Challenge of Mental Health in the Workplace: Financial Sector Particularly Affected

The global economy is increasingly being affected by a "mental health pandemic" in companies, particularly in the financial sector. Recent studies by Deloitte show that 17 percent of employees in the finance and insurance sectors suffer from the core symptoms of burnout, compared to an average of 12 percent in other industries. Additionally, the annual costs of poor mental health per employee in these sectors amount to over 5,300 pounds. Globally, depression and anxiety lead to a loss of 12 billion workdays each year, costing the global economy a trillion dollars, as reported by the World Health Organization. The increasing pressures, including those from the pandemic, are exacerbating this situation. John Flint, former CEO of HSBC, emphasizes the need to speak openly about mental health. Scientists warn that the challenges of mental health will grow in the long term. A significant deterioration is particularly noticeable among young people. Therefore, it is crucial for companies to promote the well-being of their employees. In practice, companies that invest in their employees' mental health see significant benefits. Rob Jupp of the Brightstar Group reports a productivity increase of up to 60 percent. Research from the University of Oxford also confirms that well-being in the workplace is closely linked to a company's performance. However, there is a risk that current progress could be undermined by negative societal trends. Critics warn that a dismissive attitude towards mental health topics threatens to prevent those affected from seeking support.