By Harriet Agnew in London
A quiet revolution is gripping the City of London. Fast-paced financiers are turning to “mindfulness”, an ancient Buddhist idea that embraces meditation.
Banks, fund managers and professional services firms are adopting the form of stress relief that allows greater clarity of thought in a world dominated by technology. The combination of meditation and breathing techniques has also been taken up by the mental health sector.
The adoption of mindfulness by those who might traditionally dismiss it comes amid calls for capitalism to confront greed, materialism and income inequality. A series of deaths among finance workers has raised questions about stress levels and the way employees are treated.
Companies are more proactive at addressing wellbeing and mental health, which costs UK employers an estimated £26bn a year in sickness absence, reduced productivity and recruitment costs, according to the City Mental Health Alliance.
Science has legitimised meditation. Dr Tara Swart, a neuroscientist and business coach, said: “Meditation creates a short-term state change and a longer-term trait change.”
The CFA Institute for investment professionals is considering launching a meditation programme. KPMG, Goldman Sachs and Unilever – and the Bank of England – have presented mindfulness in wellbeing seminars and encourage staff to use meditation apps.
Not all firms are prepared to publicise these initiatives for fear of being perceived as “new age”. One financial group that declined to be interviewed said about 1,200 out of 10,000 staff tune in to regular updates about mindfulness.
Mindlab, a training programme, emphasises the science behind mindfulness, distancing the practice from clichés of “chanting, lentils and loincloths”, according to co-founder Caroline Hopkins. (FT)