It’s been called ‘the silent pandemic’: the growing prevalence of mental ill-health, which has been following an upward trajectory since the remote working and social distancing policies that were implemented to keep COVID-19 at bay heightened our sense of anxiety and isolation. Difficult as it was to adapt to these unfamiliar circumstances, the move to hybrid working models, embraced by many companies, has ushered in a new set of complications – and, as workers in a fast-paced, highly stressful industry, CAs are particularly at risk of developing issues related to mental ill-health. Here’s how to bolster your mental fitness for greater overall wellbeing.
The financial services industry is a high-pressured environment. That’s why many people are drawn to it in the first place: they thrive on the challenge, the pace and the sense of accomplishment that comes when they manage to meet seemingly impossible deadlines.
But over time, that sense of accomplishment slowly gives way to exhaustion: a state that’s inevitable when our bodies are flooded, day after day, by the stress hormone cortisol. Dee France, Wellbeing and Support Lead at Chartered Accountants Ireland, explains that in minute doses, this hormone can be highly beneficial: it heightens our senses, putting us on alert for any threats and thus making us better able to handle them. And, in the days when those threats came in the form of a hungry predator and the cortisol burst was needed for short periods, we did indeed flourish with the aid of a chemical that effectively equipped us with superpowers. In today’s environment, when that hungry predator has been replaced by first one deadline, then another, the presence of cortisol is less advantageous − awash with it daily, we become exhausted and eventually burnt out.
It’s not surprising, then, that the incidence of mental ill-health is soaring, says Dee France. Speaking at a recent round table hosted by Chartered Accountants Worldwide (Difference Makers Discuss … Mental Health Matters), she pointed out that the move away from lockdowns hasn’t helped to ease the burden, as could have been expected. On the contrary, many people are experiencing a new set of tensions as they grapple with the adjustment to what is now an unfamiliar environment.
So common is the resulting discomfort, according to Dee, that mental ill-health has become a ‘common, everyday experience for most people’. She cites research conducted by Mindshare to support this claim: ‘The study, first conducted in 2019, showed that just 59% of the 1 500 participants experienced poor mental health. Fast forward to 2021, and that figure has escalated to 76%.’ Dee adds that according to the research, mental ill-health is most commonly reported at executive level (82%) and among younger staff members, in the millennial or Gen Z cohort (77%). Interestingly, many of those affected admit that their productivity was impacted by their mental ill-health, with a further 50% stating that they would be prepared to leave their roles if they did not receive support from their organisations.
The message is clear: mental wellness may well be a personal issue, but it has far-reaching ramifications – and our economy almost inevitably bears the brunt.
Stigma is a thief
Jonny Jones, Finance Director EMEA for Starbucks, mental health advocate and activist and fellow panellist, agrees that there is an enormous cost to mental ill-health. He reports that in the UK, it impacts as much as 3−5% of the country’s GDP. Clearly, he says, there is a pressing need to address the issue: not only from a policy issue at national level but also at corporate level.
The problem, says Jonny, is that mental ill-health remains an issue that is, for many, difficult to discuss. It’s all about stigma, he states – which is why he’s adamant that people start sharing their stories about mental ill-health.
Jonny is the first to volunteer his own experience in this regard. As a child growing up in working-class Glasgow, he spiralled into depression following his parents’ divorce – but since emotions were not widely discussed at the time, ‘stigma stole my childhood’, Jonny says frankly.
As an adult, he grasped the opportunity to help others falling into the same trap through his work as part of McVitie’s and mental health charity Mind. ‘I learned early on the power of language: although executives recognised the importance of mental health, they were reluctant to put money to a cause labelled as such. Once we called it Positive Minds, however, it garnered far greater support.’
Corporate accountability …
Dee is happy to report that attitudes are changing, albeit slowly. ‘I think that COVID shed a spotlight on our collective health, and mental health is naturally part of this,’ she says. ‘Many companies are realising this for the first time, and as a result, we’re seeing a shift taking place within organisations − many of which are now making an effort to provide a psychological safety net for employees.’
She admits, though, that awareness of mental health issues is growing at differing paces: while some companies still consider it sufficient to host a mental health wellness day once a year, others have recognised that mental health needs to be embedded within the organisation as a strategic priority. Intervention at these companies extends beyond mental health training and the appointment of mental wellness ambassadors, or even offering mental health days and access to EAPs to involving executives so that they become models of healthy behaviour. Eventually, says Dee, these behaviours filter down to all levels of the organisation.
There’s a sound argument for implementing such action, as Ronan Dunne, fellow panellist and EVP and Strategic Advisor to the CEO of Verizon Communications, points out: ‘Companies are directly impacted by this issue through massive productivity loss and inefficiency.’ That’s why organisations have a responsibility to care for this area of employees’ health, he argues.
At Verizon Communications, this responsibility has manifested in the formation of Mind Together, a coalition formed with Snap, Spotify and Kellogg. At Mind Together’s core is the drive to destigmatise mental ill-health; a passion Ronan shares with Jonny. ‘The American Psychiatric Association tells us that 95% of employees who take time off for mental health issues provide another reason for their absence, rather than acknowledge their challenges.’
‘Our thinking was that the support of these well recognised brands would help to normalise support for mental health in corporates, while also holding them to a higher level of accountability,’ he explains. The association’s main channel for achieving this is a communications toolkit, aiming to empower line managers to have important conversations around mental health.
Because, agree the experts, sometimes it takes nothing more than an enquiry about an employee’s or a colleague’s wellness to make them feel more supported – and yet, this is where many organisations are falling short. And, interestingly, it’s line managers that are often to blame here. ‘Our research shows us that when people are asked about the company they work for, their opinion is almost always formed by the person they report to because that person represents “the company”,’ Ronan says. A line manager who comes across as caring is therefore doing a lot to promote the organisation as a whole – while the corollary holds true as well. The reality, says Ronan, is that it is the executive who sets the tone for company culture, but supervisors who create the room for people to express how they feel. It’s frightening to note that, according to research conducted amongst finance professionals, 80% of respondents said that they have felt stressed at work – but most believe that mentioning this to their line manager would be a career-limiting move and therefore opt not to do so.
Of course, line managers cannot act without the support of their own. As part of its work, Mind Together commissioned a mental health matrix that has identified typical sources of stress and strain in the workplace – important because once managers are able to identify these sources, they are better equipped to address them.
Meanwhile, says Jonny, the role of the CFO cannot be overlooked: these are the people who hold the purse strings of the organisation, he says, and therefore have the power to get behind mental health issues in a practical way by encouraging the company’s support of key projects.
He’d also like to see mental wellness taken into account as part of corporate reporting and transparency. We’ve recently opened up about gender pay gaps in corporate reporting, he points out – why not apply a similar lens to this issue?
He believes that if a philosophy that encourages mental wellbeing is to become truly engrained as part of company culture, it’s critical to create momentum. And to do this, an organisation should take note of three drivers: ‘The first is that any programme targeting this issue must be grassroots.
The people who want to take it forward must be given the space to do so, so that the organisation can harness their energy. Then,’ he continues, ‘you need to ensure that all functions of the organisation are involved. This cannot be viewed as the preserve of HR alone, for example, otherwise the necessary action won’t take place. Finally, you need to have the right advocacy and buy-in from the top. This gives you permission to change the culture and makes you feel safe as you do so.’
‘I’d say that it is incumbent on companies to take note of this information, because if you’re trying to compete in the current environment without tackling mental health issues, you effectively have on hand tied around your back,’ says Ronan. He adds that mental health issues should not be viewed as a weakness but rather an asset in terms of diversity – which, he argues, is the most powerful tool at a company’s disposal. ‘We need to embrace diversity in all its forms – from disability to mental illness and neurodiversity – to build teams that deliver the best possible value for employees, shareholders and customers,’ he says.
… And individual responsibility
Corporate accountability doesn’t absolve individuals from their own responsibility, however. Dee mentions the importance of ‘mental fitness’ which, just as physical fitness, lays the foundation for physical health, means putting the basics in place to ensure sound mental wellness – or, as she puts it, ‘If mental wellness is about being, then mental fitness is about doing.’
This is a powerful concept because it recognises the agency each of us has in ensuring our mental wellbeing: while stressful situations are unavoidable, we can each take steps to mitigate their impact. Mental fitness regimes vary for everyone: for Dee, it’s about spending time laughing with loved ones, spending time in nature or reading a book, while Jonny swears by keeping active and Ronan finds joy in reaching out to others with a simple ‘hello’. Your own mental fitness routine may include ensuring sound sleep hygiene or making a point of identifying the stressors in your life so that you can deal with them appropriately – ‘anything,’ Dee says, ‘that boosts your mood and adds value to your life.’
She adds that just as it’s important to keep track of your own mental health, it’s vital too to check in with colleagues who appear to be struggling. ‘This is one of the reasons so many people battled with the concept of remote working during lockdown: peer-to-peer support is a major part of our work life,’ she observes. Granted, many of us may baulk at the idea of initiating a conversation around mental health because it may feel intrusive, or they are worried that the action may be misconstrued. In reality, the effort is certain to be appreciated, says Dee: ‘Remember that ultimately, you are simply trying to connect with someone else on a human level.’ You may find that surprisingly little is expected of you – often, people going through depression or fighting off anxiety want little more than someone to listen to them. Respond with compassion, Dee advises, and assure them that anything they tell you is confidential. If you would like to offer more practical assistance, remind them of the counselling services offered by your organisation, or available in your area.
Courageous conversations
Jonny believes it’s important to have such conversations not only because of the support they provide, but because it’s through discussions like this that we will slowly begin to dissolve the stigma around mental health.
Raising awareness around the issue can also be effective in this regard and, Jonny believes, may even play a role in helping people understand their condition – especially if education starts at an early age. Again, he references his own experience: ‘I was already an adult the first time I took a personality test, which made me realise there were certain personality types that I would never be truly compatible with. As a child, I didn’t understand this – instead, I interpreted the conflict that almost always arose between certain people as proof that I was not a “good” person. If I had known then what I know now, so many negative feelings could have been avoided.’ Jonny therefore advises helping children get to grips with mental health awareness in its entirety; not just as a potential illness but as it pertains to the shaping of our personalities.
A final tip? ‘When you’re ready to have conversations around your mental health, don’t be afraid to show your vulnerability or authenticity,’ says Ronan. ‘These are strengths, not weaknesses; and they will never be rejected.’
A new world of work?
Is it possible to have a work environment free of stress and anxiety? Dee believes that the answer is yes – and that we have the unique, once-in-a-lifetime opportunity to create such an environment at the present moment. ‘Mindshare’s research shows that the forced return to the office is engendering a lot of negative emotions, mostly because the policies around in-person and remote work aren’t clear – and this is always a contributor to anxiety. At the same time, people are scared of losing the balance and flexibility they enjoyed while working from home. The unease that results is understandable – but we can’t overlook the silver lining here: in the wake of all the upheaval and disruption we have experienced, we have finally come to realise that the work environment is not one-size-fits-all. When it comes to wellness, we all come in many shapes and sizes – and understanding this as we formulate new frameworks may help us create environments that offer more protection for our mental wellness.’
Bringing Mental Health onto the South African agenda and addressing it within the professsion
It has never been more important to take the mental health and wellbeing of our nation seriously. There are now 23 suicides a day in South Africa, almost 1 every hour. Suicide is said to be the leading cause of death in South Africa in the age group 15-29.
addressing the silent pandemic
Mandy Muchnick, winner of SAICA’s Top 35-under-35 competition’s Influence Category in 2020, says that it is critical that business leaders start putting mental health at the top of the agenda. It is not only the right thing to do, but it is good for business. The mental health pandemic is costing businesses billions. Depression in specific costs South Africa more than R232 billion, or 5.7% of GDP, due to lost productivity either due to absence from work or attending work while unwell, the London School of Economics and Political Science 2016 IDEA study has found.
Mandy further explains that people don’t get the help they need for three main reasons:
- Stigma – even though more conversations are happening, we know there is still terrible stigma attached to mental health struggles and conditions;
- Not knowing how to enter the system – when people have a physical health challenge, from headaches to twisting your ankle to being in an accident, you immediately know where to go. There is a very clear triage process. It is not the same for mental health; and
- Cost – because we don’t understand where to get help, it is also often perceived prohibitively expensive.
The above, layered with the fact that traditional mental health interventions are designed to be there in a moment of distress, not as a proactive measure, have left our society with a serious problem.
We designed Panda, a mental health app with these key challenges in mind. You can download the app in the IOS, Android or Huawei stores and sign up an anonymous profile which will allow you to start your mental health journey in a safe space. The most exciting part of the app is what we call the Forest. There are live, audio only sessions that run 12h per day, 365 days a year where you can discuss what you are going through with mental health professionals and other people facing similar challenges. You will also often spot sessions hosted by senior corporate leaders who feel passionate about using their voice to bring people into this much needed discussion.
FREE MENTAL HEALTH APP
For mental health awareness month, when you download the Panda app enter the promo code MHmattersSAICA to unlock 3 free 1:1 text based chat support sessions which you can schedule at a convenient time with a registered counsellor. This is in addition to the Forest where all group sessions are free.
The World Health Organisation predicts that depression will be the biggest cause of disability by 2030. Good Health & Wellbeing is one of the United Nations Sustainable Development Goals (SDGs) and mental health cannot be left behind. The time to take action is now
