Businesses which "go the extra mile" to tackle mental health and cut sickness absence and improve productivity could be given tax breaks.
That is the pledge from Conservative West Midlands Mayor candidate Andy Street who is promising to gain Government backing for a 'wellbeing premium' to promote good mental health at work.
The former John Lewis chief made his call on the day the West Midlands Combined Authority launched its own mental health commission report.
He said: "While employers have realised the importance of physical health, we need them to value mental health just as much."
He welcomed the mental health action plan as a "major step forward" and promised to implement it in full.
"I will personally commit to securing government approval for a 'Wellbeing Premium' pilot which would give tax incentives to businesses that go the extra mile. This will be in their interests because it will reduce staff sickness absence and improve productivity.
"New York has a successful city-wide strategy for mental health - it's exactly what the West Midlands mayoralty should also aspire to," he added.
A staggering 4.1 million working days a year are lost in the region as a result of poor mental health, with 70,000 people off or out of work as a result it has emerged.
The new action plan from the West Midlands Combined Authority, the grouping of 14 local councils, will be led by Supt Sean Russell of West Midlands Police.
His job is to ensure local health services, councils and other organisations are working to reduce the impact of mental ill health and providing support to those in need.
He said: "I want us all to work together in the region to get rid of the stigma around mental health and make people think about it differently.
"We need to realise that this is our responsibility - as individuals, organisations and communities - and take the initiative to look after ourselves and each other."
The action plan is informed by recommendations from people with personal experience of mental health issues as well as top level academic research.
Last year, the combined authority set up a commission led by Lib Dem MP and former care minister Norman Lamb, who said: "I want this to be the start of a journey for the West Midlands - the moral and the economic case for acting is unanswerable and the work we plan to develop would be internationally significant.
"The West Midlands will be part of a global network of leading cities and city regions which are doing major projects on mental health - this will be something this region can be very proud of."
Dudley council leader Coun Pete Lowe, who is responsible for mental health policy, added: "Most people will know someone with mental ill health. It has an often overwhelming impact on families and an estimated annual cost to the region of £12.6 billion.
"People with mental ill health get a raw deal - too often they suffer in silence, unable to get help.
"We believe that everyone in our community has an essential contribution to make and by addressing mental health inequalities - in employment, housing and the criminal justice system - we are making a clear statement that the combined authority is working for everyone."
The detailed plan will be revealed today with a launch event at Edgbaston Cricket Stadium.
