Financial Services according to research by SuperFriend, is the most stressful for employees, with over a quarter of people experiencing very high levels of stress in their job. With stress being a major risk factor for strokes and heart attacks, the cultural and financial impact on the business adds up. This can have a major impact not only on the bottom line, but also on the team.  

As Australia’s leading cause of death, cardiovascular disease (CVD) was responsible for nearly a third of the country’s deaths in 2015, while over four million Australians live with some form of cardiovascular condition, the most common category of chronic illness, according to the Australian Bureau of Statistics.

These costs have been calculated at between 8 to 36 times direct costs to business  — such as loss of key staff, disruption to business, workers’ compensation and legal liability.

Let’s take a look at a common scenario.

If Senior Analyst Joe suffers a heart attack on the job, his absenteeism requires (at least temporary) a replacement. That replacement will require training or a detailed briefing and extra support to bring them up-to-speed with Joe’s latest projects. It’s even possible some of the work might have to wait.

The slowdown in productivity might then drive frustration and a lack of engagement from his team. This can result in disengagement from staff that can lead to the loss of key talent.  This sparks the need to rehire, provide additional training and further disruption among co-workers. 

In the fast-moving world of finance and insurance, such a significant loss of productivity, time, and money could be profound. Add to this the stress brought on by having to file a workplace incident report, and that sinking feeling when a workplace safety audit has been scheduled. 

With potential health risks added to a proactive OHS plan, the impact of SCA on the financial sector can be significantly reduced. 

Preventative Tactics are Key

It's normal for companies to focus heavily on worker productivity and increasing profits — that's business. However, shifting your priorities to focus on preventative tactics and having a clear emergency response plan will address both of these areas, providing a long term positive outcome. 

With employees not always being aware about the impact of their own stress levels on their physical health, it's up to management, executives and safety professionals to support increasing awareness and empower self-management wherever possible. 

As a leader in your workplace who is responsible for staff wellbeing and safety, you can educate yourself better about the impact of SCA and provide a top down approach to health within the business.  Implementing preventative tactics; such as heart health awareness programs and facilitating CVD risk assessments, is an emerging trend, and becoming a higher priority among senior teams in leading organisations.