Nearly half (47%) of all financial services employees are experiencing ongoing stress in their job – 9% higher than the national average, according to mental health organization SuperFriend.
SuperFriend's Financial and Insurance Services Industry Profile Report, which polled 5,000 workers, also revealed that 44% of those working in the financial services industry left their job due to poor mental-health environment.
“Not only is financial services a highly competitive industry, but the staff across the industry are often engaging with members and customers during some really tough moments in their lives, such as redundancy, illness, death, or major life changes like retirement,” said Margo Lyndon, SuperFriend CEO. “All of these moments require staff to be empathetic, supportive, as well as know the technical components of their job. This can create pressures and stress if staff are not trained or well supported.”
Lyndon noted, however, that a number of organisations have already invested in mental-health awareness and prevention initiatives to improve their culture and workplace, but that creating a mentally healthy workplace in the financial services industry remains a work in progress.
Half of those surveyed said their employer is making enough time to take action, and 31% said their employer is the best, or one of the best, in creating a mentally healthy workplace.
The study also revealed potential benefits of promoting a mentally healthy workplace, with more that 66% of employees saying it would improve productivity, 63% believed it would reduce absenteeism, and 62% believed it would improve staff retention.
“Employers stand to benefit from improving the mental health of their workplace, with bottom line benefits including greater productivity, talent retention, and long-term cost savings,” Lyndon said. “Particularly with financial services businesses, there is a need for greater focus on preventative measures such as, mental health policies, training for managers and staff, flexible work arrangements, and recognition programs which can help to prevent issues from developing in the first place.”
