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Over half of all managers in finance sector don’t discuss mental health with team

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4 minute read

A new report has revealed that over 50 per cent of managers in the finance and banking sector have not had a discussion with their team about their mental health since the start of the COVID-19 pandemic.

The workplace mental health report, conducted by Allianz, also found that 69 per cent of employees have not discussed the subject with their employer, which remains unchanged from the figure reported in its 2020 release.

The report further notes that 82 per cent (eight in 10) employees within the finance and banking industries experienced concerns while working throughout the pandemic.

“Since the pandemic, it has become harder to learn how to balance work and personal life – it is an ongoing issue that employees and employers are trying to get right,” Mitch Wallis, founder of mental health organisation Heart On My Sleeve, said.

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“We no longer have those physical cues when we finish work for the day, the leaving of a building, closing of a laptop or a social interaction with colleagues.

“As humans, we crave this certainty, we crave knowing what to do, how to do it and when to do it. However, the pandemic has presented challenges in the workplace that have increasingly blurred the lines between professional and personal, across all industries. 
 
“Employees want to feel supported, and to know that they can switch off and transition to their personal life at the end of a day. It’s more important than ever to foster an open, empathetic and educated culture that respects work-life balance by providing a space that nourishes and supports mental health and wellbeing.”

The report highlights the need for urgent discussion about mental health in the workplace, with Allianz’s claims data showing that the average cost per active psychological claim is around 3.5 times that of active claims for physical injuries.

Allianz’s chief general manager personal injury, Julie Mitchell, said that the company is seeing a growing number of people accessing benefits for a psychological claim related to their workplace.

“What’s more, while the pandemic is impacting injured workers’ return to work – with treatments and appointments delayed – due to lockdowns, the loss of routine also has a direct correlation with an individual’s recovery and holistic wellbeing,” Ms Mitchell said.
 
“We’re encouraging preventative measures and resources as key to supporting employees’ mental health while living in a pandemic world and beyond.

“The workplace needs to create a space that facilitates safe and secure conversations to ensure employees feel mentally supported throughout the pandemic and beyond. For this to happen, organisations need to constantly be updating and evolving their approach and making sure their team is aware of the support systems in place.”

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. 

Neil is also the host of the ifa show podcast.