Alcohol and drugs impact on workplace rising significantly
City businesses are facing significant challenges in managing staff with alcohol and substance abuse problems, warns GQ Employment Law, a specialist London employment law firm.
GQ Employment Law says that the problem is increasingly being caused by growing pressure to meet tougher targets as banks struggle to maintain their profitability because of stricter regulatory capital requirements. Paul Quain, Partner at GQ Employment Law, comments, “Managing staff with alcohol or drug addiction problems can be a very significant issue for City employers.” “Addiction to drugs and alcohol can be widespread in the City because the staff work long hours, face more stress than ever before, and are often expected to entertain clients in the evening.
In the City that never sleeps. . . traders stay up on ‘smart’ drugs
Ambitious executives in the world of high finance are increasingly turning to a “smart” drug to stop them falling asleep, the founder of a City addiction clinic says.
A growing number of businessmen and women seeking an edge over colleagues and competitors are taking modafinil, a drug designed to treat narcolepsy, a disorder that causes people suddenly to fall asleep.
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Traders Seek Help
In a recent news report that appeared in The Sun, City Beacon comment upon a 20% increase in city traders who have requested counselling services this year. Managing director Richard Kingdon said many were turning to drugs and alcohol as an “anaesthetic”. He told The Sun: “It’s allowing them to bury their heads deeper and deeper into the sand.”
He claimed bankers felt hated by the public and were being put under increasing pressure by their own bosses. He said: “Banks and financial institutions are using lower profit forecasts to cut staff bonuses, salaries and jobs.
“Denial is the name of the game in the City. No one — and no company — wants to admit there’s a serious addiction problem.”
Workaholism is on the rise, but there’s a ‘cure’
City workers who have suffered stress, anxiety and mental health problems due to the strains of the recession will recover with a better work/life balance, according to City Beacon, the only dedicated addiction counselling service for finance industry workers based in the Square Mile.
In addition, evidence is already growing to support the theory that workers are less fearful of the future and are recording higher levels of job satisfaction than before the recession hit.
Richard Kingdon, director of City Beacon, which treats white collar addicts, says that the service has seen a rise in the number of people facing addiction problems. They are not only suffering from dependence on drugs and alcohol but also from addiction to their jobs.
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