Last year was described as the ‘most stressful year in history for the global workforce’ by technology company Oracle and HR research and advisory firm Workplace Intelligence.
Their study of more than 12,000 employees, managers, HR leaders and C-level executives across 11 countries found – unsurprisingly – that COVID-19 had increased workplace stress, anxiety and burnout for people all around the world.
Overall, 70% of respondents said they were more stressed and anxious than ever before, while 78% revealed that the pandemic had affected their mental health.
There are several important reasons why the mental health of the global workforce took a knock last year. Naturally, the health threat of COVID-19 was a major cause of anxiety. In addition, the economic fallout from the crisis led to people feeling concerned for their livelihoods.
But another repercussion of the pandemic with implications for mental health is the large-scale shift to remote working that happened in March 2020.
Workers in numerous professions – treasury included – suddenly found themselves working from home, separated from colleagues they were used to seeing on a daily basis, perhaps overseeing home schooling, and having to operate under intense pressure while potentially feeling isolated.
What’s more, they were often working even longer hours than before. In April last year, Bloomberg reported that remote working was undermining people’s work-life balance, with employees in France, Spain and the UK notching up an additional two hours each day.
Even at the best of times, treasury teams can work long hours and bear heavy workloads, which can put a strain on their mental health. So, how have they held up during this period of crisis, and what are they doing to ensure the mental wellbeing of staff?
“The conversation about mental health is part of a broader one around wellbeing,” says Richard Garry, group treasurer at business intelligence group Informa. “So, it has always been a relevant issue for treasury teams. It is just that the greater potential for poor mental health has been brought to the fore over the past year.
"As a result of the environment we’re in, we’ve seen even more requests for data and additional requirements for extra borrowing or liquidity. This has led to instances where we’ve had to do more with the same number of people, which creates more pressure.”
“Businesses have relied on their treasury teams to help them navigate some exceptionally tough trading conditions, which can involve long hours,” notes Oliver Whiddett, senior vice president and group treasurer at supply chain logistics company Brambles.
He points out: “This can have a negative impact on mental health in the short term – and over the longer term – if the pressure is sustained, and not managed and supported carefully. But I think there is much businesses can do, and are doing, to help support employees through these times.”
78% of 12,000 staff and leaders surveyed by Oracle said that the pandemic had affected their mental health
Whiddett believes that, for a number of people, the general strain imposed by the pandemic has been magnified by the experience of home working. He says: “For some, home working will have been a net positive of avoiding a long commute, while for others, it will have been an isolating and challenging experience.
“This is why it is important that leaders communicate well with their teams and seek to understand how people are doing, and what support they need.”
Given the ongoing uncertainty, it wouldn’t be surprising if the morale of many treasury teams was beginning to suffer in light of the ongoing uncertainty. But Karen Toh, director of group finance at online trading company IG, says she’s been “blown away” by the resilience of her own team.
She comments: “Has it been easy? No. Have there been times when it’s been tough? Absolutely. We’re also quite a small and lean team, so there is no buffer. But it’s about working together to try to compensate where necessary.”
While treasury teams may have initially coped well when the pandemic struck last March, and in the months that followed, mental health could potentially become a more prominent issue the longer the crisis continues, especially if economic conditions worsen.
So, it’s important that treasury leaders spot the early signs of problems before they take hold and support staff to maintain a healthy work-life balance.
Garry believes in setting the right tone at the top.
“I’m a big advocate of leading by example,” he says. “So, take your holidays, make sure you go for a walk during the day, close down your laptop at night and model behaviour so that people can see it’s OK to switch off.
“Also, make sure you meet in an informal setting – albeit virtually – and share tips around wellbeing.”
Meanwhile, Whiddett says it’s key to check in with remote team members and to look out for any signs they might be struggling [see ‘The signs of waning morale’, below].
Leaders should also ensure that employees are aware of all the forms of support open to them, such as wellbeing programmes, employee assistance programmes and mental health awareness training.
Whiddett recently trained as a mental health first-aider – a go-to person for anyone experiencing a mental health issue – and sees great value in the role. “I think having mental health first-aiders is an increasingly important part of companies being able to support the wellbeing of employees,” he says.
“Mental health first-aiders can be helpful as an initial point of contact to those who are struggling,” notes Donna Butler, a psychotherapist and trauma specialist, and co-author of Mental Health and Wellbeing in the Workplace: A Practical Guide for Employers and Employees (Capstone, 2020).
“Early intervention for signs of stress or burnout can halt an accelerated decline in mental health.”
As part of her own commitment to promoting good mental health, Toh has been reaching out to all her team members for one-to-one catch-ups.
She believes that by having quality relationships with her reports, she is more likely to spot when someone is struggling. But she’s also acutely aware that not everyone with a mental health problem will show visible signs of distress.
“The ones to really watch out for are those individuals who are less obvious,” she says. “The ones who always seem in control and on top of things. By the time you notice the cracks showing in their armour, it can be too late.”
The reality is that neither treasurers – nor anyone else – are likely to admit to poor mental health if doing so risks them being criticised, judged, undermined or even discriminated against. Psychological safety is therefore key to getting them to open up.
So, how can treasurers create psychologically safe environments where team members can openly talk about how they’re feeling?
“The first step is to pay attention to the impact of your mood on others, as you may be inadvertently contributing to the team’s stress,” advises Dr Guy Lubitsh, a chartered organisational psychologist and co-author of Connect: Resolve Conflict, Improve Communication, Strengthen Relationships (Pearson, 2020).
“In parallel, you need to be able to show an appropriate degree of vulnerability that can help the team open an honest conversation on mental health issues and coping strategies.”
Butler says: “To create an environment that is psychologically safe for individuals to raise concerns around mental health, you need to be understanding, encouraging and able to keep confidentiality. You need to encourage these qualities in team members, too.”
“Make yourself available,” advises Garry. “I talk about how people are feeling and the pressures that I could be under, or they could be under, in team meetings. And I try to encourage people to talk either to me or to their immediate line manager, colleagues or friends.”
“I open up and share about myself,” says Toh. “There are times when it’s important as a leader to say ‘here’s the vision, here’s where we’re going’. But there are also times when it’s important to admit you’re rundown and tired. By revealing your own vulnerability, you hopefully encourage other people to open up.”
With remote working likely to remain an organisational fixture in future, how can managers ensure it’s done in a way that doesn’t negatively affect people’s mental health?
Lubitsh recommends that managers ask participants to turn their cameras on during video calls so that they can connect with each other and begin each meeting by checking in on how people are feeling.
He also suggests asking for continued and explicit feedback, picking up the phone to resolve conflicts and tensions, and allowing people to plan their day so they have a block of ‘No-Zoom’ time for concentrated work.
Whiddett believes that remote working can actually be an opportunity to build stronger personal connections with colleagues, saying: “It is impossible not to get to know someone better when you are seeing them in their home environment, sometimes accompanied by their friends, partner, children or pets.”
What is clear, is that managers cannot afford to ignore the pressing issue of mental health – not if they want to attract and retain talent.
The pandemic has prompted many treasurers to reflect on their careers and seek out new challenges, according to Martha Pierce, senior business manager for recruiter Hays Treasury. She says: “The candidates we work with are looking for an opportunity that will help them grow and develop their treasury skills.”
Pierce adds: “No longer is wellbeing a ‘nice to have’, it’s an essential. Failing to support your staff’s wellbeing risks them feeling overworked and burned out, which ultimately affects morale and productivity.
“Rarely are these issues isolated to one individual. Instead, they trickle through entire teams.”
While the pandemic has been a challenging period, Toh is hopeful that a new era of working will emerge from it – an era that balances remote work with office-based activities. She also says the crisis has shone a light on what really matters to her.
“I don’t just mean in my job,” she explains, “but what I value in life generally. I’d be surprised if I was the only one thinking that.”
Today’s mental health issues go much deeper than work and COVID-19-related issues. Here, Matthew Steans describes how he has applied his data-analysis skills and treasury experience to suicide prevention
In the current climate, there is a search to find meaning and purpose in our work. How can we use our skills and experience to contribute to a better world?
Venture capitalist and entrepreneur Peter Thiel, in his book Zero to One, argues that innovation should be about combining ideas and taking them to the next level – from zero to one.
The intersection of my treasury career and mental health journey started long before I care to admit, having struggled with depression and anxiety for a number of years.
However, the day I witnessed a suicide while working in a high-rise building back home in New Zealand was the day that really set me off on a crusade to do something about the pain and suffering associated with suicide.
The question I grappled with was this: how can I use my experience to have an impact?
When I first started researching suicide prevention and bereavement support in the UK, I was shocked to find out it takes a minimum of nine months for a coroner to conclude on a suspected suicide verdict.
Even more shockingly, coroners do not share information on suspected suicides with suicide-prevention groups or with neighbouring local authorities.
What was happening in those nine months?
Were the bereaved getting the support they deserved?
Were there any high-risk trends or high-risk locations?
Some regions with progressive coroners would hold quarterly, multi-agency suicide-audit meetings to discuss basic demographic information in a spreadsheet.
Thankfully, that process has evolved into what is called Real Time Suicide Surveillance (RTSS), and the Coroners and Justice Act 2009 has been updated to include a clause that allows for data sharing.
Once I fully understood the process and challenges, I immediately drew parallels to the evolution of treasury, in particular treasury technology and data sharing.
Treasury departments are built on an ethos of continual improvement through process, regulation, standards and technology. How do we do better? By analysing data and using technology solutions to deliver efficiencies.
Implementing treasury management systems (TMSs) and integrating them with enterprise resource planning, banking and dealing platforms, as well as financial data sources, is an evolution that has moved us towards straight-through processing.
Today, the push is towards data visualisation and driving tangible actions from data lakes.
I founded Stigma Statistics with a mission to facilitate suicide prevention through data and technology. Our Suicide Tracking Analysis & Reporting platform has been developed on fundamental TMS principles.
The platform allows for the collation, sharing, analysis and reporting of suicide data. Simply put, we have applied the logic of treasury technology to a different data set.
Instead of asking: “what is my position?” and: “when are those payments due?” – we ask: “how can we use this information to save lives?”
In the UK, Chancellor Rishi Sunak’s latest spending review included a budget for RTSS that was based on Stigma Statistics data. Local authorities will now be required to have a suicide-prevention solution such as RTSS.
I’m proud to be able to say that Stigma Statistics data and analysis provided the foundation for that initiative – not to mention that RTSS is one of those suicide-prevention solutions.
Treasurers have a wealth of skills and experience. There are any number of ways you can apply your skills and experience to your purpose. When you get from zero to one, why stop there?
Matthew Steans is the founder of Stigma Statistics
One of the positive outcomes from the increased conversation around mental health and wellness in the business world has been the increased profile for the mental health first-aider
Mental health first-aiders – also referred to as mental health champions, allies, advocates or volunteers – provide a useful, some might say essential, touchpoint within organisations for individuals who might find themselves struggling.
Mental health first-aiders are there to listen without judgement and to direct colleagues towards helpful resources and services – never more so than amid the pressures of the pandemic.
Setting up a first-aider programme is often one of the first steps organisations take in their mental health provision.
Joe Peka, deputy treasurer and a mental health first-aider at Urenco, says mental health awareness is a component of the health and safety culture there. “Extending that culture to mental health is about being complete and holistic in our approach,” he says.
Armed with a knowledge of symptoms of mental illness, first-aiders should be visible within their organisations. Often corporates will use Mental Health Week to promote their programmes and will publicise contact details on intranets or on-site posters.
At Urenco, first-aiders are dispersed across the company’s locations in the UK, the Netherlands and Germany, which means individuals can approach the person they feel they might have a rapport with rather than someone local to them.
“It’s a company-wide initiative and flexible enough that they can reach out to someone they don’t know, if that’s preferable. It’s 100% confidential,” he says.
Senior-level support for first-aider programmes is essential – as is clarity around the role. It is important that first-aiders are not seen as counsellors.
“We’re not the specialists,” says Peka. “We’re there to potentially identify the signs of mental health difficulties and much more importantly to be a publicised point of contact and to direct people towards appropriate resources.”
At Urenco, the initiative has been very well received and followed up with a general mental health awareness for all managers. It’s a programme that spreads confidence and keeps awareness levels high.
Since the arrival of COVID-19-induced lockdowns and remote working, Urenco’s HR department has emphasised the need for employees to maintain the contact that employees need – and miss.
“What we found was we missed the incidental connections and we’ve had to make specific efforts to replicate them,” says Peka. “Virtual meet-ups, informal stuff, the things we used to do spontaneously, we have to become more conscious of and plan.”
1. Keep in close touch with team members about conditions at home. Make efforts to identify whether anyone is struggling with isolation.
2. Ask people what support they would like to see. And then put the relevant support in place.
3. Lead by example. Take your holidays and let staff members know that you take time out during the day for walks or other mental health breaks.
4. Show that it’s OK to switch off at the end of the day.
5. Share tips and hints on wellbeing during team catch-ups.
6. Ensure people know where to go for help by publicising employee assistance or mental health first-aider programme.
Sally Percy is a business writer and editor, and a former editor of The Treasurer