Almost a third (31%) of financial services and banking professionals are planning to leave the industry due to high pressure, according to a report from LemonEdge, a global digital accountancy platform for the private capital and venture capital industry.
While some workers have experienced positive benefits of hybrid working, 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 the working from home hybrid model began. Within this, one in six (14%) said burnout has increased exponentially.
When researching why workers are planning to leave their positions in record numbers, the study 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%).
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%).
Co-founder and CEO of LemonEdge Gareth Hewitt said: “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.”