GFC increased mental illness in financial sector
Mental health challenges have increased in the financial services sector since the global financial crisis, with workers facing job losses and redundancy threats.
Research from the Australian Council of Superannuation Investors showed workers in the finance sector self-reported higher rates of mental health issues, with around two-thirds of people negatively affected by work.
But the survey of 48 companies, including banks, IOOF, and funds management firms, also showed 75 per cent of financial services companies reported well-being programs, while 92 per cent of companies have introduced formal initiatives to make the workplace more flexible.
Training and development opportunities were able in 96 per cent of companies, while access to employee assistance programs or counselling was available in 75 per cent of companies.
Figures also showed board responsibility especially for health and safety issues stood at 50 per cent of financial companies, while 63 per cent of companies had a senior person dedicated to health and safety issues.
However, ASX200 financials were well behind their UK and Europe counterparts when it came to physical and mental health and safety disclosure, with 58 per cent of financial companies carrying out moderate or good disclosure, while 87 per cent of industry peers in the UK, and 73 per cent in Europe had the same levels of disclosure.
The report also said 88 per cent of ASX200 financial companies reported formalised employee engagement, with satisfaction levels were above 50 per cent.
"While this does not necessarily indicate that only the companies that disclose employee satisfaction levels have high satisfaction levels, it does raise the question of whether satisfaction levels are only disclosed if they are high," the report said.
"Do companies avoid disclosure for fear that satisfaction levels might drop over time, and they may attract criticism from external stakeholders?"
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
