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:

1. Health check-ups (45%)
2. Emotional wellness (42%)
3. 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)

Within every business, there will be those who suffer in silence to the point that control is lost and the very act of getting out of bed becomes utterly overwhelming. Statistics show that employees in the finance sector suffer more than most when it comes to mental health.

Employees are still reluctant to share mental health information with their managers or bosses, seemingly for good reason. The stigma associated with mental health, being treated unfairly, becoming the subject of office gossip or compromising their employment terms are all legitimate fears.

To tackle this global workforce issue, Instant Offices encourage businesses to support their teams to speak about and prioritise mental health, promote a healthy work-life balance, reduce the stigma attached to mental health issues and introduce initiatives to support and encourage staff who choose to speak up.

Mental Health and Work in the UK

Studies from Manpower Group suggest that millennials display the highest levels of anxiety, depression and thoughts of suicide of any generation, considering they are also simultaneously on the cusp of becoming the largest global workforce by 2020.

According to Deloitte, the average person spends 90,000 hours of their life working, and poor employee mental health can be due to factors internal or external to the workplace. Without effective management, this can have a serious impact on physical health, productivity and more.

In the modern workplace, smart employers are placing workplace wellness at the core of their business by recognising the importance of their staff. They are going beyond protocol, processes and profits to ensure individuals feel valued and supported. Wellness and workplace health initiatives are varied but include everything from serious interventions and counselling services to mindfulness training, flexible working and even options like yoga, time off and massages at work.

That said, an alarming number of companies are still avoiding the topic of mental health in the workplace. A report by the Centre for Mental Health revealed that absence due to mental health cost the UK economy £34.9 billion last year. Additionally, the economy lost:

• £21.2 billion in reduced productivity
• £10.6 billion in sick leave
• £3.1 billion in staff turnover

It’s Time to Prioritise Wellbeing at Work

Of the 5 million people being signed off from work every year, data from NHS showed an alarming 31% are taking time out due to mental health, with a shocking 14% rise in doctor’s notes relating to anxiety and stress in one year. This is why the NHS has called on businesses to wake up to the reality of mental health and its dire effects on the wellbeing of its employees and on overall workplace success.

Here’s what employers can do:

1. Minimise the stigma: A study from Business in the Community shows, only 53% of employees feel comfortable talking about mental health issues like depression and anxiety at work. Instead of making employees feel like liabilities or burdens, employers need to take active steps to encourage conversations around these issues. Taking a mental health day or asking for support around mental health issues should not impact an employee’s reputation and how they are treated at work.
2. Pay attention: Around 91% of managers agree that their actions affect their staff’s wellbeing, however, only 24% of managers have received any training in mental health. This lack of training and sensitivity only works to perpetuate the culture of silence around mental health and wellbeing at work. Companies should be working to combat this by monitoring employee stress, encouraging communication and taking active steps to increase knowledge around the issue.
3. Be more flexible: There are several ways to boost employee engagement and happiness in the modern workplace. Around 70% of employees want a say in when and how they work, and a growth in flexible working shows more businesses are responding. Introducing a flexible working option is one of the ways businesses can prioritise their employees’ personal needs while benefitting from their productivity boost, too. Data from LSBF shows nearly half of employees advocate for flexible working hours as a way to reduce workplace stress and anxiety, increase productivity, and to improve morale and engagement.
4. Introduce mental health initiatives: It is crucial to increase employee awareness of mental health at work, support employees at risk and take steps to support those suffering from mental health problems. Education is key, and strategies need to be tailor-made to suit each business and its needs. Aside from increasing workplace happiness with perks, time off and better communication, businesses need to look at long-term policies which advocate for better treatment for at-risk employees from every tier of the organisation.
5. Manage via a coaching approach: Historically, tyrannical managers focused on ‘the numbers’ or ‘getting the job done’ have been the norm, but fortunately, the modern workplace has changed. Today, the manager who adopts a more holistic approach by focusing on the growth and development of their team, personally and professionally, will see greater results and engagement. Investing in a coaching approach has shown clear improvements across all areas and improved trust between managers and employees. Getting this balance right enables employees to speak about their levels of stress, their worries about their role and more.

Placing health and wellbeing at the heart of business can help employers attract and retain talent, improve productivity and happiness, and positively impact the bottom line.

Educating the workforce on the availability of such programmes where they can find support in a confidential and respectful manner, will help to address personal challenges before they become overwhelming.

People with mental health problems are three times as likely to face financial difficulties. As well as affecting our income, mental health problems can make it harder to manage money, control spending and stay on top of bills.

Tonight the MMHPI will launch a new report exploring how fintech solutions could empower people with mental health problems - allowing greater control in periods of poor mental health.

Hosted by Monzo and chaired by Ghela Boskovich, Head of Fintech and Regtech Partnerships at Startup Bootcamp, the panel includes;

Zander Brade, Product Designer at Monzo

Richard Morgans, Head of Digital Innovation Lab and fintech at TSB

Chris Fitch, Vulnerability Lead, Money Advice Trust & Research Fellow, Personal Finance Research Centre, University of Bristol

Katie Evans, Head of Research and Policy at Money and Mental Health

Qualtrics recently announced that two-thirds of UK workers are currently satisfied in their jobs and 13% say they are ‘extremely satisfied’, according to the Qualtrics Pulse – a new 2017 benchmark of how engaged today’s employees feel within their work environments.

Workers in finance and travel love their jobs:

• Satisfaction levels are highest in the finance sector (74%) and travel & leisure industry (73%), compared to 68% in retail, 67% in manufacturing and 66% in the public sector.
• Meanwhile in the public sector, 32% of workers say they hardly ever, or never, look forward to going to work. In contrast, a quarter of retail workers almost always look forward to going to work.

Recognition outweighs pay, flexible working and frills:

• Key driver analysis shows that engagement with business leaders, better recognition and career progression have the greatest positive impact on job satisfaction. In comparison, added benefits such as flexible working and even remuneration are generally considered less important on a day-to-day basis.

Ages 25-34 are the “golden years” for workplace satisfaction:

• Job satisfaction peaks for UK workers between 25-34 years old, with 69% of people in this age group saying they are satisfied. Beyond age 34, job satisfaction declines.

Job satisfaction wanes after 12 months, but loyalty is built in the long term:

• Workers are most satisfied in their first year of employment, with 56% of people claiming they are either moderately or extremely satisfied during year one. This drops to 46% once people have been in their jobs for a year or more.
• While satisfaction begins to drop off after the first year, once employees have worked at a company for more than four years, their satisfaction levels once again start to increase.

Job satisfaction is highest in the North East of England:

• Around one in five (18%) employees from the North East are “extremely satisfied” in their job, compared to 11% in Scotland and Wales and 10% of workers in London and the Midlands.
• Young people in London are not as happy as their peers in other parts of the country--24% of under 25s said they were ‘slightly dissatisfied’ or worse in their current jobs, compared to just 18% of under 25s in the rest of the UK.
• Workers in Wales were the most vocal about their discontent, with nearly one in 10 saying they are “extremely dissatisfied” with their job.

Churn is highest in media and advertising:

• While the public sector has most dissatisfied workers, it’s most likely to hold onto its staff with 68% expecting to be working at the same organisation in two years’ time.
• Media and advertising companies are likely to have the hardest job in preventing staff churn. Just 54% of employees in this sector say they can see themselves working at their current organisation in two years’ time, compared to 67% in the IT & tech sector and 66% in manufacturing.

The Qualtrics Pulse surveyed 2,300 UK workers using the Qualtrics Employee ExperienceTM management platform, which enables human resource and business leaders to monitor and improve the experience across the employee journey and prioritise the key drivers of engagement to reduce attrition and improve employee performance.

The Qualtrics Pulse, which is carried out on a quarterly basis, measures levels of employee engagement and job satisfaction according to gender, age, location, income and industry sector. The top insights can help businesses understand the experience gap between what their employees expect and what they actually deliver.

Commenting on the launch of Qualtrics Pulse, Sarah Marrs, Employee Experience Specialist, Qualtrics, said: “In recent years we’ve seen organisations place more emphasis on their employee experience as a critical lever to help shape their customer, brand and product experiences.  We’ve also seen the techniques available to measure the employee experience evolve. Our Qualtrics Pulse provides a layer of data that many companies simply don’t have access to-- uncovering the real-life factors that really influence the behaviour, loyalty and performance of an employee.”

(Source: Qualtrics)