Warning: this story contains discussion of suicide.
A recent article titled Neoliberalism, toxic work and the shadow of death: hidden suicidality among Australia's finance sector workers discusses the impact of neoliberalism and toxic work environments on suicidality among workers in Australia's finance sector, emphasizing the need for new perspectives in suicide prevention and workplace health.
The article follows the stories of ten finance sector workers who contributed to a Finance Sector Union (FSU) website portal dedicated to gathering worker testimony for the 2018 Australian Royal Commission into the Banking and Finance Industry.
The study discusses the historical framing of work-related suicidality and its disconnection from workplace factors, with workers’ compensation systems historically prioritizing medical assessments over workers’ testimonies. The neoliberal prioritization of market ideologies over worker welfare has further obscured the relationship between work and suicidality.
There is also a distinct lack of research on workplace factors contributing to suicidality in Australia, with prevailing medical narratives focused on individual pathology rather than the impact of corporate governance and culture.
These workers who contributed shared many common experiences - suicidality linked to their work environments, toxic corporate practices, performance pressures, and management injustices contributing to their distress. Their narratives reveal a pattern of silenced psychological distress and ignored threats of suicidality within the finance sector.
Of the 353 submissions to the FSU portal there were 302 mentions of unjust treatment including bullying, and 267 references to sales pressure, indicating a culture of prioritising sales over employee well-being. Common experiences included persistent criticism, micromanagement, feeling dehumanised and being threatened with dismissal.
The toxic work environment in these banking environments was characterized by managerialism, bullying, and a culture of fear, with workers fearing retaliation for speaking out about their experiences. These narratives illustrate how systemic practices lead to a breakdown in social cohesion and increased vulnerability to suicidality.
Authors of the article, John Bottomley of Transforming Work and John G Flett of the University of Divinity, concluded that there is an urgent need for research and action to address the toxic work environments in the finance sector, and they call on unions and researchers to collaborate on improving workplace conditions and supporting affected workers.
If you or anyone you know needs help:
- Lifeline on 13 11 14
- Suicide Call Back Service on 1300 659 467
- Beyond Blue on 1300 224 636
- Headspace on 1800 650 890
- ReachOut at au.reachout.com
