Financial services praised for mental health actions

16 February 2021
| By Laura Dew |
image
image
expand image

The mental health of financial services workers saw improvements during COVID-19, becoming the second-highest overall thriving workplace.

The Indicators of a ‘Thriving Workplace’ study by Superfriend found financial services workers were in high demand as a result of Government policies brought in such as JobKeeper, JobSeeker and early access to super.

Financial services jumped from sixth place in 2019 to second place in 2020 with a score of 67.6 out of 100. Workplaces were judged on their connectedness, leadership, policy, culture and capabilities.

The sector also saw the strongest productivity gains during the pandemic, up 9.8% since February 2020.

Over half of respondents said their financial services employer had taken steps to improve staff mental health and 60% described their workplace as ‘supportive’ or ‘extremely supportive’. As a result, 42% said they would ‘definitely’ stay with their employer for the next 12 months.

Positive measures, specific to the pandemic, included the ability to work remotely, flexible working and saving time and money on their commute.

Superfriend chief executive, 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.”

AustralianSuper group executive, membership, Rose Kerlin, said: “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”. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago