Health Equity Quest 2024
2024 Loyola Chicago Health Equity Quest
Mental Health Innovations for Early Career Professionals
Live Pitch: November 14
The mental health of early career professionals is a critical issue that significantly impacts individual well-being and overall organizational productivity. These early career professionals, often at a pivotal stage in their lives, face unique challenges such as high stress, workplace pressure and the transition from academic to professional environments. Making this transition all the more daunting, access to mental health support is not always equitable, with disparities based on socioeconomic status, race, gender and other factors. We are asking innovators across the ecosystem:
How might we better support mental health equity in the workplace?
We are seeking solutions that address one or more of the following tracks:
Mental health support for students transitioning to the workplace
Mental health support for early career professionals
Loyola Chicago is seeking innovative solutions from companies, community and nonprofit organizations, startups and universities.
Background Information
Mental health challenges are a significant issue for early career professionals, with over half reporting emotional or mental health difficulties. These challenges are influenced by various factors, including financial stress, political turmoil, uncertainty, social media pressures, the ongoing impact of the pandemic, poor work-life balance and burnout. The prevalence and intensity of these stressors often vary by gender and race, indicating a complex landscape of mental health needs among emerging professionals.
Women, in particular, report experiencing higher levels of stress compared to men. Additionally, younger workers face unique pressures related to their financial stability and career prospects. A survey found that 61 percent of workers under the age of 35 expressed concerns about finances, job security, and achieving their career goals, whereas only 40 percent of those over 35 shared these concerns. These findings highlight the distinct mental health challenges faced by early career professionals and underscore the need for targeted support and resources.
The economic impact of mental health inequities is substantial, with excess costs estimated to reach $477.5 billion in 2024. Although white populations show the highest prevalence of mental health diagnoses, non-white populations bear a disproportionate share of the economic burden associated with mental health struggles. This disparity can be attributed to long-standing structural racism, discriminatory policies and adverse socioeconomic factors that marginalize certain groups. Furthermore, lower-income individuals with mental health challenges are more likely to suffer from additional chronic conditions. Issues such as lack of access to care and cultural stigma suggest that current estimates may downplay the true extent of mental health challenges in these populations.
Mental health issues also significantly affect workplace productivity and employment rates. Individuals with mental health challenges tend to miss more workdays and have higher rates of unemployment compared to those without such conditions. This trend is consistent across all age groups, highlighting the pervasive impact of mental health on employment and economic stability. Addressing these inequities is crucial for improving the overall well-being and career prospects of early career professionals. The need for more mental health support and mental health equity for emerging professionals is more important than ever.
References
https://www2.deloitte.com/us/en/insights/industry/health-care/economic-burden-mental-health-inequities.html
https://www.bain.com/insights/the-working-future-more-human-not-less-future-of-work-report/
https://marychristieinstitute.org/wp-content/uploads/2023/01/The-Mental-Health-and-Wellbeing-of-Young-Professionals-Survey.pdf
https://www2.deloitte.com/content/dam/Deloitte/si/Documents/deloitte-2023-genz-millennial-survey.pdf
Benefits of participation
- Become part of a community of forward-looking solutions and companies
- Learn from carefully selected peers, partners and mentors from Loyola and MATTER’s ecosystems
- Participate in a sprint including mentoring and pitch practice with experts in the healthcare ecosystem
- Up to three organizations will receive a six-month MATTER global membership ($2,000 in value)
- Up to $35,000 to be split by up to three organizations
Applications will be accepted until September 27, 2024, at 11:59 pm CT.
Who Should Apply?
This global call for solutions is open to individuals and teams from across the innovation ecosystem, including university researchers and students, entrepreneurs, startups at any stage and nonprofit organizations. Solutions can range from early stage concepts to marketed solutions. If your solution does not currently have a mental health application for emerging young professionals, you can still apply as long as there is a potential use case.
If you have any questions, check out our FAQs or email samantha@matter.health.
Timeline
August 7 - September 27, 2024
Application Period
Apply with a detailed description of your proposed solution.
October 18, 2024
Finalist Selection
Up to 10 teams will be selected to participate.
October 20 - November 13, 2024
Sprint
Finalists will meet with Loyola University Chicago and MATTER teams and mentors to hone in on their value proposition, work to advance their solution and prep for the Live Pitch event.
November 14, 2024
Live Pitch
Teams will pitch live to the public including corporate organizations, investors and more.
JUDGING CRITERIA
Does the applicant demonstrate an understanding of the unmet need?
- What is the strategic basis for the identified problem/gap (e.g., research conducted)?
- How is mental health in the workplace specifically addressed?
What is the potential impact of the innovation?
- Does the innovation have the potential to improve population or health outcomes, health care delivery and/or health equity?
- What level of impact will the innovation make?
- What metrics will the organization use to measure and demonstrate this impact?
What are the innovation’s levels of feasibility and sustainability?
- How is the innovation unique to the market?
- What is the feasibility of development and implementation into the marketplace or healthcare ecosystem (e.g., funding, regulations, testing requirements, etc.)?
- How capable is the team to execute the solution?
Contributing Partners
COLLABORATORS
We are grateful for the following collaborators:
Loyola University Baumhart Center for Social Enterprise and Responsibility
Loyola University Chicago Career Services
Loyola University Chicago Institute for Racial Justice
Loyola University Chicago Marcella Niehoff School of Nursing
Loyola University Chicago School of Communication
Loyola University Chicago School of Social Work
Loyola University Chicago Wellness Center
The Health Care Council of Chicago (HC3)
Mental health challenges are a significant issue for early career professionals, with over half reporting emotional or mental health difficulties. These challenges are influenced by various factors, including financial stress, political turmoil, uncertainty, social media pressures, the ongoing impact of the pandemic, poor work-life balance and burnout. The prevalence and intensity of these stressors often vary by gender and race, indicating a complex landscape of mental health needs among emerging professionals.
Women, in particular, report experiencing higher levels of stress compared to men. Additionally, younger workers face unique pressures related to their financial stability and career prospects. A survey found that 61 percent of workers under the age of 35 expressed concerns about finances, job security, and achieving their career goals, whereas only 40 percent of those over 35 shared these concerns. These findings highlight the distinct mental health challenges faced by early career professionals and underscore the need for targeted support and resources.
The economic impact of mental health inequities is substantial, with excess costs estimated to reach $477.5 billion in 2024. Although white populations show the highest prevalence of mental health diagnoses, non-white populations bear a disproportionate share of the economic burden associated with mental health struggles. This disparity can be attributed to long-standing structural racism, discriminatory policies and adverse socioeconomic factors that marginalize certain groups. Furthermore, lower-income individuals with mental health challenges are more likely to suffer from additional chronic conditions. Issues such as lack of access to care and cultural stigma suggest that current estimates may downplay the true extent of mental health challenges in these populations.
Mental health issues also significantly affect workplace productivity and employment rates. Individuals with mental health challenges tend to miss more workdays and have higher rates of unemployment compared to those without such conditions. This trend is consistent across all age groups, highlighting the pervasive impact of mental health on employment and economic stability. Addressing these inequities is crucial for improving the overall well-being and career prospects of early career professionals. The need for more mental health support and mental health equity for emerging professionals is more important than ever.
References
https://www2.deloitte.com/us/en/insights/industry/health-care/economic-burden-mental-health-inequities.html
https://www.bain.com/insights/the-working-future-more-human-not-less-future-of-work-report/
https://marychristieinstitute.org/wp-content/uploads/2023/01/The-Mental-Health-and-Wellbeing-of-Young-Professionals-Survey.pdf
https://www2.deloitte.com/content/dam/Deloitte/si/Documents/deloitte-2023-genz-millennial-survey.pdf
- Become part of a community of forward-looking solutions and companies
- Learn from carefully selected peers, partners and mentors from Loyola and MATTER’s ecosystems
- Participate in a sprint including mentoring and pitch practice with experts in the healthcare ecosystem
- Up to three organizations will receive a six-month MATTER global membership ($2,000 in value)
- Up to $35,000 to be split by up to three organizations
Applications will be accepted until September 27, 2024, at 11:59 pm CT.
This global call for solutions is open to individuals and teams from across the innovation ecosystem, including university researchers and students, entrepreneurs, startups at any stage and nonprofit organizations. Solutions can range from early stage concepts to marketed solutions. If your solution does not currently have a mental health application for emerging young professionals, you can still apply as long as there is a potential use case.
If you have any questions, check out our FAQs or email samantha@matter.health.
We are grateful for the following collaborators:
Loyola University Baumhart Center for Social Enterprise and Responsibility
Loyola University Chicago Career Services
Loyola University Chicago Institute for Racial Justice
Loyola University Chicago Marcella Niehoff School of Nursing
Loyola University Chicago School of Communication
Loyola University Chicago School of Social Work
Loyola University Chicago Wellness Center
The Health Care Council of Chicago (HC3)