Overworked and underpaid

One of the main contributors to the stress factor is staff cutbacks, a result of leaner economic times and consolidation. “We always feel there’s not enough staff to go around,” says an Ontario-based Royal Bank of Canada account manager. “We could always use more bodies.”

As a result, account managers are left to tackle the paperwork and other time-consuming duties that would otherwise be handled by administrative staff. “They’re cutting costs so much that they put stress on those who are left behind, complains another BMO banker, this one in Alberta.
The pressure to meet sales expectations is compounding the problem. “The sales targets are getting impossible,” says a Maritimes-based account manager with CIBC. Those surveyed by IE commonly cited what they see as unrealistic sales goals as one of the worst aspects of their job. The sluggish economy isn’t helping, either. “We can’t do anything about it,” laments a BMO banker in Ontario. “Sometimes sales are at a standstill. The targets are not realistic.”

Add competition to the mix, and the pressure escalates. The burden of hanging on to top clients — the same clients everyone else is vying for — is making some in the industry crack. “It’s very competitive,” says an account manager at a Saskatchewan credit union. “There are lots of different people chasing the same dollar.” Echoes an Ontario banker at Bank of Nova Scotia: “It’s cutthroat out there!”

The byproducts of stress are certainly not going unnoticed in the workplace, says Karen Seward, vice president of marketing at Toronto’s William Shepell Consultants Corp., an employee assistance program provider. Lack of productivity, absenteeism and poor performance are all found in highly stressed employees. Consequently, it’s becoming the corporation’s responsibility to address stress and its effects on staff members. “Employees need to be empowered,” Seward says. “This is an issue they need to own and resolve.”

A wide range of symptoms

But although it sounds good in theory, the problem isn’t so easily tackled in practice. For one thing, stress often manifests itself in a wide range of physical symptoms, such as headaches, stomach pains, forgetfulness and fatigue. Those experiencing the telltale signs often are unaware of an underlying problem.

But even when the symptoms have been identified as stress-related, creating a plan of action is seldom easy. “Overall, our management is very good to talk to,” says a stressed-out BMO banker in Ontario. But despite weekly meetings, there is often nothing the employer can do, short of hiring more staff — often an impossibility, given today’s shaky economy.

“More work is getting piled on my desk, which means more responsibility,” Seward says. “Everyone feels the pressure.”

Blair Pollard, senior manager of human resources strategy and technology at Royal Bank, says workplace stress isn’t exclusive to the banking industry. Consider the statistics: according to studies published by Health Canada, more than half of all employed Canadians consider the workplace a “major source” of stress.

Similarly, almost 50% of Canadians report a moderate-to-high level of stress in trying to balance their work and home lives, up 27% from 10 years ago.
“Everyone is being as lean and efficient as possible to remain competitive, and it’s not easy any more,” Pollard says. “Clients demand a lot, but it’s a competitive economy, too.”

The key, Pollard says, is to stop stress before it starts. “Our emphasis is to make sure things don’t get there in the first place,” he says. Allowing room for flexibility plays a huge part. “People need to be mobile and able to work at more or less their convenience,” he says.

Creating a positive work environment and supplying lifestyle education are also becoming priorities among Canadian banking institutions. “Certainly, there’s a huge pressure at most corporations to balance the needs of various stakeholders, including employees, clients, shareholders and the community,” Pollard says.

Some banks are creating exercise programs at work, such as forming lunchtime walking groups. Others, such as Royal Bank, are turning to employee assistance programs to educate employees about how to balance the demands of work and home life. The result is happier, more satisfied workers.

Addressing stress isn’t just good for employees; it’s also a smart economic move for employers. Statistics Canada reports that the stress resulting from an inability to balance work and home life costs Canadian employers a whopping $2.7 billion a year in lost time. Providing the tools for employees to cope with stress has become a sound investment for large Canadian corporations. IE