The issue of mental health in the workplace is getting more attention, and one sector where it certainly applies is wealth management. The author of this article take a look.

The issue of mental health in the workplace is getting more attention than in the past - not before time. On the client side, there is more awareness than before about cognitive decline issues. However, the situation of advisors themselves is just as important. This is a high-pressure industry and its practitioners have targets to hit. Margins are tight; the growth of regulation shows no sign of abating. (We have carried an article on this subject from Irwin Mitchell, the UK law firm.)

This article by Alan Foster, head of people, at UK investment firm Rowan Dartington, considers this important topic. The editors of this news service are pleased to share these opinions and invite readers to respond. The usual disclaimers about the views of outside contributors apply. 

Email tom.burroughes@wealthbriefing.com and jackie.bennion@clearviewpublishing.com

In recent years, we’ve seen a welcome shift in attitudes towards mental wellbeing, with mental health steadily being recognised as important as physical health. Today, many charities and high-profile individuals have been leading the way in creating a more open discussion on it to help address problems.

Within the workplace there has also been a step change in the way we think about and address poor mental health. Certain industries are ahead of the curve, but the financial services industry has so far lagged behind others in terms of progress. We need to implement change quickly in order to address this. A report by HR consultancy AdviserPlus found that financial services has the highest percentage of mental health-related absence of any sector - with up to a third of all reported absences being related to mental health.

That’s a stark finding that should surely spur us on to do more. Of course, there is no getting away from the fact that financial services can, by its nature, be a demanding industry to work in. Volatile markets, increasing regulatory and compliance requirements, clients who rightly expect strong performance from their investments, the long hours sometimes needed - all of these factors can add up. 

We all need some measure of stress to help us perform at our best - it’s not always a bad thing. But when these pressures start to tip over into poor mental health, then it’s vital that we ensure that the support mechanisms are in place to help people cope. A study in 2018 by the Mental Health Foundation found that 74 per cent of people have felt so stressed at one time or another that they have been overwhelmed. It’s a common problem and we, as employers, have a responsibility to support our employees and make sure they are happy, healthy and able to continue to give their best.

I believe that one of the issues in financial services is that there is still a culture where individuals don’t open up about how they are really feeling. Firms need to tackle the associated stigma head on, which in turn will change the working environment.  
 

An open and supportive culture
At Rowan Dartington we have been trying to move the dial. The wellbeing and happiness of our staff is a priority and we want to create an environment in which mental health is normalised and people feel comfortable seeking the help they need. We have been building a culture where people can be more candid about the challenges they’re facing in and out of the workplace. Every little step we can take to de-stigmatise mental health is a valuable one. Through the following initiatives, we have already made progress and I’m confident we will go a long way to achieving our goal. 

Training: It all starts with training - we want people equipped with the skills to identify mental health issues and know the correct steps to take to ensure that it’s talked about and tackled in a sensitive manner. As such, we have offered mental health training to all our staff, and the first group who took part provided very positive feedback. We are also thinking about the concept of having mental health first aiders - companies have physical first aiders, so why not for mental health too? 

Listening to views: If we’re serious about a change in culture, we must actually ask our people how they would like to see it happen. So, following training, the next thing we did was to ask our people what they would like to see us doing more of. We now get their views regularly and use the feedback to inform our wellbeing activities. 

Self-help: Despite our hope to shift the company culture across the board, not everyone will want to talk about their mental health, least of all with their work colleagues. This is why we have made a self-help app available called “my possible self” which has been clinically proven to relieve the symptoms of stress and anxiety. We also offer access to an EAP line and all staff are offered Bupa membership. 

Work-life balance: It’s vital that our people can find a balance between work and personal lives. Being able to switch off from work and spend time relaxing or with friends and family is important to everyone. To acknowledge this, we have recently announced a reduction in our contractual working hours and openly encourage individuals to limit the number of emails they send outside of work. Similarly, we try to accommodate flexibility wherever possible and believe that if senior members of the team adhere to it, junior staff will follow suit. 

To put it simply, we can’t expect employees to power on through life’s inevitable difficulties with no support, but we know that we still have to keep working at this. It’s a focus that will keep evolving as we commit ourselves to making sure our employees are as happy and healthy at work as possible.