The Financial and Insurance Services Industry Profile Report, is an industry snapshot taken from SuperFriend’s annual ‘Indicators of Thriving Workplace’ survey of 5000 workers. It examines the current state of workplace mental health in the Australian financial services industry and compares it to the national average across all industries.
The study revealed that nearly half of all financial services employees (47%) are experiencing ongoing stress in their job, which is 9% higher than the national average. Further, 44% of those working in the industry say they have left a job due to a poor mental health environment.
SuperFriend Chief Executive Officer, Margo Lydon said: “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. 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
“However, a number of organisations have made great improvements to their culture and workplace through a range of programs, by investing in mental health awareness and prevention initiatives including mental health training. It is clearly work in progress for the industry,” continued Ms Lydon.
Improving productivity and positivity in the workplace
Half of those surveyed believe that their employer is making enough time to take action, and a third (31%) describe their employer as the best, or one of the best, in creating a mentally healthy workplace.
According to the study, over 66% of employees in the industry believe that investment in workplace mental health and wellbeing would improve productivity, and 63% believe that it would reduce absenteeism (both of which are 5% above national average).
An additional 62% of respondents believe that investment in workplace mental health and wellbeing would improve staff retention (6% above national result).
“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.
“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,” Ms Lydon added.
Workplaces that prioritise mental health see positive outcomes across their business
In industries across Australia, thriving and positive workers are more committed to their organisation’s goals, build better relationships with their peers and produce higher levels of output as dedicated employees, according to Ms Lydon.
“Those businesses already implementing best practice for their employees were found to actively encourage employees to identify ways to improve the workplace. More importantly, these business leaders are setting good examples and creating a culture that enables workers to be happy, healthy and productive. They are leaders who are really listening to the needs of their staff,” concluded Ms Lydon.
The Indicators of a Thriving Workplace report found the most successful workplaces have a positive culture. This can be achieved through ensuring managers are committed to promoting mental health and wellbeing of staff, supporting staff effectively through change, building a culture that encourages open discussion about the issues that affect mental health and wellbeing and making sure managers lead by example through setting a good example for a healthy, happy and productive workplace.
SuperFriend partners with all profit to member superannuation funds and life insurers to support improved mental wellbeing practices for their staff and members, through the organisations they work with every day. Its’ work focuses on creating mentally healthy workplaces where every worker, every day can contribute and thrive at work. Since 2009, SuperFriend has been providing skills-based training, using best practice evidence to build the confidence and capability of staff working in financial services industry in their interactions with members.
