Money

Managing stress at work: three things your employer could do for you

Published

1 year ago

February 12, 2023

ticker NEWS

Earning a living can be stressful. Whether it’s time constraints, difficult colleagues, a lack of autonomy, or an unreasonable workload, it’s hard to think of a job that doesn’t come with a certain amount of pressure.

This can have a negative impact on a person’s mental and physical health, and is a major cause of long-term absence from work. An excessive level of stress is bad for people, and it’s also bad for the organisations they work for.

Often though, the responsibility for managing stress is left with the employee. Employers tend to think their role lies in helping staff better manage their own individual situations, perhaps by changing their own behaviour or perceptions.

This may involve things like time management workshops or mindfulness classes – ideas directed at the individual with the aim of enabling them to be better at their job.

But these kinds of interventions place the burden of ultimate responsibility on the employee. And in doing so, organisations feel less obliged to alter the stressful environment by increasing resources, reviewing job descriptions or improving manager training.

To get an alternative view, I spoke to employees about their experiences of attempts to reduce stress levels in the work place. And here are three things your organisation could actually do for you to reduce work related stress.

It is impossible to tackle the causes of stress if an organisation doesn’t know what they are. During my research, participants spoke of the importance of initiating and maintaining dialogue between various groups including employees, trade unions, human resources and senior management.

This can be done by regular “pulse checking”, using surveys or one-to-one reviews and a continual observation of staff wellbeing. One housing association employee told me that at their work place, “the union was hammering on the door to [hold] a stress survey”. She added: “[Management] know it’s a top issue.”

My research suggests that the role of managers is a key part of employee wellbeing. Managers tend to be the ones in charge of setting deadlines, communicating expectations and dealing with employees’ successes and failures.

Due to their crucial role, it is vital that any employee with managerial responsibilities receives proper training. This could cover aspects of making deadlines reasonable, being educated on the various help mechanisms that the organisation has in place for their employees and tools to help managers identify stress in their teams.

Management training can – and should – look different in every organisation and department due to their unique qualities and challenges.

One major management quality that was underestimated (but considered by many to be invaluable) was compassion. Although some of my participants had very demanding jobs and personal circumstances, having a compassionate and well informed manager made all the difference to their day-to-day lives.

Someone who works in higher education commented:

Management skills are not just about delegating the work – [they are about] building a team, recognising when people are struggling, and [being able] to approach that. It’s really personal.

Another said: “Some managers can be very supportive and understanding, but some managers would just say: ‘Do this, and I want it done today.’”

And one respondent noted: “I think I’ve got the best manager going. She’s not only my manager, she’s my friend as well, and that’s nice. I can talk to her.”

Compassionate management can be as simple as asking how an employee is doing, properly listening to them, and perhaps a small gesture like having a cup of coffee together. It sounds simple, but compassion towards employees and colleagues tends to depend on individual behaviour rather than being something that is encouraged systematically at an organisational level.

When I asked who was responsible for managing stress in an organisation, many of the people I spoke to gave conflicting answers. Some (after much thought) said it was the HR department, while others (including a member of an HR department) said it was occupational health professionals.

A housing association employee described a situation where “there’s lots of work to be done [around stress] but no one is leading on it, no one is joining it up”. They added: “It’s all been very hit and miss.”

The lack of clarity is an obvious cause for concern. If nobody knows who is in charge of a particular aspect of employee wellbeing, it is unlikely to be properly addressed. There needs to be clarity – and accountability – around who is responsible for managing stress, so that initiatives can be put in place, and so that people know where to turn when they need help.

Money

Research shows daters are looking for solvent partners

Published

1 week ago

April 18, 2024

Ahron Young

As the cost-of-living crisis continues to grip Australia, new research reveals a shifting landscape in the realm of dating preferences.

According to the survey conducted by eharmony, an overwhelming two-thirds of Australians are now keen to understand their potential partner’s financial situation before committing to a serious relationship.

The findings indicate a growing trend where individuals are becoming more discerning about whom they invest their affections in, particularly as the economic pressures intensify.

Good debt

While certain forms of debt, such as mortgages and student loans (e.g., HECS), are deemed acceptable or even ‘good’ debt by a majority of respondents, credit card debt, payday loans (such as Afterpay), and personal loans top the list of ‘bad’ debt, with 82%, 78%, and 73% of respondents, respectively, expressing concerns.

Interestingly, even car loans are viewed unfavorably by a significant portion of those surveyed, with 57.5% considering them to be undesirable debt.

Sharon Draper, a relationship expert at eharmony, said the significance of financial compatibility in relationships, noting that discussions around money are increasingly taking place at earlier stages of dating.

“In the past, couples tended to avoid discussing money during the early stages of dating because it was regarded as rude and potentially off-putting,” Draper explains.

“However, understanding each other’s perspectives and habits around finances early on can be instrumental in assessing long-term compatibility.”

Money

US energy stocks surge amid economic growth and inflation fears

Published

1 week ago

April 15, 2024

ticker NEWS

Investors are turning to U.S. energy shares in droves, capitalizing on surging oil prices and a resilient economy while seeking protection against looming inflationary pressures.

The S&P 500 energy sector has witnessed a remarkable ascent in 2024, boasting gains of approximately 17%, effectively doubling the broader index’s year-to-date performance.

This surge has intensified in recent weeks, propelling the energy sector to the forefront of the S&P 500’s top-performing sectors.

A significant catalyst driving this rally is the relentless rise in oil prices. U.S. crude has surged by 20% year-to-date, propelled by robust economic indicators in the United States and escalating tensions in the Middle East.

Investors are also turning to energy shares as a hedge against inflation, which has proven more persistent than anticipated, threatening to derail the broader market rally.

Ayako Yoshioka, senior portfolio manager at Wealth Enhancement Group, notes that having exposure to commodities can serve as a hedge against inflationary pressures, prompting many portfolios to overweight energy stocks.

Shell Service Station

Energy companies

This sentiment is underscored by the disciplined capital spending observed among energy companies, particularly oil majors such as Exxon Mobil and Chevron.

Among the standout performers within the energy sector this year are Marathon Petroleum, which has surged by 40%, and Valero Energy, up by an impressive 33%.

As the first-quarter earnings season kicks into high gear, with reports from major companies such as Netflix, Bank of America, and Procter & Gamble, investors will closely scrutinize economic indicators such as monthly U.S. retail sales to gauge consumer behavior amidst lingering inflation concerns.

The rally in energy stocks signals a broadening of the U.S. equities rally beyond growth and technology companies that dominated last year.

However, escalating inflation expectations and concerns about a hawkish Federal Reserve could dampen investors’ appetite for non-commodities-related sectors.

Peter Tuz, president of Chase Investment Counsel Corp., highlights investors’ focus on the robust economy amidst supply bottlenecks in commodities, especially oil.

This sentiment is echoed by strategists at Morgan Stanley and RBC Capital Markets, who maintain bullish calls on energy shares, citing heightened geopolitical risks and strong economic fundamentals.

Money

How Australians lose nearly $1 billion to card scammers in a year

Published

1 week ago

April 15, 2024

Ahron Young

A recent study by Finder has unveiled a distressing trend: Australians are hemorrhaging money to card scams at an alarming rate.

The survey, conducted among 1,039 participants, painted a grim picture, with 2.2 million individuals – roughly 11% of the population – falling prey to credit or debit card skimming in 2023 alone.

The financial toll of these scams is staggering. On average, victims lost $418 each, amounting to a colossal $930 million collectively across the country.

Rebecca Pike, a financial expert at Finder, underscored the correlation between the surge in digital transactions and the proliferation of sophisticated scams.

“Scammers are adapting, leveraging sophisticated tactics that often mimic trusted brands or exploit personal connections. With digital transactions on the rise, it’s imperative for consumers to remain vigilant and proactive in safeguarding their financial assets,” Pike said.

Concerning trend

Disturbingly, Finder’s research also revealed a concerning trend in underreporting.

Only 9% of scam victims reported the incident, while 1% remained oblivious to the fraudulent activity initially. Additionally, 1% of respondents discovered they were victims of bank card fraud only after the fact, highlighting the insidious nature of these schemes.

Pike urged consumers to exercise heightened scrutiny over their financial statements, recommending frequent monitoring for any unauthorised transactions.

She explained the importance of leveraging notification services offered by financial institutions to promptly identify and report suspicious activity.

“Early detection is key. If you notice any unfamiliar transactions, don’t hesitate to contact your bank immediately. Swift action can mitigate further unauthorised use of your card,” Pike advised, underscoring the critical role of proactive measures in combating card scams.

As Australians grapple with the escalating threat of card fraud, Pike’s counsel serves as a timely reminder of the necessity for heightened vigilance in an increasingly digitised financial landscape.