Why Banks Can’t Afford to Ignore Employee Health and Wellbeing
Working in the banking and finance industry can be extremely lucrative for both employees and employers.
But, at what cost?
Although the money may be great, the health of those in the banking industry could be at risk!
In this blog, we’re going to explore the health risks of those working in the banking and finance industry, as well as share methods banks can use to help support their employees.
Contents
Video (The Real Reason Banks Can’t afford to Ignore Employee Health)
Shocking Health Statistics of Employees in the Banking Industry
The Unique Stressors of the Banking Industry
The Financial Impact on Ignoring Employee Wellbeing
5 Employee Wellbeing Solutions for Banks
Video (The Real Reason Banks Can’t afford to Ignore Employee Health)
Shocking Health Statistics of Employees in the Banking Industry
According to a study by Mental Health First Aid England, 83% of employees in financial services have considered changing jobs due to the impact work has on their mental health.
Research from systematic reviews also estimates that up to 54% of those in the banking industry experience burnout.
However, the health issues don’t stop there!
Physical health challenges are becoming increasingly concerning for those in sedentary work environments.
Diabetes is the fastest-growing health concern for those in sedentary job roles and chronic back and musculoskeletal issues often occur as a result of desk-based work environments.
I’m sure you can agree, that these statistics need to be addressed!
We will come onto some of the solutions, but first, we need to understand the stressors contributing to these health issues within the banking industry.
The Unique Stressors of the Banking Industry
Banking is considered one of the most high-pressure industries with its unique stressors setting it apart from other sectors.
One of the key stressors is the demand to work long hours, where 60-80 hour weeks are often considered the norm.
This intense work schedule combined with a high workload and strict deadlines puts pressure on employees to perform at their best for extended periods.
As a result, exhaustion and burnout can be common issues that lead to reduced productivity and poor health.
The banking industry can also be a high-stakes environment.
Bankers are often responsible for making critical financial decisions that can have substantial financial consequences for the bank they work for and its clients.
This constant pressure contributes to chronic stress, anxiety, burnout, physical ailments, and more!
Stressors like these make it important for banks to create a wellness culture that supports the health and wellbeing of their employees so they can continue to thrive.
If banks don’t invest in supporting their people, the costs could be astronomical.
The Financial Impact on Ignoring Employee Wellbeing
Ignoring employee health and wellbeing can have substantial financial costs for banks both direct and indirect.
In the UK, each individual who takes time off work due to stress, depression, and anxiety takes approximately 19 working days off work.
With an average salary of £52,500 in the banking industry, unplanned time off work due to sickness could cost banks approximately £3,836 per employee.
Additionally, employees who are not supported in their job roles are more likely to leave, which could cost banks an estimated £10,500 for every employee who needs to be replaced.
According to Centric HR, the cost of replacing an employee can be as much as 20% of their salary.
For those in executive positions, the cost of replacing them can be as much as 213% of their annual salary.
Costs like this show how detrimental it can be when employees leave a business because they don’t feel their company supports their health and wellbeing.
Additionally, according to the HSE, In the UK, annual costs of work-related ill health can be as much as £13.1 billion!
So, what can banks do to support their workforce?
Let’s look at a few solutions.
5 Employee Wellbeing Solutions for Banks
To address the unique challenges faced by employees, banks are increasingly turning to comprehensive wellbeing programs that target both physical and mental health.
Here are 5 strategies banks can implement to improve the health and wellbeing of their most valuable asset, their people!
1. Education and Training
One of the most impactful ways banks can support employee wellbeing is by investing in education and training through dedicated wellbeing workshops.
These workshops provide employees with the tools and knowledge they need to manage stress, improve mental health, and adopt healthier lifestyle habits.
Workshops can cover a range of topics, including coping with stress, Increasing motivation, improving physical health, and more.
By educating employees on how to identify early signs of burnout or chronic health conditions, these workshops empower staff to take proactive steps toward better health.
Additionally, manager training plays a crucial role in supporting employee wellbeing.
Banks can organise workshops to teach managers and leaders how to spot signs of stress and burnout in their teams and how to create a supportive environment.
Leadership plays a pivotal role in creating a culture of care, and through training, managers can learn how to communicate effectively, support work-life balance, and promote employee wellbeing.
The advantage of workshops is their flexibility—they can be delivered in-person, online, or even through hybrid formats, making them accessible to all employees regardless of their location.
Many banks, such as Goldman Sachs and HSBC, have introduced wellbeing workshops as part of their broader wellness programs, seeing tangible benefits in employee engagement, morale, and retention.
Moreover, research shows that organisations offering ongoing education in health and wellbeing see a positive return on investment through reduced absenteeism, increased productivity, and lower healthcare costs.
By continuously investing in education and workshops, banks can equip their workforce with the knowledge to maintain both mental and physical health, building a resilient, high-performing team.
2. Flexible Working Arrangements
Flexible work arrangements have emerged as a vital component of employee wellbeing, especially in high-pressure industries like banking.
Offering options such as remote work, flexible hours, or hybrid models, can help banks to reduce the stress and burnout that often come with the long hours and intense deadlines typical of the sector.
For many banking employees, the ability to work from home or adjust their schedules means better management of personal responsibilities, improved work-life balance, and lower levels of stress.
Flexible work arrangements can also have a direct impact on employee retention and engagement.
With the rise of remote and hybrid work models, employees are now prioritising flexibility when considering job opportunities.
According to Gallup, 3/10 hybrid workers and 6/10 remote workers would consider leaving their jobs if flexible work arrangements were no longer offered.
By offering these options, banks not only support the wellbeing of their employees but also enhance their attractiveness as an employer of choice in a competitive market.
3. Wellness Days and Structured Breaks
Regular breaks and wellness days are essential components of a holistic wellbeing strategy for banks.
Given the sedentary nature of many roles in banking, taking regular, structured breaks throughout the workday can greatly improve both mental and physical health.
Taking short and frequent breaks can improve concentration, reduce fatigue, and lower the risk of musculoskeletal problems, such as back and neck pain, which are common in desk-based jobs.
Some banks have taken this a step further by introducing wellness days, where employees are encouraged to take time off specifically to focus on their health and wellbeing.
This can include things like a 20 minute on-site chair massage, medical check-ups, or simply taking time for self-care, helping employees prevent burnout and maintain long-term productivity.
For example, banks like Virgin Money have implemented wellbeing days as part of their broader wellness programs, giving employees the time and space to prioritise their physical and mental health.
Building a culture that encourages breaks and wellness days, shows that banks value the long-term wellbeing of their staff.
An approach like this can lead to happier, more engaged employees, which can ultimately result in better performance and lower employee turnover.
4. Mental Health Support Programs
Mental health support has become essential in workplaces across the world.
Banks are increasingly recognising the need to invest in comprehensive mental health programs that not only offer immediate support but also build a long-term culture of wellbeing.
Employee Assistance Programs (EAPs), which provide access to confidential counselling services, are a great approach for this.
Programs like these allow employees to address issues such as anxiety, burnout, and depression discreetly and effectively.
What sets these initiatives apart is their ability to offer personalised, immediate help to employees, reducing the need for reactive measures like extended sick leave.
Beyond EAPs, many banks are expanding their offerings to include mental health workshops and training.
This dual approach ensures that employees at all levels are better prepared to navigate the challenges of a fast-paced banking environment.
By embedding mental health support into wellbeing strategies, banks can create healthier workplaces, where employees feel supported, valued, and safe.
5. Physical Health Initiatives
As they say, a healthy body can lead to a healthy mind.
And to combat the physical toll of long hours and desk-bound work, banks are increasingly investing in physical health initiatives that help employees maintain their wellbeing.
Given that sedentary lifestyles in the banking sector can lead to issues such as back pain, cardiovascular problems, and obesity, banks are introducing solutions to encourage movement and improve overall health.
One popular approach is offering on-site or subsidised gym memberships, allowing employees easy access to fitness facilities.
Banks like HSBC and Barclays have implemented such programs, helping employees incorporate regular exercise into their routines.
Additionally, banks are recognising the importance of ergonomics in preventing long-term physical health issues.
Adjustments such as providing standing desks, ergonomic chairs, and proper workstation setups can make a significant difference in reducing physical health problems like back and neck pain.
In addition to these facilities, many banks have rolled out wellness challenges that promote healthy competition and encourage employees to stay active.
Physical health initiatives demonstrate another commitment to employee wellbeing for banks, ensuring their people know they value them.
At Loving Life, we help companies support the health and wellbeing of their employees through our bespoke wellbeing workshops and other wellbeing initiatives.
Get in touch to see how we can support your workforce.
Author
Tyler Lowe – Health & Wellbeing Speaker
BSc Sport & Exercise Rehabilitation
