Despite the evolving market dynamics and shifts in risk trends, the core risks identified by the RCM&D Education Practice have remained largely consistent from past years compared to 2024. These risks include:
- Hard Insurance Market
- Abuse/Molestation
- Student and Employee Mental Health
- Operational Pressures
- Business Continuity
The continuity of these risks underscores the persistent challenges facing the education sector and highlights the importance of proactive risk management strategies. This blog will delve into the difficulties of navigating student and employee mental health in the education sector.
The Mental Health Crisis in Education
The education sector faces a critical challenge: ensuring the mental well-being of both students and staff. Amidst the pressure to excel academically, external stressors and ever-evolving demands, mental health concerns are on the rise in schools and colleges nationwide. According to the WHO, depression and anxiety alone cost the economy $1 trillion per year, primarily due to reduced productivity.
Students Under Pressure
The rigorous academic environment, combined with societal expectations and individual struggles, can be a significant source of stress for students. A report by NASPA found that 43% of members identified the escalating severity of mental health issues as the greatest challenge they face on campus. Students are more open to discussing mental health issues than ever before, but a lack of resources is creating barriers to access. This barrier translates to worsening mental health issues which can hinder prolonged academic success.
Educators Feel the Strain Too
Educators and staff are also feeling the effects of the mental health crisis. According to NASPA, 70% of members say staff mental health has worsened over the past year. Staff members deal with high work-related stress, demanding workloads and the constant pressure to adapt to changes in curriculum and technology. These factors can lead to burnout and feelings of inadequacy, ultimately affecting their ability to effectively serve students.
Investing in Solutions
As the importance of mental health becomes increasingly recognized, there’s a growing trend toward incorporating mental health solutions into insurance coverage. This shift has the potential to significantly improve access to care and reduce stigma surrounding mental health issues. The National Safety Council states that for every $1 invested in workplace mental health programs, companies see a $4 return on investment through enhanced productivity and improved health outcomes for employees. Expanded benefits include:
- Employee Assistance Programs (EAPs): EAPs provide confidential support services for employees dealing with personal and mental health issues impacting their job performance.
- Increased coverage limits: Many insurance plans are expanding coverage limits for mental health services, ensuring that individuals have adequate access to treatment.
- Telehealth services: Insurance companies are increasingly covering telehealth services, making it easier for individuals to access mental health care from the comfort of their own homes.
The Road Forward
The education sector must prioritize student and staff mental health. By recognizing the scope of the problem, identifying effective solutions and fostering a culture of open communication, institutions can create a learning environment that supports the holistic well-being of all members. Investing in mental health is not just a financial decision, it’s about creating a thriving educational community where students and staff feel empowered to learn, grow and reach their full potential.
Reach Out to an Advisor
We encourage you to reach out to RCM&D with any questions related to your individual institution’s risk management program or for more information on strategies within this report.