A third (31%) of financial services and banking professionals are planning to leave the industry due to high pressure, according to a new report by LemonEdge, a global digital accountancy platform for the private capital and venture capital industry.
With burnout mounting, a further third (31%) of banking and finance professionals are also planning to leave their current role as a result of high pressure, but continue to stay within the same industry. The upcoming exodus from the industry risks valuable talent leaving the sector in record numbers, and stems from increasing levels of burnout, which has worsened for many since the pandemic and working from home, or hybrid model set up.
Some workers have experienced the positive benefits of hybrid working, and even decreased levels of burnout, but a third (33%) of financial services and banking professionals state levels of burnout has increased due to changes in work environment since the pandemic and working from home hybrid model. Within this, one in six (14%) state burnout has increased exponentially.
When uncovering why workers are planning to leave their positions in record numbers, the study by LemonEdge found that financial services and banking professionals state a heavy workload (42%) is the main contributor to feeling heightened pressure within their role. This is closely followed by manual processes (36%), long working hours (32%), tight deadlines (26%), and increasing demands from management (25%).
While some workers claim to be thriving in these conditions, much of the general workforce in banking and services are feeling the weight of burnout. These increased pressures are negatively impacting the mental well-being of financial service workers, as a quarter (26%) are feeling nervous about the future, whilst a further 23% are specifically worried about their health or mental health.
Overall, one in six (15%) financial services workers feel as though they can no longer continue, or have the desire to continue in their role within the industry, rising to 21% of males.
In order to overcome burnout, a third (33%) of financial services professionals are in agreement that a reduced workload would reduce burnout. Other solutions include time off work (27%), more support from management (25%), and faster, more efficient technology (23%).
Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge, comments: “An exodus of industry professionals is a sure sign that levels of burnout have reached an unacceptable scale. Any experience of burnout is serious and with thousands of employees planning to leave the industry as a direct result of high pressure, it should be a clear warning to firms before they risk losing valuable talent.
“The risk of burnout to employers is huge, and there are simple measures firms can introduce to reduce the risk of burnout, making the lives of their employees’ much simpler, easier, and with less stress. Firms need to be aware of the impact absenteeism and presenteeism will have on both their employees and business productivity. Just because you’re working from home, or in a hybrid model, doesn’t mean you can’t enjoy time off. With one in four (23%) asking for faster or improved technology to eliminate manual processes, firms need to look at their approaches to improve the lives of their staff. In this day and age, technology, not only can but should, provide the automation and flexibility that can contribute to reduced stress, reduced working hours, and lower risk of burnout. At LemonEdge we are passionate about providing the tools and technology that enable financial services professionals to get home on time.”