49% of U.S. and Canadian employees are stressed out, so what can be done?

By Kirstie McDermott 

First, the good news: American workers say they're more engaged at work right now, following an 11-year low earlier in 2024. 

In fact, 3.2 million additional American full- and part-time workers have said they're feeling involved in, and enthusiastic about their work, according to data from Gallup. And with the company estimating that low employee engagement costs the global economy US$8.9 trillion (or 9% of global GDP), that's welcome information. 

Most workers will agree that the last few years have been stressful. From the upheaval caused by the pandemic, to rocketing inflation, food and gas price hikes and hundreds of thousands of job cuts across sectors including financial services, it's been a nail-biting time.

3 finance roles to apply for now

• Assistant Vice President, Enterprise Risk (Strategic Risk, Risk Appetite, & Risk Reporting), Navy Federal Credit Union, Pensacola   
• Business Systems Analyst- Banking Industry-Hybrid, Strategic Staffing Solutions, Richmond 
• Senior Financial Service Representative (Universal Banker), Citadel Federal Credit Union, Springfield 

So it's nice to know that things are improving, right? 

Well, perhaps not just yet: more data from Gallup's State of the Global Workplace: 2024 Report indicates that 20% of workers globally experience daily loneliness, with wellbeing among younger employees also taking a dive in 2023. 

The report identified that 49% of American and Canadian workers experienced stress, second only to those workers in the the Middle East and North Africa (MENA) region at 52%.

Work-related stress
There are many causes for work-related stress, including long hours, a heavy workload and a lack of resources to get the job done. Poor relationships with colleagues or management as well as job insecurity are also leading factors. 

For many workers, the scope of their job changing, with extra duties added as team members leave or get made redundant, can be another significant stressor. 

According to The National Institute for Occupational Safety and Health (NIOSH), "Job stress can be defined as the harmful physical and emotional responses that occur when the requirements of the job do not match the capabilities, resources, or needs of the worker". 

NIOSH adds that "Job stress can lead to poor health and even injury". 

And as noted, factors outside of your control can intrude too. Last year, a Morning Consult report found that 49% of Americans were worried about job losses in their industry, while 44% were concerned about job losses within their own company.

Alleviating stress
Many companies have programs in place to help workers when things get challenging. These can include stress-management tools like webinars or access to apps designed to manage stress symptoms. Some may offer extra paid days off or have specific mental health benefits on offer. 

But unless the root causes of workplace stress are actually addressed, these are likely to be no more than a temporary bandage on the problem. 

In fact, a recent academic study conducted in the UK found that there was no difference in the self-reported mental health of those who participated in workplace wellbeing programmes, and those who did not. 

It's food for thought for those who are currently in the throes of a stressful workplace experience. 

If you've tried to mitigate the effects of your company's poor working environment but aren't seeing an improvement in how you're feeling, it could be time to make a move to a role or a business where worker happiness is a priority. 

Ready to find your next fulfilling and well-compensated challenge? Visit the American Banker Job Board today