Room for improvement on industry mental health

A new report from insurance company Allianz has shown that 85 per cent of banking and financial services employees believe their employer has taken steps to improve their mental health in the workplace since the COVID-19 pandemic set in.

However, 80 per cent of employees in financial services believe there are still barriers preventing their organisation from implementing further mental health initiatives in the workplace.

Allianz chief general manager of workers compensation Julie Mitchell said top of most workers’ lists when it came to improving their mental health was allowing more flexible working conditions to continue as COVID-19 restrictions eased.

“The COVID-19 pandemic served as a reminder to many Australians on the importance of looking after their mental and physical health,” Ms Mitchell said.

“Employees will be seeking initiatives from their workplace that support this new mindset, not only now but into the future – whether it be in a virtual, remote or in-person/office setting.

“[Our] report revealed the five key areas employees would like to see improvement in were built-in flexibility (41 per cent), extra time off (38 per cent), proactive check-ins (34 per cent), the introduction of wellbeing programs (33 per cent), and mental health awareness training (32 per cent).”

When it came to what may be stopping businesses doing more about staff mental health, managers surveyed for the Allianz report mentioned budgetary constraints, and a lack of training about what warning signs to look for when an employee’s mental health may be going downhill.

“Another key hurdle is that employers can often be unsure of where to start in order to address mental health in the workplace. However, even small steps can make a difference,” Ms Mitchell said.

The report revealed that 92 per cent of financial services employees would like more dialogue in the workplace about mental health and looking after their wellbeing.

Ms Mitchell said key warning signs for managers and business owners to look out for that could indicate poor mental health in an employee included changes in an their performance, absenteeism or attitude.

“Many employers forget that the most valuable source of insight for understanding current workplace sentiment is often right in front of them – their employees,” she said.

“Seeking employee feedback through regular anonymous employee mental wellbeing surveys, suggestion boxes, or workshops can offer a treasure trove of insights into the overall wellbeing of team members and help foster a thriving workplace.”