A recent survey has revealed escalating stress among employees at the European Central Bank (ECB), with nearly 40% at risk of professional burnout and 9% having contemplated suicide. There’s been a notable increase in work-related anxiety at the ECB over the last few years, with some reporting fatigue, feelings of powerlessness, unfair treatment or lack of sufficient support.
The survey, conducted in April and May on behalf of the ECB worker’s committee, has provoked labor representatives to urge for a greater focus on employee wellbeing. Vice-president of the Ipso union representing the ECB staff, Carlos Bowles, warned that mistakes resulting from poor decision-making or inadequate data analysis may severely affect internal procedures at the ECB, particularly before crucial decisions on interest rates are made.
Bowles attributed the intense workloads, favouritism and “fixed recruitments” as major contributors to staff’s mental health woes. The rate of ECB staff at risk of burnout has escalated from 33.2% in the 2021 to 38.9% in the current year. Furthermore, 146 employees (9.1% of respondents) admitted to experiencing suicidal thoughts, representing a significant rise from the 6.1% reported last year.
Over 72% of participants in the survey reported experiencing one or more psychosomatic symptoms, such as insomnia, concentration issues, headaches, or gastrointestinal problems. The research, conducted by Psy@work, based its conclusions on 1,602 responses from ECB’s entire staffing complement of 5,089.
The ECB ensured that it implemented actions to resolve previously identified issues, and it plans to address matters like workload and career advancements. Staff can access assistance via a 24-hour helpline alongside social counselling and medical advice. A spokesperson for the ECB confirmed, “The health and well-being of our staff are a priority, and we’ll actively engage with the staff committee and all employees to understand and address underlying issues.”
The ECB is currently scrutinising its internal audit, inquiry, and punitive procedures, while also conducting focus groups allowing employees to talk about occupational stress and propose methods to enhance their professional environment.
In the past, there have been disagreements between representatives of the union and the ECB on matters pertaining to pay. In 2023, staff were discontented by a mere 4 per cent pay increment which was significantly below the inflation rate of the euro zone the year before and consequently, a formal grievance was lodged by the union.
That said, the level of stress among ECB staff appears to mirror the stress levels of the typical worker in Europe. Indications of physical or emotional exhaustion were reported by 39 per cent of employees working in European Union, based on a survey conducted by the European Foundation for the Improvement of Living and Working Conditions in 2021. – The Financial Times Limited 2024 copyright.