BAI Survey of Financial Services Employees Shows Over a Third Feel the Pandemic Has Had a Negative Impact on Their Mental Health OutBuro lgbtq employess professionals networking online community

BAI Survey of Financial Services Employees Shows Over a Third Feel the Pandemic Has Had a Negative Impact on Their Mental Health

CHICAGO–(BUSINESS WIRE)–Recent research by BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, reveals that while employees’ work/life balance has improved during the pandemic, their mental and physical health and work load have been negatively affected. HR leaders are taking note and looking at ways to preserve the positive impacts of the pandemic work environment, while helping employees work through the personal challenges they are facing.

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BAI surveyed more than 250 financial services employees to better understand how the pandemic had affected their personal and professional lives. While the results on work/life balance were positive, the research showed a negative 37% net impact on mental health, a negative 13% net impact on physical health and a negative 22% net impact on workload.

“Increased remote work arrangements with more flexibility in where and when employees work has predictably had a positive impact on work/life balance,” said Karl Dahlgren, managing director at BAI. “However, for the long-term health and engagement of their employees, it is important for financial services leaders to better understand and act on other negative impacts from the pandemic.”

BAI hosted a Fireside Chat Webinar, “The Impact of the Pandemic on Financial Services Leaders,” to walk through the study and discuss how leaders can help employees with things like mental health and workload challenges. Participants included Catherine Garret, Senior Vice President, HR Operations, Technology and Compliance at Comerica Bank, and Dannielle Brown, Head of Employee Experience at M&T Bank. Moderated by Holly Hughes, Chief Marketing Officer at BAI, the discussion included real examples of how the participants are working to help their employees during these transitional times, including extending mental health services, monitoring employee workloads through analytics, and creating manager resources to help employees transition back to the office. The webinar was published November 9 and can be accessed on demand.

About BAI

As a nonprofit, independent organization, BAI has delivered the financial services industry’s most actionable insights for more than 95 years, helping leaders make smart business decisions every day. We provide in-depth, proprietary research to more than 40 of the top US banks, support more than 2,100 financial services organizations with compliance and professional development training, provide trusted, relevant thought leadership through BAI Banking Strategies reports, podcasts and webinars, and offer specialized events and programs. For more information, visit www.bai.org.

Contacts

Kendall Carwile

William Mills Agency

678-781-7224

kendall@williammills.com

Employee Mental Health Issues Intensify OutBuro lgbtq professional entreprenuer networking online community gay lesbian transgender queer bisexual nonbinary

Employee Mental Health Issues Intensify

CHICAGO–(BUSINESS WIRE)–#mentalhealth–Employees’ mental health has become a serious issue in the workplace and employers face growing responsibility to stem the tide. According to a customer poll by ComPsych, the world’s largest provider of behavioral health and well-being services, 87 percent of employers say the mental health of their employees is their biggest well-being concern.

“The mental health issues emerging from this period of prolonged stress need to be addressed now,” said Dr. Richard Chaifetz, Founder, Chairman and CEO of ComPsych. “Pandemic stress is contributing to widespread mental exhaustion, negative health impacts and unhealthy behavior changes. We’re seeing employers continue to expand their efforts with enhanced counseling, manager and employee trainings and a broad-based approach to better support employee needs.”

National Stress Awareness Day, the first Wednesday each November, aims to shine a light on the role stress plays in people’s mental health and the importance of learning how to manage it and cope with it.

Stress, Mental Health and Work

Workplace stress is a silent, and often neglected factor which can impair health and productivity and lead to absenteeism. According to a new ComPsych Tell it Now℠ customer employee poll 60 percent of employees report they feel stressed, anxious and depressed.

The employee impact is significant with direct consequences to business. In fact, the American Psychological Association’s 2021 Work and Wellbeing Survey showed 44 percent of American workers plan to change jobs in the coming year for a multitude of reasons—particularly, stress.

With employers looking to better understand the mindset of their employees and intervene before stress may lead to resignation or poor performance, ComPsych recently held a webinar for its customers entitled -“Managing Staff Through Stressful Times.” Attended by more than 900 HR and benefits leaders, the webinar offered real-world examples and scenarios to help managers identify and address the multitude of issues their employees face each day. For more information visit www.compsych.com.

About ComPsych

ComPsych® Corporation is the world’s largest provider of employee assistance programs (EAP) and is the pioneer and worldwide leader of fully integrated EAP, behavioral health, wellness, work-life, HR, FMLA and absence management services under its GuidanceResources® brand. ComPsych provides services to more than 56,000 organizations covering more than 127 million individuals throughout the U.S. and 190 countries. By creating “Build-to-Suit” programs, ComPsych helps employers attract and retain employees, increase employee productivity and improve overall health and well-being. For more information, visit www.compsych.com and follow us @ComPsych on Twitter and LinkedIn.

Contacts

Jamie Stein

ComPsych Corporation

312-451-7160

jstein@compsych.com

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Fewer Americans report a sense of belonging at work when compared to pre-pandemic

LifeWorks Mental Health Index™ indicates that close to half of Americans are working while feeling unwell.

CHICAGO–(BUSINESS WIRE)–LifeWorks, a leading provider of digital total wellbeing solutions, today released its monthly Mental Health Index™, revealing a negative mental-health score among Americans for the 17th consecutive month.

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Key findings:

  • Overall mental-health score of -3.0 compared to the pre-pandemic benchmark, reaching its highest point since the launch of the index in April 2020.
  • In the latest survey, 80 percent of respondents indicated that prior to the pandemic, they felt a sense of belonging and acceptance at work, but only 74 percent felt the same during the past month.
  • Meanwhile, 20 percent of respondents indicated that before the pandemic, they were unsure or did not feel a sense of belonging, compared to 26 percent feeling the same during the past month.
  • This trend is seen across all age groups, however, the proportion of employees who report feeling a sense of belonging and acceptance at work increases with older age groups.

Pandemic-driven work-from-home model contributes to worsening isolation among American employees:

  • The majority of employees (65 percent) who are working at a jobsite feel a greater sense of belonging and acceptance at work than those who work from home or in a hybrid workplace.
  • Isolation scores among those working exclusively from home are worse (-2.5) than those working in a hybrid model (-1.6) or from the jobsite (+0.4).
  • The 74 percent of respondents who felt a sense of belonging and acceptance at work during the past month, had the highest mental health score (+1.6) and the best isolation score (+0.5) compared to those who were unsure or did not feel the same way.

Comments from president and chief executive officer, Stephen Liptrap

“As we look to the next phase of the workplace setting, isolation will remain an issue for many. While many employees will be granted with the ability to work from their preferred location, those working in virtual or hybrid environments may feel excluded as onsite corporate cultures evolve or fear missing out on opportunities. Employers must continue to foster inclusivity and show all employees that they are valued to create a strong culture and boost company morale.”

Two in five American employees report working while unwell on weekly basis, contributing to productivity loss:

  • Forty-two percent of respondents report doing their job when feeling unwell (physically or physiologically) at least one day per week. The mental-health scores among this group are significantly below those who report never working while feeling unwell.
  • The majority (58 percent) of respondents indicate that they never work while feeling unwell. This group has the most favorable mental health score, at more than seven points above the pre-2020 benchmark (+7.2).
  • Sixty percent of parents report working when feeling unwell at least one day per week, compared to 36 percent of non-parents.
  • Additionally, respondents who have a mental-health score of -40 or lower, are estimated to have a productivity loss of 22 percent, compared to those with a mental-health score of +10 or more with a productivity loss of 10 percent.

Comments from global leader and senior vice president, research and total wellbeing, Paula Allen

“We have been going through a long period of strain and we are entering a new phase where some of the same uncertainties that created the initial strain are continuing and appearing in new ways. We know that a workplace culture of wellbeing and support for mental health can mitigate this. Our research is showing us that many, including parents, are struggling. Employer support is an important factor in their health and productivity, and will benefit them and the organization.”

The full American LifeWorks Mental Health Index™ report can be found here. This month, the report includes additional insights on the impact of remote work on mental strain, reasons for missed time from work due to illness, employees’ ideal work situations and more.

About the Mental Health Index

The monthly survey by LifeWorks was conducted through an online survey from July 30 to August 5, 2021, with 5,000 respondents in the United States. All respondents reside in the United States and were employed within the last six months. The data has been statistically weighted to ensure the regional and gender composition of the sample reflect this population. The Mental Health Index™ is published monthly, beginning April 2020, and compares against benchmark data collected in 2017, 2018, 2019.

About LifeWorks

LifeWorks is a world leader in providing digital and in-person solutions that support the total wellbeing of individuals. We deliver a personalized continuum of care that helps our clients improve the lives of their people and by doing so, improve their business.

ID-CORP, ID-MH, ID-US

Contacts

Heather MacDonald

LifeWorks

media@lifeworks.com
1-855-622-3327

Angela Pinzon

Kaiser & Partners

angela.pinzon@kaiserpartners.com
1-647-295-0517

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New Report: 67% of Employees Who Are Ready to Resign Think Employers Have Not Fulfilled Pandemic Promises Around Mental Health and Well-Being

‘Employee Stress Check 2021’ Report By Talkspace for Business and The Harris Poll Finds More than 40% of American Employees are Likely to Change Jobs to Resolve Stress; One in Four Believe Their Physical Health Has Suffered

Nearly 60% of Employees Believe that Supportive Management, Strong Social Office Culture, Mentorship, and More Mental Health Services Can Improve Retention

NEW YORK–(BUSINESS WIRE)–Talkspace (NASDAQ: TALK), a leading online behavioral healthcare company, today released the ‘Employee Stress Check 2021 Report,’ a nationwide survey by Talkspace for Business with The Harris Poll that explores current employee attitudes toward mental well-being and work. The survey of more than 1,000 full-time employees in the United States found that while many have spoken about a great resignation, there is a period of “great reflection” that comes first, one in which chronic stress finally triggers an employee to seek immediate resolution. Talkspace for Business sought to understand the experiences that lead to resignation and what employees and therapists think companies should be doing to better tackle stress. The report details key stress drivers, the impacts of chronic stress, demographic comparisons, and helpful interventions cited by employees and therapists.

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Employers across the U.S. are working hard to modernize the employee experience, yet the cultural shift is immense. As the workplace becomes more complex in regards to employee locations and needs, it is critical for companies to become proficient in recognizing new warning signs of stress and disengagement. In fact, the report found two out of every three employees considering leaving their jobs agree that their employer has not followed through on their early pandemic promises to focus on mental health. Other key takeaways from the survey include:

  • Two of every three employees (67%) who consider leaving their job agree that their employer has not followed through on early pandemic promises to focus on employee mental health. 68% of potential quitters said, “my employer [said] employees should focus on ‘self-care’ but doesn’t provide the resources to do so.”
  • 41% of all American employees are likely to consider a job change to resolve stress. Employees are bypassing helpful company policies, such as changing teams or short-term leaves, in favor of resignation.
  • Nearly 1 in 4 employees believe their physical health has suffered because of their job and at least 25% are underperforming regularly due to stress.
  • Employees under 35 and working mothers are having greater reactions to stress and are most likely to change jobs or careers, or quit in the next six months.
  • Although 52% of all employees report burnout, less than 20% of them are using the company benefits they believe are “most helpful” for mental health. This signals that employees may not be fully aware of what’s available, or may not feel comfortable taking advantage of certain benefits.
  • Nearly 60% of employees believe that supportive management can improve retention. “A manager that prioritizes mental health” is more highly ranked by employees than both a strong office culture and mentorship.
  • Employees want more than pay – six of the top ten reasons employees would stay at a job are connected with management, leadership, and culture across all demographics.

“The data is clear: employees are struggling to find healthy coping mechanisms to manage chronic stress,” said Dr. Varun Choudhary, MD, MA, DFAPA, Chief Medical Officer of Talkspace. “This new study suggests that employee well-being is shaped by many varying experiences — from managerial relationships to workplace policies, and available mental health and wellbeing resources. It’s critical that employers pay attention to pain points and implement effective solutions that counteract chronic stress, enhance workplace culture and improve retention.”

Talkspace commissioned the survey with The Harris Poll. Fieldwork was conducted from July 29 to August 2 among 1,015 full-time employed adults aged 18+ in the United States. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact jkim@skdknick.com.

To learn more about the findings of the report, read the Employee Stress Check 2021 Report from Talkspace for Business.

About Talkspace

Talkspace (NASDAQ: TALK) is the leading virtual behavioral healthcare company committed to making care more effective, accessible, and convenient. Talkspace addresses the challenges of traditional mental healthcare by combining effective clinical solutions with technology designed for how we live today. The platform is powered by a diverse team of certified mental health specialists in every state providing therapy and psychiatric treatment for individuals, couples, and adolescents. Talkspace therapists meet clients where they are, on their schedules, on any device, via chat, voice, and video. All care is delivered through an easy-to-use and fully encrypted web and mobile platform, consistent with HIPAA and other state regulatory requirements. More than two million people have used Talkspace.

Talkspace for Business, the enterprise division of Talkspace, now covers more than 55 million lives. Existing relationships include leading employers, schools, and the nation’s largest health care plans, including an in-network provider agreement with Cigna.

For more information about Talkspace commercial relationships, visit https://business.talkspace.com/. To learn more about online therapy, please visit: https://www.talkspace.com/online-therapy. To learn more about Talkspace Psychiatry, please https://www.talkspace.com/psychiatry.

About The Harris Poll

The Harris Poll is one of the longest-running surveys in the U.S. tracking public opinion, motivations, and social sentiment since 1963 that is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

Contacts

John Kim | jkim@skdknick.com | 310.997.5963

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Burnout Could Be New Contagion

ComPsych Poll Confirms Need for Employers to Act Now

CHICAGO–(BUSINESS WIRE)–#burnout–As the world struggles with what feels like an almost constant back-and-forth pendulum swing, business leaders are navigating an increasingly intricate workplace that includes a new contagion, burnout. According to a poll by ComPsych, the world’s largest provider of behavioral health and well-being services, 57 percent of employers say employee burnout is affecting turnover, retention and productivity at their company. Approximately 40 percent are concerned about declining employee engagement and morale.

“The pandemic has created some of the most trying situations leaders have ever faced and burnout is a serious issue in our new world of work,” said Dr. Richard A. Chaifetz, Founder, Chairman and CEO of ComPsych. “People’s mental and physical health are really strained and they are suffering. Employers must take the reins and actively try to alleviate issues before things get worse.”

Last year the World Health Organization classified burnout as a disease. A result of chronic and acute stress over long periods of time, work burnout is a condition characterized by general feelings of energy depletion, reduced work performance, and increased feelings of negativity about one’s job.

So what do employees think could help address burnout? 65 percent say encouraging time off and offering mental health days, according to a ComPsych Tell it Now℠ customer employee poll. 12 percent of respondents said more recognition and close to 10 percent acknowledged there is nothing their employer can do, and that they plan to leave their job anyway.

“The trouble with burnout is it isn’t just an individual experience. People struggling with these feelings can spread symptoms to others,” said Chaifetz. “The good news is that it can be addressed with the right strategy and resources.”

Addressing Burnout

  • Provide education and counseling workshops for employees.
  • Utilize employee assistance programs.
  • Offer flexible work options.
  • Normalize conversations around burnout and anxiety so employees feel comfortable sharing what they’re feeling.
  • Survey employees and show you are listening.
  • Ramp up employee recognition efforts.
  • Encourage employees to take vacation time.

Contacts

Jamie Stein

ComPsych Corporation

312-451-7160

jstein@compsych.com