Nearly half of young finance workers take time off for work-related stress

Almost half of young finance professionals have taken time off due to work-related stress, a new report has found.

The study by AccountsIQ reports that almost four-in-ten younger finance professionals in the UK (39%) have taken time off work for stress, alongside 36% of their senior colleagues.

According to the report, 82% of young finance workers said the job has a negatively affected their life, while over a third (34%) said it has been detrimental to their mental wellbeing.

Darren Cran, COO at AccountsIQ said: “Stress and burnout are significant challenges in the finance function. The pressure of deadlines, increased financial complexity and the imperative for high quality and error-free work, combines with an overall sense that expectations are not being met.

“These difficulties affect finance professionals of all ages but are more acute among those who are new in the industry. Younger professionals are often lumbered with much of the uninspiring, repetitive, spreadsheet-based work despite being the first, truly digital native generations.

“ Organisations must address these problems with solutions that remove intensive manual work, to place younger talent in a position.”

Work-related stress is a serious condition as it can negatively affect your physical well-being and mental health. Although symptoms can vary from person to person, the NHS website states that symptoms usually relate to seven main categories.

Factors which may lead to work-related stress symptoms

• No control over workload
• Lack of clarity about responsibilities and high demands of time and energy
• Changes in the workplace or fear of redundancy
• Lack of support or poor line management
• Strained relationships with colleagues
• Harassment or bullying in the workplace
• Discrimination

Workers who believe they have experienced work-related stress may be able to claim compensation from their employer – known as general damages – for the suffering and potential income they may have lost as a result.

However, in order for a successful legal claim to be awarded, you must legally prove that you have not only suffered workplace stress, but that the stress meets the clinical criteria for a recognised psychiatric condition.

Criteria to make a claim

Oakwood Solicitors can help if you believe you may be entitled to compensation from your employer due to work-related stress. However, there’s a few things to consider before making a claim.

The first three are the most important, as they prove that you have followed the correct process and official records have been made as a result.

• Concerns raised with line manager and/or human resources – You have reached the point where the stress has affected you enough to report it to your manager or HR representative.
• Company response was either unsatisfactory or non-existent – The issue has been officially recorded by your employer, but the solution they offered was either inadequate or the matter was disregarded altogether.
• Doctors’ appointment made and stress recorded by GP – You felt it necessary to consult medical help due to stress, and your symptoms were logged in your patient record.
• Sick note issued or medication prescribed by doctor – Your doctor deemed it necessary to prescribe medication to help manage the symptoms of stress, or sign you off work with a sick note at some point.
• Diary of work events and circumstances kept by employee – You have had the foresight to log anything that may have contributed to the stress you have been experiencing, such as ate nights either at work or working out of hours at home, sleepless nights, lists of additional tasks, etc.
• Work affecting personal life or time outside of work – Things have reached a point where you are forced to focus on work matters, or worry about them regularly outside of working hours in personal time and are thus affecting your everyday life.

How to make a claim

If you decide that making a claim is the best option, you should seek legal advice. Oakwood Solicitors Ltd offers a free initial assessment where a legal profession will examine any documents you have and discuss whether action could be taken.

How much is my claim worth?

The section of the Judicial Studies Board Guidelines (JCG) covering psychiatric injury claims has four compensation brackets:

• Severe – The most extreme of cases, where the outlook for someone’s recovery is extremely poor (£54,830.00 – £115,730.00).
• Moderately severe – Symptoms amount to a disability affecting someone’s life in a permanent or long-standing way, preventing a return to comparable employment (£19,070.00 – £54,830.00).
• Moderate – Symptoms have affected daily life, work, and relationships but where medical evidence opines that good progress towards recovery will be made by the time of trial. The extent that treatment will assist recovery, alongside future vulnerability to relapse is also assessed (£5,860.00 – £19,070.00).
• Less severe – Usually where the duration of symptoms are less than twelve months, and the extent to which the symptoms have affected someone’s daily activities and sleep is low level (£1,540.00 – £5,860.00).
• Post-Traumatic Stress Disorder (PTSD) cases – The court has additional separate guidance from the above.
• Special damages – Can cover out-of-pocket expenses such as lost earnings, travel, medication and treatment costs, etc.

Most work-related stress cases fall within the moderate or moderately severe categories. The court considers similar trialed cases to determine where a case may fall regarding the compensation bracket. Claims for both past and anticipated future losses can be made. However, this list is not exhaustive and is very case-specific.

Jessica Rowson, our director and head of Psychiatric Injury says:

“Claims for stress at work are complex, but we are here to help you navigate your legal options on a free assessment basis if you think you may need some advice.

“We are happy to review any claim enquiry on a confidential basis and provide feedback on your claim options.”

How long do I have to make a claim?

Claims for psychiatric injury are subject to strict time limits, and you must have commenced proceedings within 3 years of your date of knowledge that you have suffered an injury as a result of work-related stress. Usually this time limit runs from the first time you seek medical advice from your GP, but limitation is assessed on a case-by-case basis.

There may also be separate allegations that can be made under the Protection from Harassment Act 1997 Act. Such allegations would be subject to a 6 year limitation period.

If you are unsure about your own time limit, Oakwood Solicitors is happy to help advise you if we are able to support you with a claim. To contact us, call 0113 200 9720 or visit the Oakwood Solicitors website.

Further reading

Stress at work Claims – Oakwood Solicitors

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