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macquarie.com.au Mental wellbeing in uncertain times A wellbeing mindset for leaders At this moment, the coronavirus (COVID-19) outbreak is fundamentally changing the way we work and the way we live our lives. But amidst the effort to manage the impacts of COVID-19, we are also grappling with the mental health impacts of social isolation, heightened anxiety and financial uncertainty. Business leaders have the additional challenge of managing teams remotely and steering organisations through a period like no other in recent history. “As leaders we have to be able to lead with confidence and perspective while balancing the underlying anxieties and emotions of our people. This is doubly hard when we may be experiencing our own fears and uncertainties as we face a health and economic event unprecedented in our times,” says Sean West, Head of Wealth Management at Macquarie Banking and Financial Services Group, “In time, COVID-19 will pass, and while not everything will go back to normal, a new normal will emerge. Those organisations with purpose, innovation and a focus on clients will prosper.” There’s a growing appreciation for the need for business leaders to develop a deeper understanding and appreciation of the mental health issues that are likely to emerge, and develop the skills to help their teams and families cope. “It’s important to acknowledge this stage is like a grieving period, with feelings of shock and denial,” says Mindstar founder Aaron Williams, who works to improve and maintain emotional wellbeing in workplaces. “We all know people who are losing something – their job, their connection to the things and people they hold dear. It feels out of our control.” Dr Jill Newby, Associate Professor at UNSW, based at the Black Dog Institute, says it’s natural for people to feel overwhelmed – and almost half the exponential increase in traffic to Black Dog’s website is for COVID-related support. During previous pandemics, it has been estimated 25% to 33% of the community experienced high levels of worry and anxiety 1 – and people with pre-existing anxiety and other mental health disorders are most at risk. With one in five Australians aged 16 to 85 suffering from a mental health disorder 2 – and one in three in the financial services sector 3 – there’s a good chance you know someone who is feeling vulnerable during this time. That’s why it’s more important than ever to support one another – colleagues, clients, families, friends and neighbours. Prioritising self-care is just as important. Here are four ways to do this while adapting to a very different way of living and working.

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Page 1: Mental wellbeing in uncertain times · to develop a deeper understanding and appreciation of the mental health issues that are likely to emerge, and develop the skills to help their

macquarie.com.au

Mental wellbeing in uncertain times

A wellbeing mindset for leaders

At this moment, the coronavirus (COVID-19) outbreak is fundamentally changing the way we work and the way we live our lives. But amidst the effort to manage the impacts of COVID-19, we are also grappling with the mental health impacts of social isolation, heightened anxiety and fi nancial uncertainty. Business leaders have the additional challenge of managing teams remotely and steering organisations through a period like no other in recent history.

“As leaders we have to be able to lead with confi dence and

perspective while balancing the underlying anxieties and emotions

of our people. This is doubly hard when we may be experiencing

our own fears and uncertainties as we face a health and economic

event unprecedented in our times,” says Sean West, Head of Wealth

Management at Macquarie Banking and Financial Services Group,

“In time, COVID-19 will pass, and while not everything will go back

to normal, a new normal will emerge. Those organisations with

purpose, innovation and a focus on clients will prosper.”

There’s a growing appreciation for the need for business leaders

to develop a deeper understanding and appreciation of the mental

health issues that are likely to emerge, and develop the skills to

help their teams and families cope.

“It’s important to acknowledge this stage is like a grieving period,

with feelings of shock and denial,” says Mindstar founder Aaron

Williams, who works to improve and maintain emotional wellbeing

in workplaces. “We all know people who are losing something –

their job, their connection to the things and people they hold dear.

It feels out of our control.”

Dr Jill Newby, Associate Professor at UNSW, based at the Black

Dog Institute, says it’s natural for people to feel overwhelmed –

and almost half the exponential increase in traffi c to Black Dog’s

website is for COVID-related support.

During previous pandemics, it has been estimated 25% to 33%

of the community experienced high levels of worry and anxiety1

– and people with pre-existing anxiety and other mental health

disorders are most at risk. With one in fi ve Australians aged 16 to

85 suffering from a mental health disorder2 – and one in three in

the fi nancial services sector3 – there’s a good chance you know

someone who is feeling vulnerable during this time.

That’s why it’s more important than ever to support one another

– colleagues, clients, families, friends and neighbours. Prioritising

self-care is just as important.

Here are four ways to do this while adapting to a very different way

of living and working.

Page 2: Mental wellbeing in uncertain times · to develop a deeper understanding and appreciation of the mental health issues that are likely to emerge, and develop the skills to help their

Accept the rhythm of work will change

Williams says the leaders he is coaching fi nd today’s lack of

control distressing because they’re used to pushing themselves.

In this environment, Dr Newby notes it’s important to take

the pressure off both yourself and your teams – especially

for those who face the additional stress of home schooling

or worrying about elderly parents. “It might not be realistic to

expect the same level of work – you need to adjust expectations

and be fl exible.” Some people may need to alter their hours to

balance their family needs, or work in shorter stints throughout

the day.

West and his wife are both now working from home and home-

schooling two teenagers. He says this requires a lot more

energy in his role as a leader (and as a parent), as he needs to

be as visible as possible and maximise the connection he has

with his team, family and broader community.

“The leadership unit – whether in business or in families –

needs to be stronger and more authentic than ever today,” he

observes. “But you can’t keep giving more without changing

something. For me, that means ensuring that I fi nd some time to

get out on my own to exercise every day. It gives me the mental

space to refl ect on things.”

Set up structure and rituals

Whether it’s a morning Zoom catch-up or virtual Friday

drinks, people are fi nding creative ways to replicate the social

stimulation of a typical working week.

West says his team has turned a quarterly in-person ‘what’s

on your mind’ session to a weekly virtual event for hundreds

of people. “People share different stories about how they’re

dealing with the situation, and it gives us a good perspective

on the current reality. It also gives our leaders a chance to

demonstrate their own vulnerability by talking about the

challenges they are facing - it’s a shared experience.” Daily

check in calls every afternoon with his immediate team also

provide a chance to refl ect on the day and check in on the

wellbeing of each team member.

Self-care routines are just as important. “Schedule in exercise,”

suggests Dr Newby. If you lack motivation to do it solo, team

up with a family member or try a virtual class with a friend. And

get enough sleep. “Sleep is a powerful antidote to anxiety, and it

also helps the immune system,” she adds.

If work and life are blurring together, enforce a start and end

time to your work day and create a ‘buffer’ – this could be as

simple as changing out of your work clothes at 6pm. Dr Newby

is working from the living room of her small apartment, so she

puts her computer away on Friday evening to visually create a

weekend break.

Stay connected in every way you can

Now’s the time to equip everyone in your team with the

technology and skills to work together when they’re remote.

Williams says it’s important to make sure no one is left behind.

“Team morale is so important right now, take time to appreciate

people,” he notes.

West says he is particularly conscious of people who live alone,

and those who may want more contact. “We make sure they

have multiple touchpoints. Everyone is dealing with this in a very

personal way, so the more we can personalise our interaction

the more impact we can have.”

Recognise and respond to the signs

Create a safe space for your team members to discuss

how they are feeling. “It’s OK, as a leader, to say you’re also

struggling with this, and you don’t have all the answers,”

says Williams.

When you’re physically apart, it can be more challenging to spot

the changes that signal someone is struggling. Look for any

shifts in their online behaviour or the way they communicate –

such as their tone or language.

If you are concerned someone in your team or family is

struggling, ask how they’re doing. This will never make things

worse. Listen carefully, and reassure them it is completely

normal to feels this way. “Validating their feelings can make a

huge difference,” advises Dr Newby.

According to the World Economic Forum, providing a sense of

time can also help – try phrases like ‘let’s think of ways for you

to get through these next few days.’

“You can also link them to specialist help – GPs can provide a

referral via telehealth, and psychologists and psychiatrists are

doing phone or video call therapy,” suggests Dr Newby. Black

Dog also provides self-directed online screening to guide people

through a range of digital mental health programs, as well as

resources for managing stress and anxiety.

Above all, it’s important to remember most people have built-

in resilience. We’ve faced stress and uncertainty before, and

developed coping skills to get through those times.

“At Macquarie, we’ve been working with Ben Crowe, mindset

coach and director of Mojo Crowe”, says West. “One of the

ideas he talks about is the power of acceptance. Once we

accept the situation we fi nd ourselves in, we can start to work

positively within it.”

“It’s not realistic to expect the same level of work –

you need to adjust expectations and be fl exible.

Associate Professor Dr Jill Newby, Black Dog Institute“It’s not realistic to expect the same level of work –

you need to adjust expectations and be fl exible.

Associate Professor Dr Jill Newby, Black Dog Institute

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Page 3: Mental wellbeing in uncertain times · to develop a deeper understanding and appreciation of the mental health issues that are likely to emerge, and develop the skills to help their

macquarie.com.au

1 Mental Health Ramifi cations of COVID-19: The Australian context [https://blackdoginstitute.org.au/docs/default-source/default-document-library/20200319_covid19-evidence-andreccomendations. pdf] : Black Dog Institute (reference Bults, M., et al., Perceptions and behavioral responses of the general public during the 2009 infl uenza A (H1N1) pandemic: a systematic review. Disaster Med Public Health Prep, 2015. 9(2): p. 207-19.)

2 Facts & fi gures about mental health [https://www.blackdoginstitute.org.au/docs/default-source/factsheets/facts_fi gures.pdf?sfvrsn=8] , Black Dog Institute 2 (ABS data)

3 Creating a mentally healthy workplace: return on investment analysis [https://www.voced.edu.au/content/ngv%3A62708] , PWC

4 Experts explain how to manage mental wellbeing during COVID-19 [https://www.weforum.org/agenda/2020/04/covid-19-mental-health/] , World Economic Forum, April 1 2020

Except for Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (MBL), any Macquarie entity referred to on this page is not an authorised deposit taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

© Macquarie Group Limited

“It’s OK, as a leader, to say you’re also struggling

with this, and you don’t have all the answers.

Aaron Williams, Mindstar

Perspective and performance in

uncertain times

“Even though everything feels so unusual right now, it will get

better,” says Dr Newby. The way we respond to the situation

today will equip us emotionally to work through the recovery

phase that will inevitably follow.

Additional information

Learn more about Mindstar’s Work Well and Lead Well webinars

at https://www.mindstar.com.au/leadwellworkwell/

Download resources to help you and your team manage

stress and anxiety during the COVID-19 crisis at https://

www.blackdoginstitute.org.au/coronavirus-anxiety-resources