Corporate wellness programs started becoming popular in the 1970s, focusing predominantly on stress management, nutrition, and weight control, as well as smoking cessation and support to reduce substance abuse. By the late 1980s, the concept of work-life balance emerged, and wellness programs began to also focus on psychological well-being. Over the next two decades, programs evolved substantially, with companies’ employee assistance programs actively helping to decrease depression and suicidal thoughts. These programs also now include support for a variety of stressors, such as financial stress and stress resulting from having to balance work while also caring for children and aging parents at the same time.Mental health in the workplace remains a growing issue. The number of leaves of absence due to mental health rose 22% from the first quarter of 2023 to the first quarter of 2024, according to data by ComPsych, a provider of mental health and absence management services. More than one in ten (11%) leaves of absence were due to mental health during that period — more than those for accidents, cancer, COVID-19, heart disease, and heart attack — combined. But more crucial may be the fates of the employees who aren’t seeking the breaks they need, as is suspected in the case of a veteran and junior investment banker who died of a blood clot after consistently clocking 100+ hours a week.In fact, bankers are more prone to depression, anxiety, and burnout than workers in most other industries, according to Dr. Matthew Thiese, a University of Utah professor and occupational epidemiologist. Workplace Mental Health Contributing FactorsThere are countless reasons why an employee might be struggling with their mental health at work, but the sweeping changes in people’s personal and professional lives over the past five years are definitely high on the list. Here are just a few things that could be behind the troubling trend:
- Balancing work with caretaking. Whether it’s for aging parents, children, or another loved one, caregiving takes an average of 26 hours per week — 3x the average weekly caregiving time in 2020. What’s worse is that when these caregiving employees become overwhelmed, they might not reach out for help because they are concerned about losing opportunities at work.
- Working remotely vs. returning to office. There has been a huge shift in how and where we work since the pandemic. Companies that allowed remote work previously are starting to mandate hybrid or onsite work, which is often met with resistance by workers. Those trying to adapt to yet another new normal in their work lives may be struggling with the accompanying lifestyle changes. Worse yet, any workers who are exempted from the trend while other colleagues comply might face hard feelings from their teammates and managers.
- Staffing shortages. Companies or teams that are experiencing layoffs or are having difficulty filling positions are feeling extra stress, as the current employees take on responsibilities beyond their own roles. This is particularly true for the banking industry, which has seen high turnover in the past few years.
How Employers Can Lend Support“The more organizations can support resiliency-building, teaching self-care and prioritizing work-life balance before things escalate into significant symptoms with functional impacts, the better,” says Jennifer Birdsall, ComPsych’s clinical director. “This is where the continuum of care, which includes prevention, comes into play.”Morra Aarons-Mele, a workplace mental health consultant shared several examples of how employers can help workers meaningfully in Harvard Business Review:
- Customize wellness programs. Blanket policies do not take into account the multitude of ways that employees are now working, including in-person, remote, and hybrid, as well as differing stressors between generations and diverse populations. Behavioral health solutions should focus on the specific stressors that the employee population is experiencing.
- Encourage conversations across generations and genders. Baby boomers and Gen Xers who have lived through meager years and relationship issues may be able to share how they’ve dealt with them with Millennials and Gen Zers currently experiencing such struggles. Employers should also encourage men to share their feelings, as corporate mental health programs can often skew female.
- Designate leaders to be workplace champions. While outside consultants and vendors can greatly help employers enhance their wellness programs, internal champions often make all the difference. You might ask for a volunteer from your leadership team or a mix of employees from various levels and departments of your CFI to champion a better mental health culture, including by sharing their own personal experiences with wellness issues. Such cultures can be strengthened if more leaders also share, especially within the C-suite — as well as take the time to listen to others who may be struggling.
What CFIs Are Doing To Help EmployeesLike other employers, financial institutions are finding ways to enhance their mental health initiatives:
- Chesapeake Bank. The $1.6B-asset CFI based in Kilmarnock, Virginia established an ICU (I See You) Committee — employees who volunteer to meet coworkers after hours in coffee shops and libraries, sharing stories of mental health struggles. "In this day and age, especially after the pandemic, we've seen an uptick in mental health concerns [such as] increases in anxiety, depression and things of that nature," says Amanda Smile, director of human resources. “A lot of people would hide that. So we have tried to meet people where they are. We really need to focus on and let people know that it's okay to not be okay."
- Centier Bank. The $9.3B-asset CFI based in Merrillville, Indiana in 2022 started letting employees take additional days off within the year, designating them as “mental health days.” This way, employees who might not be willing to share their struggles with others have an alternative outlet to work through any issues.
- ACCESSbank. The $962MM-asset bank based in Omaha, Nebraska also offers mental health benefits to the dependents of employees. In addition, ACCESSbank hosts quarterly workshops for employees to learn more about various mental health topics.
Workplace mental health issues are a growing concern across all industries, including the financial services sector. Employers are stepping up their wellness programs to help employees who are struggling with personal issues. Customized mental health solutions tailored to specific issues, fostering communication across generations and genders — and having leaders share their own experiences can greatly help those who may be in need.
