Banking blues: Mental health concerns

C.S. Krishnamurthy

(krs1957@hotmail.com)

“It is with extreme sadness that we have received the distressing news of the unfortunate suicide of Shri K.A. Vadhiraj, young General Manager (Karnataka Bank Ltd.), on November 9, 2023, apparently due to undue work pressure and humiliations from the top management.” read a recent circular dated November 10, 2023, issued by C. H. Venkatachalam, General Secretary, All India Bank Employees’ Association.

In an era marked by technological revolutions and constant changes, the banking industry finds itself in the throes of a challenging changeover. The recent spate of distressing incidents among bankers raises a critical question. Are they on the brink of an unprecedented stress epidemic?

The unsettling story of K.A. Vadhiraj (51), among several others, is a stark reminder of the damage the banking profession can take on mental health. The question resonates: Are these suicides isolated or indicative of a pervasive issue within the banking sector?

The challenge of change

Is the evolution of banking taking a human toll? The banking industry, once a bastion of stability, is undergoing a seismic shift. Mergers, digitalization, outsourcing, job insecurity, increasing private sector competition, and multifunctional tasks are reshaping the landscape, and bank employees are feeling the strain.

However, has the industry adequately prepared its workforce for these changes? Three out of five bank executives describe their jobs as “extremely stressful.” Is this a necessary evolution, or are we witnessing a neglect of the human element in the pursuit of progress? Is the best time to work in a bank now just a stressful memory? The question looms: Has the allure of working in a bank become a stress-filled dare?

Work overload

Why are problems that once triggered organisational protests now pushing employees to seek medical practitioners and counsellors? The answer lies in a cocktail of factors: unrealistic demands, technology overload, under-recruitment, unfair geographical transfers, and staff deployment imbalances.

In many banks, the focus is on short-term, monthly, and quarterly targets for deposits and loans. Also, there’s pressure on cross-selling of financial products such as mutual funds and insurance policies. Add to these the perennial pressure of implementing several government schemes. Remember, these reasons can hurt banking businesses as well.

Are the demands and conflicts more traumatic than ever before? Is the pursuit of efficiency and perfection damaging to the backbone of the sector—the dedicated employees? Are banks sacrificing their “cream” staff for the sake of unrealistic expectations?

Role of management

Stress is an inevitable part of any job, but its intensity can be exacerbated by management practices. Insults, favouritism, and neglect can create a toxic work atmosphere. Workplace stress is touted as the “leading cause of depression” in many developing countries.

The failure to identify overloaded, unclear, or underutilised employees raises concerns about the effectiveness of HR practices. Are the right people in the right roles? Has HR management become blind to the signs of employee stress?

A bigger cultural issue is misbehaviour by some senior bankers, who don’t mind using abusive language to run their subordinates down. The practice of blaming juniors for most lapses is creating a fear psychosis, leading a few to take extreme steps.

In one case, in an internal meeting, a victim was publicly humiliated by his superiors and was termed an “underperformer” The man got depressed to such an extent that in his suicide note, he mentioned that his body must be “fed to the dogs”, depicting the dog-like existence he suffered due to job stress. In another note, a 53-year-old bank employee said that banks are “reeling with a severe staff shortage” The harrowing list is long.

Are leaders—top management and employees’/officers’ organizations—failing to recognise the signs of distress among their crew and safeguard their members?

Cosmetic concerns

Banks, on paper, pledge commitments to tackle workplace stress. However, are these initiatives genuine or mere superficial touch-ups to mask deeper issues? The efficacy of these efforts begs scrutiny, as the lives of bank employees hang in the balance.

Critics may argue that stress is inherent in high-pressure professions. But when stress leads to suicides and severe health issues, can you dismiss it as part and parcel of the job? Some might suggest that employees should be more resilient. But how much resilience can one muster in the face of an unrelenting workload, a lack of support, and an unsympathetic work culture?

The question persists: Are bank employees condemned to bear the burden of an evolving industry at the cost of their mental and physical well-being? It’s time for a comprehensive probe of the banking sector’s practices and policies. As we grapple with all these questions, the lives of those working tirelessly to keep our financial institutions running smoothly depend on the answers we uncover.

Family bonding is a balancing act

The corporate world demands more from its workforce, and how crucial is maintaining a healthy work-life balance? In the relentless pursuit of success, personal issues often take a back seat. Divorce, hostile family environments, a lack of family support, financial hardships, and personal health problems all contribute significantly to stress. How can employees maintain peak performance when their personal lives are in disarray? Family harmony and strong relationships act as a buffer against the strains of the corporate ladder.

Parents, too, can play a crucial role in shaping a resilient workforce. Are we equipping the younger generation with the emotional tools to navigate life’s challenges? Can a moderate dose of stress be beneficial, or are we pushing our youth to the brink?

Last word

It’s time banks reassessed their practices and fostered a culture that merits mental health as much as financial success. Will the banking industry rise to the occasion? The time for rhetoric is over; action is requisite.