Coping with COVID-19

COVID-19

AS THE PANDEMIC WEARS ON, BANK LEADERS GRAPPLE WITH MENTAL HEALTH CHALLENGES FOR WORKERS.

Bruce Maloch has faced a lot of challenges through his profes-

sional career. A former state legislator and attorney, he has worked for Farmers Bank and Trust Co. since 1986 and now serves as its chief operating officer and general legal counsel.

Throughout his years in the banking industry, Maloch has experienced the ups and downs in the industry. Recessions, terrorist attacks, weather-related disasters and many other events have had direct and long-lasting consequences for the industry. But none of those could have prepared him or his colleagues for the challenges that would begin in March 2020, he said.

That month, the novel coronavirus COVID-19 swept through Asia and Europe and finally landed in the U.S. On the outset of the pandemic, businesses were shuttered nationwide and it resulted in a recession that caused a record quarterly drop in GDP – nearly 34%.

Maloch said a lot of the damage done to the economy at the time was stymied by the repeated stimulus packages doled by the federal government to businesses and individuals. His concerns were not related to the economy when it started; his concerns were for the safety of his employees and customers.

“There was a lot of uncertainty ... we worked to ensure the safety of our employees and customers,” he said. “I would say this has been the most unique challenge we've faced since I've been here.”

The impact to employees in all industries has been dramatic, Little Rock-based Southwest Employees Assistance Program (EAP) President Maggie Young said. The constant quarantines, changes at workplaces, and even working remotely have created the greatest paradigm shift many workers will face in their lifetimes, she added.

“I would say first and foremost that mental health is critical ... People are really exhausted from the constant change. It's really wearing people down,” Young said.

When Maloch began his banking career in 1986, the bank had about $75 million in assets and that has ballooned to more than $1.9 billion. The bank employs about 300 workers.

Many businesses were shuttered during the first eight weeks after a state of emergency was declared by Gov. Asa Hutchinson. Many banks, including Farmers Bank and Trust, had to shut down their lobbies. Employees with underlying conditions or those who could work from home were instructed to do so.

“There has been a 30% increase in overdose cases as people try to deal with these newfound stresses, while 59% of workers report that overwork, stress, and burnout are their top concerns.”

When the lobbies did open back up, a lot of appointments for customers were set up ahead of time to limit the number of people in contact. Sneeze guards were erected and all Center for Disease Control guidelines, including social distancing and masking, were enforced. During the first couple of COVID-19 waves, there were scattered employees that were infected.

Eventually, the mask mandate relaxed and employees only had to put them on if a customer was wearing one. Now, that's changed with the Delta variant of the disease, he said. Many more employees have been infected during this most recent wave and more have had to be quarantined, he said. The masks are once again mandatory. Employees who have to miss work due to quarantine are paid their normal wages, Maloch said.

The impacts to employees are still evolving, but one change that was on the horizon for the banking industry was accelerated by the pandemic. For years, customers have been utilizing online banking through website use and applications. That trend has gained tremendous momentum and likely won't change, he said. This will lead to less of a need for brick-andmortar spaces and will likely lead to fewer tellers, Maloch said. Those who work those jobs could be reassigned to other jobs or the parameters of that particular job could be modified, he said. Jonesboro Regional President for Centennial

Bank Davy Carter said his organization faced similar problems as the pandemic unfolded.

“Early on, it was difficult. It was difficult to determine what we needed to do. We were scrambling for information,” he said.

One problem they had in physical banks was that many employees work in close proximity and the work they do is harder when they are spaced out, but space had to be created, he said.

Before the pandemic, Carter said the company had a group of tellers that would rove from the branch, but that had to be shut down as the pandemic deepened. Lobbies were shuttered and there was a surge of customers using online banking tools, he added.

Centennial was able to identify employees who could work from home or just remotely, but that brought on several problems as well. Security is always a concern in the banking industry and they had to be certain that sensitive information remained protected.

“We had to ask ourselves. Can they work from home and should they work from home? Those are some of the questions we dealt with,” he said.

Maintaining adequate staff levels had been a challenge and earlier in the year finding workers was an issue, Carter said. That problem has subsided, but the quarantines and employees who become ill and miss work continue to put stress on the systems. Centennial hasn't mandated employees get vaccinated, but it has been encouraged, he said.

“That's been our quest and our encouragement to the staff,” he said.

“This new work environment has been tough on workers,” Young said. “There has been a 30% increase in overdose cases as people try to deal with these newfound stresses, while 59% of workers report that overwork, stress, and burnout are their top concerns,” she added.

Successful companies in this new era will have to provide mental health tools for employees and remove stigmas that are attached to seeking those types of help, she said. Working remotely can be good for employees who are trying to strike the right balance between work and life, but it comes with its own unique issues as well.

Structure, boundaries, routines, and other norms have been upended by this remote work trend. Companies will have to spend more time and resources communicating with employees and providing the right types of technology to ease the transition, she said.

One thing is for certain in Young's estimation.

“We learned there is flexibility in jobs that we never knew was there,” she said. “We already had the technology, but we didn't have the acceptability. I don't think we are going back. A hybrid workforce - some remote, some in office - is here to stay. This is what the future looks like.”