Lots of publicity surrounded Mental Health Awareness week in May to raise awareness and promotes mental well being for all. Each year there is a theme and this year it is ‘community’, aimed to highlight the importance of a safe environment and supportive people, a community, for optimal mental wellbeing. Nowhere is this more relevant than at work where the average person will spend a third of their lives.
Mental Health In The Finance Sector: What employers need to know
At Howett Thorpe we specialise in recruiting within the finance sector where the workloads are intense, the targets are demanding, the hours long and burnout is around the corner, which is often accepted as the norm. This culture can lead to mental health issues such as anxiety or depression and the stigma that surrounds this can often prevent employees from speaking out and suffering in silence. According to research by the MFHA 83% of employees from the finance sector considered changing jobs due to the impact of work on their mental health, with nearly half taking the plunge.
We recognise the impact on mental health that comes with these high pressure jobs, we see the people behind the numbers and the growing recognition that mental health is just as important as performance in the workplace. There’s been progress in the landscape to support employees mental health, with things like flexible working and wellness day initiatives, but as a culture the finance industry still has a way to go where these things need to be a necessity not a nice to have.
What Howett Thorpe do to help employers build healthier teams
At Howett Thorpe we partner with employers who want to create a space where employees thrive rather than just survive in their finance roles. We work closely with our employers to create aligned employer and candidate relationships, not only on the basis of skill and employment history, but inclusive of their lifestyle needs and making sure values of the company and candidate are a good match. We can also offer advice on fostering healthy workplace practices and culture into hiring strategies for better retention and satisfaction all round.
Our main takeaway advice to finance leaders? When hiring “think beyond just salary or title. A positive culture and a supportive environment can be the key to restoring your wellbeing, both at work and in life.” This rings true for the employee and the business.
How Finance Leaders Can Create Real Change
Creating change for mentally healthy finance teams starts at the top. Leaders need to foster a supportive environment where finance teams can come together as communities, not just colleagues for a healthy workplace. Wellbeing must be embedded into the culture
of company values and any toxicity towards burning yourself into the ground in the name of ‘hard work’ and suffering must become a thing of the past. Finance leaders need to challenge outdated belief systems and embed wellness strategies into the company fabric.
Here are the most pivotal actions employers can take:
Make flexible working options a given from day one, remove the guilt and empower your employees to take ownership of their working patterns
Foster a culture of safety and openness inclusively
Schedule regular mental health check ins as a priority
Offer wellness days as an imbedded culture not a seasonal perk
These initiatives will fuel productivity, not hinder it. When your employees feel valued, trusted and supported, performance and retention will rise and ultimately they will be contributing from a more meaningful and fulfilled place.
Let’s Build a Stronger Finance Community Together
Knowledge is power. We know more now about our mental health and the impact things have on our mind, such as our environment, than before. With this knowledge there must be action to take better care of our minds.
Mental health should be a business wide priority in the workplace all year round and we encourage finance employers to break the mold, keep an open dialogue and take deliberate action to keep mental wellbeing top of the list. By embracing the power of community, finance employers can help create workplaces that are stronger, more inclusive, and more resilient.
Ready to create a healthier team culture? Let’s talk. Howett Thorpe is here to help you build finance teams where mental health is valued — not overlooked.