Violence and stress in the workplace

Workforce cutbacks within banking, finance and insurance organizations are a major concern for employees: 78% of a sample of union safety representatives reported cutbacks as the major complaint raised by union members. In a UNIFI poll of members on the effects of work-related stress in financial services (2000) 83% of respondents reported feeling ill effects from work, including heath problems, lack of self-confidence, relationship problems and anger, 79% felt overloaded or burned out routinely, 76% admitted to “cutting corners” because of workload, 74% reported that staffing levels had fallen over the last twelve months, 77% worked unpaid overtime averaging to about 4 hours a week, 21% had suffered from illness caused by work-related stress, and 9% were reaching or exceeding the levels set by health and safety working time regulations. Research conducted in the financial services sector identified that stress can also increase the likelihood of mistakes and confrontation as workers cut corners to achieve targets – 81% believe anger in the workplace has negative effect on morale, 74% are less productive when in a bad mood, and 15% work slower (in fear of making a mistake) when their boss is angry. Fear of violence is often on the minds of individuals who handle cash on a regular basis, and can be a major cause of mental and physical distress.

Bullying in organizations can be perpetrated in subtle and devious ways, making individuals feel demotivated and worthless. It remains a significant cause of stress at work - mentioned by 30% of TUC safety representatives who reported stress as a problem. Furthermore, bullying as a cause of workplace stress is reportedly high in banking and finance, at 43% (TUC Focus on Health and Safety Survey, 2000). Accounting for nearly half of all stress-related sickness absences, bullying is particularly prevalent in pressurized sectors such as finance (UNIFI poll of members on understaffing issues in the banking and insurance sector, 2000).

The financial services sector has traditionally been dominated by male workers particularly in senior management posts, and this can create hostile working environments for female employees. Sexual harassment, particularly within the banking sector, is prevalent in several European countries, according to a European Commission survey (1998). Focus group interviews identified that participants considered it to be widespread and many had personally witnessed or experienced cases. However, they often found the term “sexual harassment” unsuitable, as related harassing behaviours are frequently perceived as “normal”. Moreover, women were often unwilling to challenge unacceptable sexual behaviour, as this was viewed as risking their employment within the bank.