The Great Resignation, the Big Quit, the Great Reassessment and Quiet Quitting were the pandemic-induced workplace trends that saw employees question their jobs. Many asked what they wanted to do, who they wanted to do it for and where, and how they wanted to work. The movements saw employees the world over change careers.
Sydney HR executive, Sophie Firmager, was one.
“I stepped out of a comfortable executive HR role to pursue my passion for people and organisational development through my own business,” she tells news.com.au.
“This would allow me to also achieve greater balance in my life, and be more of an active
and present parent to my son.”
Firmager founded and became director of professional leadership and coaching company the Realised Potential Group. However, not long into this new chapter, she was thrown curveballs that left her facing financial challenges.
“Starting a business amid economic turmoil was daunting, exacerbated by financial pressures including rising costs and mortgage commitments. My husband’s role was made redundant after 12 months of me starting my own business,” she says.
“We had some savings but that went quite quickly into our two mortgages, as our investment property was negatively geared. We drastically reduced the rent for our tenants over Covid to help them out, but when we needed the support, it never came, our strata also doubled during that time, and we had no choice but to sell that property.”
These financial challenges also impacted Firmager’s work performance and mental health.
“Realising how ineffective I was in my work when stressed out was an out-of-body experience. I recall immersing myself in sales and marketing efforts and not seeing the desired outcomes. I quickly realised that pushing uphill and forcing an outcome wasn’t going to work,” she says.
Firmager’s experience isn’t isolated, Australia is in the midst of what’s being dubbed the Great Burnout.
Recent data indicates that many employees are feeling the effects from the cost-of-living crisis, inflation, redundancies and increased property costs.
PwC’s 2023 Employee Financial Wellness Survey established that over half of Australian employees are finding it difficult to make ends meet. 59 per cent of those surveyed report that compensation isn’t keeping up with the rising cost of living expenses like rent, mortgage payments, food, the basic necessities.
Similarly, Australian Human Resources Institute’s (AHRI) December 2023 Quarterly Work Outlook Report asked employers what they perceive to be the key causes of work-related stress in their workplace and cost-of-living was top at 51 per cent.
“Being under financial pressure is immensely stressful and can impact employees’ health and work performance, with multiple studies linking financial stress to outcomes such as absenteeism, presenteeism and poorer health outcomes,” says AHRI CEO, Sarah McCann-Bartlett.
Firmager says that she had to remind herself of her own research and teachings regarding stress when she was struggling at work.
“It felt counterintuitive at the time, but I had to prioritise self-care practices to relax, unwind, and reconnect with my purpose and values.”
She says that poor employee mental can significantly impact both individual employees and the overall organisational dynamics.
“When employees don’t have personalised strategies to manage stress, self-regulate or cope with financial concerns, it can lead to physical or mental illness, as well as social and work-related issues,” she says.
Importantly though, Firmager believes that managers and HR professionals play a crucial role in supporting employee mental health in the workplace and there is a lot they can do to help, including looking out for specific signs among employees.
Some of these include changes in behaviour; decline in work performance; physical symptoms such as headaches, fatigue, or consistent sickness; emotional outbursts; changes in interpersonal relationships; expressions of hopelessness of helplessness and/or concerns raised by colleagues.
“My advice to leaders is to look out for these signs but never assume, use it as a door-opener to a supportive conversation that sees the employee open up about what’s going well but also what is leading to stress,” she says.
Other ways that employers can help McCann-Bartlett says, is by offering tailored discount/benefits packages, offering flexible work practices that make it easier for employees to fit work around caring responsibilities and to work from home.
For Firmager, while difficult, the cost-of-living challenges have taught her valuable lessons in resilience and ultimately, helped her business to succeed.
“I’m grateful that I leaned into the discomfort because I knew it was aligned with my values, purpose, and strengths. I trusted the journey, developed new skills, and established even greater faith in my abilities,” she says.
“This journey underscores the power of resilience and adaptability in turning adversity into opportunity.”
Shona Hendley is a freelance writer.