The number of cases of stress among financial services employees reported to the Health and Safety Executive dropped 36% from 44,000 in the first year of the pandemic to 28,000 last year, according to new research.
Employment law firm, GQ|Littler, which carried out the research, said the figures suggested that financial services firms had made real progress in supporting mental health within the workplace.
Measures that financial services institutions have taken included teaming up with charities to implement mental health training schemes, training up internal mental health first aiders, appointing mental health champions, running mental health and wellbeing weeks with specific events and promoting employee assistance programmes that offer private counselling for stress-related issues such as anxiety and depression.
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Many financial firms had also maintained hybrid working models in order to foster a better work/life balance. A survey conducted by the Alternative Investment Management Association revealed that 72% of financial services professionals believed that flexible working had had a positive impact on the mental health of their teams.
Sophie Vaneghan, partner at GQ|Littler, called the figures “encouraging” but warned that “many employers were anxious that the current economic downturn and cost of living crisis does not see a reverse in this downward trend for their staff.”
She added that financial services firms needed to build on the progress they had made with regards to mental health, in order to attract and retain high-quality talent. Failure to do so would result in higher levels of attrition. She cited research by Mental Health First Aid England that showed 83% of financial services employees had considered changing jobs due to the impact of work on their mental health.
“Within a still-tight labour market,” Vanhegan said, “firms that advocate for better mental health awareness and which take a proactive approach may have a competitive advantage over firms that do not prioritise wellbeing for job candidates.”
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These may be placing more emphasis on a supportive workplace culture at their next employer. She said: “Firms should be aspiring to create a culture where people feel comfortable discussing mental health and where management is at the heart of change.”
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