Page 33 - Banking Finance June 2024

ARTICLE

also highlighted a protest carried out by the employees of a likely to be disengaged, which leads to lower
public sector bank in January 2023 against bank productivity. This can have a significant impact on the
management for the pressure exerted due to increased bank's bottom line.
workload. 2. Absenteeism and Presenteeism: Stress-related

illnesses can lead to increased absenteeism, while
These concerns are a clear call to action, demanding presenteeism reduces overall efficiency.
immediate attention from both banks and policymakers to
3. Employee Turnover: A high-stress work environment
address the pervasive issue of stress.
can lead to increased employee turnover, resulting in
costs associated with recruitment, training, and lost
What Triggers Stress in Indian Banks?
knowledge.
A multitude of factors conspire to create a stressful work
4. Compromised Customer Service: Stressed employees
environment. Some of the major factors are discussed below.
might struggle to provide the high level of customer
1. Workload Overload: Technological advancements
service that banks strive for. This can damage customer
without enough manpower have dramatically increased
relationships and brand reputation.
workloads for bank employees. They struggle to meet
deadlines and manage ever-growing responsibilities, 5. Safety Concerns: For banks dealing with sensitive
leading to burnout. financial information, stress can lead to increased
negligence and security risks.
2. Target Fixation: Sales pressure and performance
metrics create a high-pressure environment. The
constant push to achieve ambitious targets can be Strategies and Initiatives to build
emotionally draining and stressful. foundation for Well-being
3. Work-Life Imbalance: Long working hours fueled by a Having explored the alarming prevalence and causes of
culture of presenteeism (physically present but mentally stress in Banks, let us delve into the strategies and
absent) leave little time for personal life. This imbalance initiatives that banks can implement to foster a culture of
disrupts sleep patterns, strains relationships, and hinders well-being and create a more resilient workforce.
overall well-being. I. From Stress Management to Promoting
4. Role Ambiguity: Ambiguous roles and unclear Well-being
expectations can be a major source of stress. Employees Traditionally, organizations have focused on "stress
might feel unsure of their responsibilities, leading to management" after stress has already taken hold. However,
confusion, frustration, and a lack of control over their a more proactive approach is necessary. By prioritizing well-
workload. being promotion, banks can create a work environment that
5. Technological Flux: While technology streamlines
processes, the pressure to adapt and keep pace with
constant change can be overwhelming. Employees
struggle to learn new skills and use the technology to
their advantage.

The Domino Effects of Unmanaged Stress
The consequences of unmanaged stress extend far beyond
the individual employee. They can cripple the growth of the
banks apart from affecting the employees themselves. Let's
explore few of the impacting consequences of stress when
it is not addressed adequately.
1. Decreased Productivity: Stressed employees are more

BANKING FINANCE | JUNE | 2024 | 29