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Banking sector 'facing health crisis'

23/10/13

The financial services industry can be an extremely rewarding one, with the potential for ambitious workers to make a great deal of money and enjoy challenging, engaging careers.

However, it can also be stressful, especially in the current economic climate when a great deal of scrutiny is being placed on banks and other financial institutions.

A new report entitled Banking: The Human Crisis, a survey of finance workers in 26 countries, has analysed the effects of job losses and working conditions on bank workers since 2011.

Carried out by Swiss-based banking organisation UNI Finance, the global union for the finance sector, the research suggested some 80 per cent of organisations feel deteriorating health has been a problem for their workers over the last two years.

Marcio Monzane, head of the company, said: "The pressure on staff to deliver with tighter human resources is immense and it is being reflected in the deteriorating health and lifestyle of bank workers worldwide."

However, good companies can put the right support network in place to ensure their staff are well looked after.

With many financial institutions investing an increased amount in their HR department, there are plenty of organisations that ensure workers do not get too stressed despite the pressure everyone is under in their working life.

Giving staff targets they will be unable to reach is warned against in the UNI report, as this can reduce morale, while managers should keep track of their team's progress and maintain strong lines of communication with junior workers.

This follows a report from management consultancy Head Heart + Brain which criticised standards of leadership in the financial services sector.

"Neuroscience tells us leaders must follow several golden rules if they are to get the best out of their staff. Crucially, they must help employees understand why organisational change is good for them," said business partner Jan Hills.

 

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