HK businesses expected to increase spending for mental health support by 17%

Bupa Global said the larger budget is set to pay for mental health sick days among others.

Hong Kong businesses are expected to increase their spending for mental health support for employees by 17% in the next 12 months, Bupa Global’s Executive Wellbeing Index 2021 showed.
 
Based on the index, the larger well-being budgets will be allocated for paid mental health sick days, private medical insurance with mental health cover, and new roles focused on supporting mental health.
 
The increased responsibility to provide wellbeing support for employees among organisations was seen by 36% out of the 200 high net worth individuals (HNWIs) surveyed by Bupa Global. 
 
From those surveyed, business leaders are most likely (44%) to be prioritising plans for a better work-life balance for their employees.
 
About 34% also confirmed their company is committed to inclusive leadership, which Bupa Global’ Global Marketing Director, Neil Kirby, said has emerged due to the pandemic.
 
HNWIs are also clamoring for the more empathetic, inclusive leadership style,  among CEOs, with 32% believing that they should show greater empathy towards employees. 
 
Meanwhile, 34% of them said CEOs should also take on the role of Chief Empathy Officer.
 
Besides an increased mental health budget, 32% of companies in HK are also planning to place greater emphasis on balancing profit with purpose in the next year, and 36% are working to focus more on their environmental agenda.
 
In addition, two out of five (41%) HNWIs are convinced their company understands the importance of balancing profit with purpose.