73% of Banking Workers Want Better Wellbeing Support
With a rise in workplace-related stress, illnesses and mental health issues, half (50%) of working adults in the banking and financial services industries believe that businesses are not doing enough to support the physical and mental wellbeing of their employees, according to a new study. Current treatments such as health check-ups, cognitive behavioural therapy and […]
With a rise in workplace-related stress, illnesses and mental health issues, half (50%) of working adults in the banking and financial services industries believe that businesses are not doing enough to support the physical and mental wellbeing of their employees, according to a new study.
Current treatments such as health check-ups, cognitive behavioural therapy and chiropractic treatment are provided by the NHS, through National Insurance contributions, but 70% of those surveyed by Westfield Health stated that the NHS does not have the budget to provide wellbeing services like these.
So is National Insurance becoming unfit for purpose? Employees in the banking and financial industries don’t seem to know, with 17% of employees knowing how much National Insurance they pay and 35% saying they do not know how much of the contribution goes where, be it the NHS, social security or their state pension.
With an ageing workforce and more hours spent in the office than ever, should the NHS’s frontline resources continue to be used for wellbeing services? The research found that over half (59%) of workers in the banking and financial services industries would like to see the Government do more to promote their physical and mental wellbeing. And the vast majority (74%) believe their employer is specifically not doing enough to help employees deal with work-related stress, anxiety and other mental health issues.
Similar to the recent rollout of the workplace pension opt-out, could a government-backed auto-enrolment scheme for wellbeing programmes – funded by employers and by a portion of employees’ National Insurance contributions – be one of the solutions to address the NHS’s long-term financial needs?
Certainly the appetite is there in the banking and financial services industries with employees particularly prone to sedentary behaviour, poor nutrition and sleep deprivation, impacting on their overall health and productivity. As a result, over two thirds (68%) of employees stated they’d use wellbeing services if their employer provided them.
The top things they would like to be offered are:
- Health check-ups (45%)
- Emotional wellness (42%)
- Exercise (35%)
David Capper, Commercial Director of Westfield Health, said: “The total number of UK working days lost to stress, anxiety and depression resulting from long working hours is 12.5million days. Therefore, it makes sense for employers to relieve some of the pressure through wellbeing initiatives. Not only would they be supporting our economy, they’ll make huge cost savings by looking after their staff’s health, with presenteeism now costing businesses up to three times more than absenteeism**.
“From sleep to nutrition and mental health to physical fitness, there are so many elements that contribute to your overall wellness, happiness and healthiness. In the banking and financial services industries, staff are particularly prone to being sedentary for long periods of time without a break at work, which puts them at serious risk of developing health problems such as heart problems, diabetes, cancer and weight gain.
“It’s more than free fruit in the office and discounted gym memberships. As business leaders, we need to create a culture where our people’s health and wellbeing is prioritised to drive confidence, capability, inspiration and ultimately prosperity.”
(Source: Westfield Health)