turnover.  
2. Stigma. Discussing mental health in the workplace is often considered taboo in this industry. Many employees think openly discussing their mental health will damage their careers and opportunity for advancement.

Untreated employee mental health conditions pose significant risks from an operational, health, and professional development perspective—and lead to turnover, lost productivity, and increased medical claims for employers. Mitigating these risks begins with addressing employee wellbeing.  

Traditional EAPs are reactive and simply don’t meet the current needs of financial institutions. Even before the COVID-19 pandemic, 74% of employees in the finance sector believed their employer should be doing more to improve workplace wellbeing. 

Forward-thinking organizations have responded by implementing a comprehensive mental health solution for employees and their families that is proactive, engages their diverse population, and reduces barriers to care like access, stigma, and cost.

I am going through a divorce after 23 years of marriage, and trying to start over in life with nothing except a great full-time job and a very supportive daughter. It is very stressful and overwhelming, but Spring Health connected me with an amazing counselor who is helping me navigate this experience. I am very grateful.

Enrolled employee from a finance organization

The Approach

Fast access

‍From the Spring Health platform, employees can choose the right provider from our diverse network, view their availability in real-time, and schedule their first appointment in less than two days. 

High-touch guidance

‍Every employee receives unlimited access to a Spring Health Care Navigator. These master’s level, licensed clinicians provide guidance and personalized support, care recommendations and referrals, and clarity around the options available to employees and their family members.

Personalized care:

1. Spring Health has built on-site programs with custom workflows for manager consultations, critical incident support, and escalations  
2. Targeted marketing for our financial customers’ unique populations include topics like Reducing the Mental Health Stigma, Suicide Awareness in the Workplace, and Relying Too Much on Substances 
3. Our clinically-validated technology, Precision Mental Healthcare, accurately predicts and delivers exactly what will work for each employee, eliminating ineffective treatment and speeding recovery time by 8 weeks
4. Each enrolled employee receives a personalized care plan that may include digital wellness exercises, coaching, therapy, medication, or a combination

In-depth reporting

‍Spring Health’s proprietary reporting provides clear, comprehensive insights into how enrolled employees are doing. This allows employers to better understand the ROI of their Spring Health benefit and its impact on their employees. 

The results

Spring Health’s Precision Mental Healthcare is helping institutions around the globe improve employee mental health and mitigate financial risks. Our innovative solution improves productivity, reduces burnout, and delivers financial ROI to employers. Financial customers are experiencing these results from their employees.*

• 25% fewer days missed
• 50% less likely to leave their job
• 87% of members showing improvement in anxiety and depression
• $6,256 savings per employee per year
• 2.76 hrs/wk of lost productivity recovered due to faster improvements in mental health

_{*Based on averages across our finance BoB}