Psychosocial well-being of employees in the banking sector in Singapore

Abstract

The banking sector in Singapore is a growing service business associated with high rates of work-related stress where staff performance and morale are pertinent. However, limited studies have studied psychosocial well-being impacting employees in the banks in Singapore. Thus, this cross-sectional study aims to close the gap by: 1) establishing the prevalence rates of the three main psychosocial illnesses, namely, depression, anxiety and stress among employees in the banking sector in Singapore; 2) identifying demographic and work-related factors contributing to the increase in such psychosocial illnesses; 3) make recommendations to banks in order to improve their employees' psychosocial conditions. A total of 400 valid responses were collected from banking employees in Singapore. The prevalence rates of severe depression, anxiety and stress were established as 38%, 70% and 32%, respectively. Marital status, personal income, race, tenure at organisations, and increased responsibility contributed to the increase in such psychosocial illness. Banks should reduce the heavy workload and responsibility or provide more role clarity to employees to ease out their employees' psychosocial illness.