2.0 The Importance of Employee Well-Being in Banking

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Organizations may offer work-life balance policies and programs to workers in order to reduce the pressure and conflict of many roles when balancing career and family. Striking a balance between work life and personal life is no easy feat; in fact, it is something that many bank employees will face on a daily basis. Work-life balance implementation in the banking industry impacts employee welfare. This impact, in terms of mental health, is able to reduce employee stress levels, physical health, job sustainability, community, and economic welfare. In addition, this works to boost the employee spirit to work.

Employee well-being is the workplace’s condition of good physical, mental, and social health (World Health Organization [WHO], 2022). Well-being describes the positive feelings and emotions experienced by people, including purpose and peace of mind. The way an employee feels and experiences at work impacts their well-being and, similarly, their behaviors at work, like doing their tasks and other on-the-job behaviors. Well-being is a dynamic construct that changes over time and varies between persons (Sonnentag, Cheng, and Parker, 2021). Employee stress and poor mental health cause lower job satisfaction, absenteeism, and turnover. Studies show that a high number of workers feel this way.

 Over the last few years, the banking sector and the financial services industry as a whole have placed a higher priority on worker welfare, particularly mental health. Well-being is taken to mean both physical health and mental health or, more specifically, subjective well-being, which is often simply called happiness (Responsible City, 2018).

According to experts from the WhatWorks Centre for Wellbeing and other organizations, nothing is likely to influence well-being more than jobs, which can be both beneficial and harmful. Having a good work environment promotes well-being at work, at home, and in the community. However, on the other hand, the personal resilience and well-being of banking staff have become a major concern. A total of 36,000 people working in 25 banks and building societies in the UK were surveyed by the Banking Standards Board (BSB) in 2017. As per the survey, 26 percent agreed with the statement, “Working in my organization has a harmful influence on my health and well-being.”

It is a priority for organizations to ensure employee well-being, both because it is something that is right to do and also because of its link with better business outcomes.


References List

·         https://www.who.int/news-room/fact-sheets/detail/mental-health-at-work [Accessed 20 Mar. 2025].

·        Sonnentag, S., Cheng, B.H., and Parker, S.L. (2021). Recovery from Work: Advancing the Field Toward the Future.  Annual Review of Organizational Psychology and Organizational Behavior, 9(1). doi:https://doi.org/10.1146/annurev-orgpsych-012420-091355. [Accessed 20 Mar. 2025].

·  Responsible City. (2018).  Employee Wellbeing—Why Does it Matter?  [online] Available at: https://responsiblecityblog.wordpress.com/2018/10/05/employee-wellbeing-why-does-it-matter/. [Accessed 20 Mar. 2025].


Comments

  1. Rashini Maleesha DevindiApril 14, 2025 at 9:32 AM

    Your discussion on work-life balance is insightful. Considering millennials prioritize work-life balance over financial compensation when evaluating job opportunities in the financial sector, how do you think banks can adapt their policies to meet these evolving expectations?

    ReplyDelete
    Replies
    1. sadaniwijewickrameApril 14, 2025 at 10:20 AM

      Thank you for the interesting question. Banks can adjust by establishing flexible work arrangements, creating a culture of employee well-being, and providing programs that promote work-life balance. These steps can help to attract and retain talent who value balance in their professional and personal life.

      Delete
  2. Milan Sandeepa MuthukumaraneApril 14, 2025 at 9:55 AM

    You've highlighted the significance of employee well-being effectively. Research indicates that well-implemented workplace health programs can lead to 25% savings each on absenteeism, health care costs, and workers’ compensation and disability management claims costs.

    ReplyDelete
    Replies
    1. sadaniwijewickrameApril 14, 2025 at 10:22 AM

      I appreciate your comment. When companies invest in good health and wellness programs, they help their employees. However, this can also create efficiencies and save costs.

      Delete
  3. Madhavi JayasingheApril 14, 2025 at 10:58 AM

    This is a great overview of how work-life balance and employee well-being are critical in the banking sector. It highlights the importance of supporting employees' mental and physical health, especially in such a high-pressure environment. It would be interesting to see how banks in Sri Lanka are currently addressing these issues and if there are any specific programs helping their employees.

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    Replies
    1. sadaniwijewickrameApril 14, 2025 at 11:02 PM

      Thanks so much for your supportive words and helpful ideas! Absolutely! With the heightened levels of pressure in the banking space, work-life balance and well-being are becoming absolutely critical. You’ve raised a great point about local context. I would like to explore how banks in Sri Lanka are tackling these issues through specific programs. Thank you once more for your assistance and for contributing significant value to the talk.

      Delete
  4. Nuwan Asanka 2020April 15, 2025 at 11:18 AM

    This is an insightful and much-needed discussion on the critical role of employee well-being in the banking sector. The focus on mental health, work-life balance, and organizational responsibility is both timely and essential. Highlighting global and local data helps bring real context to the challenges faced by employees. A strong reminder that taking care of people is key to sustainable performance.

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    1. sadaniwijewickrameApril 16, 2025 at 5:25 AM

      Thank you for your kind response. I totally agree with the point that the well-being of employees in the banking sector should be a priority for sustainable performance. Focusing on mental health and work-life balance, as you said. Research shows that a supportive work environment leads to better productivity and less absenteeism (WHO, 2022; Sonnentag, Cheng, & Parker, 2021). We can help reinforce the need for an organization to be responsible for employee health by bringing in global and local data that will likely resonate with real-world ground challenges posed at the workplace (Responsible City, 2018). Your comment is a strong reminder that taking care of our people is an investment in long-term success.

      Delete
  5. Pawan AmayuruApril 16, 2025 at 4:53 AM

    This is a well-rounded and insightful discussion on a critical issue in the banking industry. It's encouraging to see growing recognition that employee well-being, especially mental health, is just as important as financial incentives. When banks prioritize work-life balance and create supportive environments, it not only improves employee health and happiness but also leads to higher productivity and lower turnover. As the data shows, there’s still a lot of room for improvement, but taking care of employees is clearly a win-win for both individuals and organizations.

    ReplyDelete
    Replies
    1. sadaniwijewickrameApril 16, 2025 at 5:34 AM

      Thank you so much for your thoughtful feedback. I completely agree that in the fast-paced banking industry, looking after employees and their mental health is as important as money. Studies show that workplaces like these help in increasing productivity and decreasing turnover (Bakker & Demerouti, 2007; Goetzel et al., 1998). Your comment indicates that investing in employee well-being can benefit the individual and the organization and contribute to sustainable success (Staff, 2023). Thanks again for contributing to this important discussion.

      Delete
  6. Lakshan AbeysekaraApril 17, 2025 at 10:45 PM

    Employee well-being is an economic necessity as well as a moral obligation. Promoting work-life balance and mental health assistance can be crucial in building a resilient, engaged, and productive workforce, particularly in high-pressure industries like banking.

    ReplyDelete

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