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

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Grant Thornton survey: Employees value flexibility over salary increases — one-third looking for new jobs

  • 40% will look for another job if forced to return to the office full time
  • 56% are looking forward to returning to the office
  • 51% would give up a salary increase for more flexibility in when and where they work
  • 40% do not feel like their voice is heard at work
  • 34% believe their manager is the most stressful part of the day

CHICAGO–(BUSINESS WIRE)–Grant Thornton LLP, a leading professional services firm, has released a survey that helps explain why millions of people have left their jobs in recent months. The firm’s State of Work in America survey engaged more than 1,500 full-time employees of U.S. companies. Through questions about hybrid work, healthcare, culture and benefits, Grant Thornton has shone a light on what employees value — and what companies can do to retain talent.

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According to the survey, the trend that experts have dubbed “The Great Resignation” may not end anytime soon: 33% of survey respondents say they are actively looking for a new job.

“There is most definitely a war for talent occurring, with an intensity unseen in recent years,” says Tim Glowa, a principal and leader of Grant Thornton’s employee listening and human capital services offerings. “Our survey finds that workers want flexibility. But ‘flexibility’ does not mean working from home 100% of the time, and physically returning to work does not mean being in the office five days a week.”

Instead, Glowa explains employees want workplaces that are understanding of responsibilities like childcare and eldercare.

“Everyone has a unique set of responsibilities outside of the office,” Glowa adds. “As companies return to the office, it will be more crucial than ever to give people the time they need to take care of what’s important at home.”

Return to work

Among those polled for Grant Thornton’s State of Work in America survey, 56% are looking forward to physically returning to the office. However, it appears the requirement to be in the office full-time is a driving factor that is motivating record resignation. According to the survey, 79% of survey respondents say they want flexibility in when and where they work, while 40% say they will look for another job if forced to return to the office full time.

“The challenge that companies face is creating an engaging experience for all employees, whether they are working in an office or remotely,” says Jennifer Morelli, a principal and leader of Grant Thornton’s Business Change Enablement practice. “Organizations need to make sure they are providing meaningful opportunities and reasons to come into the office. For example, in-person working sessions, an important meeting or a team-building event.”

Ultimately, the State of Work in America survey revealed that flexibility is perhaps one of the most desired attributes in the modern workplace. More than half (51%) of the employees interviewed by Grant Thornton say they would give up a 10%-20% salary increase for more flexibility.

“People value employers that respect their time, their family responsibilities and their work-life balance,” says Glowa. “Employers that put that respect into action are well-positioned to win the ongoing war for talent.”

Retaining talent during “The Great Resignation”

While employers have been pondering their return-to-work strategies, the benefits landscape has changed. Grant Thornton’s State of Work in America survey shows that many employees are satisfied with their benefits, but a large contingent have significant concerns over healthcare. Approximately 30% of survey respondents feel like the amount they pay for healthcare is not transparent, and they are not confident that they have chosen the best medical plan.

Grant Thornton leaders say that addressing those concerns will require both detailed communication and ongoing benefits evaluation. Through a process called ‘employee preference optimization,’ companies can find ways to enhance the benefits people use and value — and save money at the same time. Frequent check-ins and active listening are also vital, as is a concise yet effective internal communications plan that relays key benefits information.

“To better attract and retain employees — especially in a tight labor market — requires thinking like a marketing professional,” Glowa adds. “You need to understand employee pain points, then brainstorm potential solutions and benefits to address them. If you can fix that pain point, you’ve made a big difference in the eyes of employees — ideally, in a way that is difficult for competitors to replicate.”

Those concerns about healthcare also seem to have a direct impact on workplace stress. As this survey reveals, medical issues are one of the most common sources of stress, surpassed only by personal debt. Ability to retire, work-life balance and mental health round out the list of top five sources of stress. However, some of the most common pain points are directly related to workplace culture.

Almost half (45%) of survey respondents say they do not believe their employer understands their needs as an employee, and 40% say they do not feel like their voices are heard at work. Further, 34% indicate interacting with their manager is the most stressful part of the day. This could be due to management style or the sheer fact some managers don’t have the proper training.

Grant Thornton leaders emphasize that there is no one-size-fits-all solution to these issues. Yet, as Glowa puts it, “thinking like a marketing professional” can lead to better value propositions for employees — and ultimately help retention. Companies may need to focus on training stronger managers, optimizing their benefits and total reward packages, or enhancing workplace culture.

But no matter what steps companies take, the State of Work in America survey indicates that the employee experience — and understanding what keeps your people up at night — must take precedence.

“There is a bright spotlight on leadership and how leaders are treating employees,” Glowa concludes. “Leaders need to walk the talk, because employees are watching closely.”

To see additional findings from Grant Thornton’s State of Work in America survey, visit www.grantthornton.com/library/articles/tax/2021/assessing-the-state-of-american-workers. To view a webcast that examines the State of Work in America survey in more detail, visit: www.grantthornton.com/events/tax/2021/10-07-the-state-of-work-in-america.

About Grant Thornton LLP

Founded in Chicago in 1924, Grant Thornton LLP (Grant Thornton) is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading organizations of independent audit, tax and advisory firms. Grant Thornton, which has revenues of $1.97 billion and operates more than 50 offices, works with a broad range of dynamic publicly and privately held companies, government agencies, financial institutions, and civic and religious organizations.

“Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.

Contacts

Adam Bond

T +1 312 602 8332

E adam.bond@us.gt.com
S twitter.com/grantthorntonus
linkd.in/grantthorntonus

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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