Within the financial services sector, a high proportion of sickness absence is caused by work-related stress. Our aim is to encourage financial services organisations to improve employee health and wellbeing by using HSE’s Management Standards for work-related stress or an equivalent approach. In 2006, HSE identified the largest 500 employers in the sector and invited them to one of the Healthy Workplace Solutions workshops held from September 2006 to March 2007. Over 2007/8 HSE held a series of Masterclasses to further assist organisations implement the Management Standards. Organisations that were invited to the initial workshops will be subject to follow up activity.
Statistics (from HSE’s Self-reported Work-related Ill Health surveys (SWI)) show that sickness absence is particularly high in the sector. 50% of all sickness absence in the sector is stress related compared to an all-industry average of 33%. Work-related stress in the sector resulted in 659,000 days lost during 2004/05. This was an increase from the previous year, while other sectors remained steady.
The average days lost per worker as a result of stress in 2004/05 was 0.66 which translates to the following figures when multiplied across a whole organisation.
Many financial services organisations are very large employers and will therefore be losing hundreds or thousands of working days each year.
High-level HR and H&S figures within the financial services sector (including insurance companies, building societies and investment and high street banks). It is important to engage with both HR and H&S figures because many of the measures needed to implement the Management Standards or equivalent fall under the HR/Personnel remit.
Many of us experience pressure at work, and it can help us perform to a high level. However, excessive or poorly managed pressure can lead to stress, which undermines performance, is costly to employers and can make people ill. By taking an organisational approach to managing stress, organisations can reduce sickness absence and improve employee wellbeing.
Local Authorities with Head Offices of target financial services organisations in their areas (approximately 94 LAs) have already been invited to undertake workshop follow up activity. The desired outcome from these interventions is for LA officers to be satisfied that organisations are taking effective action to manage work-related stress. Training will be provided to nominated officers in participating LAs.
LAs that do not have a Head Office of a target financial services organisation in their area can, if they wish, make contact with other large organisations in their area and spread the above messages and disseminate awareness of the Management Standards.
All year.
The HSE stress website also contains information on the Management Standards, and case studies of organisations which have implemented them. A briefing pack including details of organisations to contact, inspection protocols and performance indicators is being developed and will be made available on the extranet.
