Margo Lydon
New research launched yesterday by national workplace mental health organisation, SuperFriend, highlights a remarkable improvement in the mental health of financial and insurance services workers amid the COVID-19 pandemic, following a challenging few years in the wake of the Senate Inquiry into Insurance and Financial Services Royal Commission.
Using data from Australia’s largest workplace mental health study, Indicators of a Thriving Workplace, Spotlight on the Financial and Insurance Industry 2020 is a snapshot of mental health and wellbeing in the Australian financial and insurance services workforce.
The report found that the industry’s overall thriving workplace score leapt to the second highest in 2020, from just sixth in 2019 (up by 3.3 points to 67.6 out of 100). All five domains of thriving workplaces (connectedness, leadership, policy, culture and capability) showed improvement, with the policy domain recording the strongest improvement.
The study found that during 2020, financial and insurance services workers were in high demand to respond to Government measures designed to ease the financial hardship faced by many Australians, such as the early release of super scheme, mortgage deferrals and reductions, and broader legislative changes, with many working more hours than ever, often by choice.
Sector workers experienced the largest increases in positive stress compared with workers in other industries (up 3.8pp). Positive stress, also known as ‘eustress’, is a short-term motivator that focuses energy and improves performance. The sector also showed the strongest productivity gains of any industry during the pandemic (up 9.8pp since February to 35.6%).
Commenting on the findings, SuperFriend CEO Margo Lydon said: “It is a good news story for the financial and insurance services industry from a mental health perspective, particularly after the long-term scrutiny the industry endured following the Senate Inquiry into Insurance and the Financial Services Royal Commission, and the impact these events and subsequent changes had on the sector workers’ wellbeing. The industry appears to be rallying and recovering from within, with its people in demand throughout the pandemic and subsequent recession.
“During the height of the pandemic, the industry embraced the challenge of providing much-needed support to customers facing financial uncertainty, stepping in as one of the many essential services vital to Australia’s support and recovery,” she added.
Reflecting on the research findings, AustralianSuper’s Group Executive, Membership, Rose Kerlin said, “Investing in people through initiatives like our SuperFriend partnership has helped equip them with vital wellbeing and resilience skills. Working on the financial services frontline to support members with early access to super and concerns about market volatility was both challenging and rewarding – but we can only provide this support if our people are at their best.
“The industry banded together with a strong sense of shared purpose to help meet member needs effectively. None of us would want to go through another 2020, but it has certainly reminded us all of what’s important for both members and colleagues,” she added.
Strong employer support in difficult times
More than half (52.4%) of financial and insurance industry workers report that their workplace has taken tangible action to improve workers’ mental health and wellbeing, making it the third most action-oriented industry in Australia, reflecting the industry’s investments in this area over recent years.
The industry shares the top spot of being most supportive of workers’ mental health and wellbeing, with over 60% describing their workplace as ‘supportive’ or ‘extremely supportive’, alongside information, media and telecommunications industry.
Unsurprisingly, all this has led to improved staff retention with 42% planning to ‘definitely stay’ with their employer over the next year.
Ms Lydon believes increased retention is also influenced by financial security during uncertain economic times. More than three-quarters of workers believe their workplace is in a good financial position, also offering high levels of job security for the period.
According to the report, nearly 86% of financial services workers also believe their workplace is highly committed to preventing the spread of COVID-19, second only to the health care and social assistance industry.
Working remotely a winner
Workers in the sector identified at least one positive work-related change that they would like to continue in the future. Feeling more valued and respected for their work, better communication and work relationships, and more flexible approaches to working emerged as most popular choices.
Workers responding to the survey commented that the ability to work remotely, being trusted to work flexibly, saving time and money traveling to work, more time for exercise or even getting away from office politics were all important factors in improving their mental health and wellbeing.
“2020 marked a significant change in how the financial services industry is perceived, and its contribution to the community was recognised throughout the raft of challenges that unfolded during the year.
“This sense of recognition coupled with action-oriented leadership has clearly resulted in good mental health outcomes, and we hope for this to be a tipping point in the industry’s wellbeing now and into the future,” Ms Lydon concluded.