Page 34 - Banking Finance June 2024

ARTICLE

2023 with the objective of providing avenues to its
employees to get help and support for physical and
mental wellness as and when required by them.

3. Promoting Work-Life Balance:
Flexible Work Arrangements: Banks can look
forward to offer flexible work options like remote
work schedules in possible roles which will allow
employees to manage their personal lives and
responsibilities more effectively.
Time Management Workshops: More number of
workshops on time management techniques can be
fosters mental and physical health right from the start. This organized to help employees prioritize tasks,
holistic approach involves:
delegate effectively, and set realistic goals.
1. Creating a Supportive Work Environment:
Discourage Presenteeism: There is a need to
Open Communication: Banks can encourage open
cultivate a culture that values results over
dialogue and feedback sessions. This allows
employees to express concerns and work presenteeism. Employees shall be encouraged to
take breaks, use vacation time, and maintain a
collaboratively with supervisors to find solutions.
healthy work-life balance.
Team Building Activities: Team-building activities
and social events to cultivate a sense of community II. Industry Collaboration and Regulatory
and belonging can be organized. This fosters
Support
stronger relationships and support networks among
colleagues. Individual banks can make significant strides in promoting
well-being, but industry-wide collaboration and regulatory
Recognition and Rewards: A culture that support are crucial for long-term success. Banks with
appreciates hard work and celebrates
exemplary track record in employee happiness and various
achievements can be encouraged. This will boost
association related to banks can encourage collaboration
morale and motivate employees to perform better between banks to share best practices in stress
by overcoming the stress.
management and well-being initiatives. This cross-pooling
of ideas can lead to more effective solutions on a broader
2. Investing in Employee Well-being Programs:
scale.
Stress Management Workshops: Banks can offer
workshops on various stress management As a regulator, Reserve Bank of India (RBI) can also play a
techniques like yoga, meditation, mindfulness, and critical role by encouraging stress management practices in
healthy coping mechanisms. These workshops equip its regulatory framework. This can include guidelines for
employees with tools to manage stress effectively promoting employee well-being and mandating minimum
on their own. standards for work-life balance.

Employee Assistance Programs (EAPs):
Comprehensive EAPs can be arranged by the banks III. Addressing the Needs of Every Employee
that provide confidential counseling and support A one-size-fits-all approach to well-being won't be effective
services to employees dealing with stress, personal due to the broad range of employees working at present in
problems, or mental health issues. One such Indian banks. Banks need to tailor their initiatives to address
initiative undertaken in recent times was Union the specific needs of different employee segments. A broad
SWAR (Supporting Wellness And Resilience). It is segmentation of the employees alongside their specific
launched by Union Bank of India during November needs are discussed as follows.

30 | 2024 | JUNE | BANKING FINANCE