Levels of burnout has increased due to changes in work environment since the pandemic and working from home hybrid model for a third (33%) of financial and banking services workers, according to a new study by LemonEdge.
Within this, one in six (14%) state burnout has increased exponentially.
Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge, said: “Even in this new age of working, financial services and banking professionals are burning out at an alarming rate.”
“Firms are battling the challenge of working to the highest efficiencies and handling complexity on an unforeseen scale, all while offering flexibility to employees which they absolutely have the right to enjoy,” he added.
With businesses settling into hybrid work arrangements, implementing in office and work from home set ups, the study by LemonEdge looked into the impact working from home and hybrid working has had on professionals in financial and banking services.
According to the findings, over one in three (37%) workers claimed the driving factor of burnout has come from increased workloads imposed upon employees.
This was closely followed by increased work demands (36%) longer working hours (34%) and tech challenges (32%).
Increased working hours are burdening many financial service professionals, as close to a third (31%) of workers reported working over their contracted hours every day, over half (57%) stated they do multiple times a week, and almost every employee (94%) claimed to work over their contracted hours at least once a week.
The consequences of burnout are monumental, with nearly a quarter (23%) of financial service workers stating they are specifically concerned about their health or mental health, while one in five (22%) of workers report feeling stressed.
Looking at gender differences, the study found 27% of males respondents reported having higher levels of stress, compared to 19% of females respondents.
In order to circumvent 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%).
Hewitt said the risk of burnout to employers is huge, adding that 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,” he said.
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, he added.
“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,” Hewitt said.
