WHAT ARE THE BUSINESS OPPORTUNITIES IN THIS SPACE?
Many businesses look to bring in outside experts to assist with improving their mental health policies and procedures, and starting a business to cater to these needs can often be very rewarding. Mental health is something that many companies are investing in, whether they are large multinational corporations, or SME’s. As a business operating in this sector, here are some examples of how you could assist other businesses in their journey to become a more mental health friendly workplace:
1. HOLISTIC WELL-BEING PROGRAMS
Today businesses are embracing holistic well-being programs that go beyond physical health. Mental health is taking centre stage, with companies offering mindfulness workshops, stress management sessions, and even access to mental health professionals. Investing in the overall well-being of employees not only boosts morale but also enhances productivity.
2. REMOTE WORK & FLEXIBILITY
The global shift towards remote work brought on by the COVID-19 pandemic has fundamentally altered the way businesses operate. In 2023, remote work is not just a temporary solution; it is a fundamental aspect of the modern workplace. Recognizing the impact on mental health, companies are prioritizing flexibility. This includes flexible work hours, compressed workweeks, and hybrid work models, allowing employees to strike a healthier balance between work and personal life.
3. MENTAL HEALTH DAYS AS STANDARD BENEFITS
In a move towards fostering a supportive work culture, many companies are recognising the importance of mental health days. Acknowledging that mental health is as crucial as physical health, businesses are incorporating mental health days as standard benefits. This not only destigmatizes taking time off for mental health reasons but also encourages employees to prioritize their well-being without fear of judgment, the latter often being the reason why many employees do not take time off for mental health reasons.
4. TECHNOLOGY FOR MENTAL HEALTH SUPPORT
The tech revolution isn’t just about enhancing efficiency; it’s also playing a pivotal role in supporting mental health. From mental health apps to virtual therapy platforms, businesses are leveraging technology to provide accessible and confidential support for their employees.
5. INCLUSIVE LEADERSHIP AND DIVERSITY
Recognizing the link between diversity, inclusion, and mental health, businesses are placing a renewed emphasis on fostering inclusive leadership. Diverse teams bring a wealth of perspectives, ideas, and experiences, creating a more vibrant and supportive work environment. Inclusive leadership not only promotes mental well-being but also enhances employee engagement and satisfaction.
6. TRAINING & EDUCATION ON MENTAL HEALTH
Knowledge is power, especially when it comes to mental health. Businesses are investing in training and educational programs to raise awareness and reduce the stigma surrounding mental health issues. This includes workshops on recognizing signs of mental health struggles, destigmatizing conversations around mental health, and providing resources for seeking help.
EMERGING BUSINESS TRENDS
Overall awareness and recognition on mental health continues to grow with many companies and government agencies monitoring and evaluating policies, initiatives and looking for ways to address and improve the mental welfare of their employees.
The UAE as like many countries has geared focus on mental well-being. Here we provide some insights into the general trends and considerations for investing in the mental health industry in the UAE.
- INCREASED AWARENESS – With the increased awareness on mental health in the UAE the government has made efforts to encourage and promote mental and physical health and well-being for example encouraging events such as Dubai Fitness Challenge 30×30. Support and incentives are also offer to those looking to setup a business within the mental health services.
- MARKET OPPORTUNITIES – There are an abundance of opportunities for private firms to provide mental well-being and services in not only the UAE but the region. We have witnessed a rising interest within the health sector for companies to expanding and setup shop in the country. From mental health online service providers to brick and mortar hospitals and clinics to mental training programmes to mental health apps and AI health service solutions etc. However, it is important to engage with local expert consultants that can conduct market research if you are new or wanting to explore this market and what is on offer.
- REGULATORY ENVIRONMENT – Understanding the UAE’s regulatory landscape is vital for companies looking to set up or grow their healthcare and mental well-being services or solutions. Each Emirate has its unique regulations, alongside national healthcare provider regulations, encompassing business and healthcare licensing. Having qualified expert consultants are crucial for accurate guidance when forming a company in this sector.
- CULTURAL SENSITIVTY – Culture sensitivity is a critical factor for success in the region. Respecting and understanding the local culture and values is particularly important for companies operating in the healthcare and mental care sector.
CLIENT SUCCESS STORY
Creation Business Consultants successful incorporated the company MENTLE, a business which aims to improve mental health within companies in the UAE and the wider GCC region. MENTLE are striving towards a stigma free attitude to mental health and have already assisted many companies in improving their practises.
TAKEAWAY
As we have identified the mental health industry is proven on the rise. Yet entrepreneurs and investors ought to conduct through market research and understand the requirements and conditions involved for setting up this type of company in the UAE. The country has made significant strides and supports this industry making it an attractive market to invest and or expand your business.
Creation Business Consultants team of qualified corporate services specialists is standing by to assist you with establishing your UAE company and provide the right solution for your business needs. Contact us for your free expert consultation on email [email protected] or call UAE +971 4 878 6240 Saudi Arabia +966 54 511 2494.
