Employers in financial services should act to retain talent in the industry as new findings from MHFA England highlight the impact of poor mental health. 83% of finance workers have considered changing jobs due to the impact of work on their mental health, with nearly half of those taking the plunge.
What’s more, the new data from 1,000 people working in financial services shows employees feel they need more support, with 60% stating their employer could do more on workplace mental health and wellbeing.
Despite progress on tackling the stigma over recent years, more organisations must act to normalise conversations around mental health, as one in four employees said they are not comfortable discussing it with their manager. One in four also cited a lack of managerial support and one in five pointed to company culture as key factors negatively affecting their mental health.
Adding to these pressures is the current economic uncertainty, with half of finance employees stating the cost-of-living is the biggest threat to their mental health over the next six months.
MHFA England is encouraging financial services employers to review their approach to mental health and wellbeing so both their people and their business can thrive. It believes a whole organisation approach is required and managers need to be at the heart of any change to create inclusive working environments where everyone feels psychologically safe to perform at their best.
One way that organisations can better support their teams is to consider offering improved flexibility, with 41% of financial services employees saying flexible working hours would improve their mental health. Over a third (35%) also feel a choice over when and where they work, at home or in the office, would help.
Providing consultancy and workplace mental health expertise to over 20,000 organisations, including many in the finance sector, MHFA England has a wealth of experience in supporting organisations to develop sustainable mental health and wellbeing strategies, designed to support performance and productivity.
Giving managers the time, tools and training to do their job well has the potential to transform workplace culture and a third of those surveyed agreed that tailored training for employees or managers would better support mental health at work.
Vicki Cockman, Workplace Lead at Mental Health First Aid (MHFA) England, said:
Managers have a clear role to play. They are one of the most influential factors on team culture, people’s wellbeing and business performance. Managers need to feel confident and empowered to drive positive wellbeing across their teams. It is time to give them the training and support they need.
The cost of living crisis and the threat of recession will put a further strain on employee mental health and may put a further squeeze on the sector’s talent pool. A focus on people’s mental health and wellbeing is more important than ever if businesses are to support their people, boost productivity and maintain their bottom line.
Vicki Cockman, Workplace Lead at Mental Health First Aid (MHFA) England
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.