According to The Mental State of the World in 2022 report, an alarming 35.8% of South Africa’s population is grappling with mental health issues, the highest percentage of any country surveyed. Realising an opportunity to broaden the scope of retirement funds from purely financial stability to address mental well-being, Sanlam Corporate has added free psychologist sessions to its existing Virtual Doctor offering, effective 1 October 2023.
Nzwananai Shoniwa, Managing Executive at Sanlam Corporate, says this solution, available to all Sanlam Umbrella Fund members regardless of their enrolment in a medical aid scheme, is an evolutionary leap in retirement fund offerings. It aims to promote quality of life, including mental wellness and stems from Sanlam’s renewed core focus on members. “The industry needs to shift its approach to retirement fund benefits to consider members’ daily challenges. Financial stability is crucial, but so is the member’s overall well-being. A more holistic approach is not just desired but essential.”
Shoniwa says Sanlam’s new service aims to alleviate a pressing issue uncovered in consultations with HR and CEOs. “We’ve discovered that the rising absenteeism trend among employees is due to mental health issues like stress, depression, and anxiety. Our service aims to address these hardships head-on by complementing existing Employee Assistance Programmes (EAPs) to fill the critical gaps that exist in the workplace. Furthermore, by making the service secure and anonymous, we can ensure employees have a confidential space to discuss their challenges without fear of employer retribution.”
“Investing in workplace programmes that educate, raise awareness and train on mental health issues is a powerful strategy. Support groups and counselling services contribute to a psychologically safe and healthy workforce, while addressing workplace bullying through training and policy development strengthens leadership competencies,” explains Dr. Marion Borcherds, Senior Manager: Head of Wellbeing at AfroCentric, part of Sanlam Health Solutions.
Prioritising workplace wellness for Gen Z
Sanlam’s addition is also a timely response to the distressing mental health statistics among the global young working population. According to recent McKinsey & Company finding’s, Gen Zs report higher rates of anxiety, depression, and distress than any other age group. This age group is also two to three times more likely than older generations to report thinking about, planning, or attempting suicide.
“Our retirement fund members are evolving as newer generations join the working population. Gen Z could account for 27% of the working population by 2025. These younger generations are much more in tune with their mental health, with almost 20% of Gen Z and 13% of millennials consulting a mental health professional at least three times annually,” says Shoniwa.
Sanlam says mental health claims are on the rise globally, and more and more members are seeking assistance. “Mental health is an integral part of South Africa’s general health and well-being and a basic human right. We understand that ultimately, there is no health without mental health,” he adds.
A member-centric approach
Sanlam Corporate’s new psychology sessions are accessible through Sanlam’s fund member portal. This initiative follows closely on the heels of the group’s previously launched employee value-added benefits, including preferential gap cover for employees enrolled in a medical aid scheme and participating employers benefiting from special rates for employee assistance programmes. Sanlam says these rates are far more competitive than individual rates, providing even more value for its Umbrella Fund members.
“Sanlam is adopting a strong member-focused strategy, working with intermediaries and employers to understand and cater to employees’ unique needs. These new healthcare initiatives indicate our renewed commitment to fostering a holistic health and well-being strategy for our members,” concludes Shoniwa.
This article was originally posted on FANEWS