The organisation’s Financial and Insurance Services Industry Profile report found that 44 per cent of people working within the financial services industry have left a job due to its poor mental health environment.
Additionally, 47 per cent of staff within financial services experience ‘ongoing stress’ from their job, a figure 9 per cent higher than the national average.
SuperFriend chief executive Margo Lydon said financial services staff faced mental health pressure from the competitive nature of the industry and the common dealings with customers enduring difficult circumstances of their own, such as the death of a family member or a redundancy.
However, Ms Lydon added that many employers “have made great improvements to their culture and workplace” by investing in mental health awareness programs and prevention initiatives.
“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,” she 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.”
and about to get a lot higher
Culture eats Strategy for breakfast.
Actually, it’s not that complex. Most of the mental health issues for employees in FS come from the Psycho Managers they work. People don’t leave companies, they leave bad Managers.
Spot on Jape. And the managers push and push sales to get their bonus, and then walk away scot free when it all blows up. We know what the issue is, fixing the culture is the issue that needs to be addressed. We want a solution, not statements telling us the bleeding obvious