How Financial Companies Can Care for Their Employees Mental Health

With changing demands in banking and finance, a stressed economy, and an evolving regulatory landscape, financial industry employees face immense pressure. Calm Health’s 2023 Workplace Mental Health Trends Report shows 36% of workers in the finance industry are feeling stressed and anxious more than half the days or nearly all the time.

To keep their employees in good physical and mental health, and support talent recruitment and retention, finance benefit leaders need to make a plan to address mental health in their workforce. 

Mental Health Benefits to Offer

Consider the following benefits to support stressed financial employees: 

Advanced Primary Care

According to Calm Health’s Workforce Mental Health Trends report, 44% of banking employees say being overworked negatively affects their mental health, and 34% say being too busy does the same. 

To help busy finance sector employees attend to their health needs, consider an advanced primary care model. With onsite or nearsite health centers, employees can access same-day or next-day appointments near where they live or work with less than a five-minute wait time. Or, virtual primary care allows them to fit in an appointment during lunch or on break. Non-standard hours can also be arranged to allow for employees who arrive to work early, stay late, or set their work hours to match international working hours or financial markets.

Since APC operates outside of the traditional healthcare model, providers are incentivized for the care they provide, not the number of appointments in a day. That means providers spend longer with patients and are able to provide coaching on stress reduction techniques. APC models are also built with basic mental health screenings and services as part of the model, allowing care teams to better serve populations with greater mental health needs.

Mental Health Services

While APC can essentially provide the first step of mental health support, behavioral health programs and tools can deliver comprehensive mental health services, including diagnosis and medication support, talk therapies, emergency interventions, and more. Many employers offer employee assistance programs (EAPs) that provide access to confidential short-term counseling, crisis support, and referrals to mental health professionals.

To take it a step further, employers can partner with mental health platforms that offer app-based counseling and self-guided therapy. Or, provide access to a mental health care solution like LiveBetter™ by Marathon Health, which utilizes licensed mental health providers and offers patient-centric, evidence-based therapy integrated directly with the advanced primary care model.

The best mental health benefits programs will include several of these services coordinated together to close any gaps your employees need. Advanced primary care providers can even refer patients into any of these mental health resources.

Employers can also implement preventive mental health programs by hosting workshops, meditation sessions, or resilience training. These initiatives equip employees with tools to manage stress before it escalates into more severe mental health issues. Providing people leaders with mental health first aid training — more on this in a second — will help them recognize signs of stress and crisis on their teams, and help connect employees to the support systems in place.

A Culture of Wellness

To encourage engagement with mental health benefits, organizations need to create a culture of wellness. A great way to reduce stigma associated with mental health challenges and cultivate a supportive team culture is via Mental Health First Aid Training. The National Council for Mental Wellbeing offers cobranded, customized training programs that can be offered in-person or online, depending on your workforce needs. Clinical mental health partners can help conduct trainings and supply resources.

Change happens from the top-down, so encourage managers and leadership — including executives — to attend mental health training and workshop sessions, talk openly about mental health, and utilize mental health benefits. 

To reinforce training, establish internal peer support groups or mentorship programs. Having a safe space for employees to discuss workplace challenges and share stress management techniques fosters a sense of belonging and support.

Investing in health and wellness shows a commitment to employees, but also offers numerous benefits to the employer, including:

• Reduced absenteeism and presenteeism
• Increased engagement
• Higher retention and lower turnover

It also impacts your bottom line. For example, clients who implement LiveBetter™ alongside Marathon Health’s advanced primary care solution experience lower healthcare costs, with an average of 45% savings for engaged patients using both mental health and primary care services. Patients also saw notable improvement in depression and anxiety symptoms.

Ultimately, prioritizing mental health creates a more resilient workforce and a stronger organization.