One in three banking and finance services plan to leave industry due to heavy pressure – London Business News

0

According to a new report from LemonEdge, a global digital accounting platform for the private equity and venture capital industry, one-third (31%) of financial services and banking professionals are considering leaving the industry due to high pressures.

With job burnout on the rise, another third (31%) of banking and finance professionals are also considering leaving their current role due to high pressure, but continuing to stay in the same industry. The coming exodus from the industry risks leaving valuable talent leaving the sector in record numbers and stems from rising levels of burnout, which have worsened for many since the pandemic and working from home, or the establishment of a hybrid model.

Some workers have experienced the positive benefits of hybrid working, and even a decrease in burnout levels, but a third (33%) of financial services and banking professionals say burnout levels have increased due to changes in the work environment since the pandemic and the work-from-home hybrid model. In this context, one in six burnouts (14%) has increased exponentially.

Read more:

Finding out why workers plan to quit their jobs in record numbers, the LemonEdge study found that financial services and banking professionals say a heavy workload (42%) is the biggest contributing factor to feeling increased pressure in their role. This is followed by manual processes (36%), long working hours (32%), tight deadlines (26%) and increasing demands from management (25%).

While some workers claim to thrive under these conditions, much of the general banking and services workforce is feeling the brunt of burnout. These increased pressures are having a negative impact on the mental well-being of financial services workers, as a quarter (26%) feel nervous about the future, while a further 23% worry specifically about their health or health mental.

Overall, one in six financial services workers (15%) feel they can no longer continue or have a desire to continue in their role within the industry, rising to 21% of men.

In order to overcome burnout, a third (33%) of financial services professionals agree that a reduced workload would reduce burnout. Other solutions include time off (27%), more management support (25%) and faster, more efficient technology (23%).

Gareth Hewitt, co-founder and CEO of LemonEdge, 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 heavy pressure, this should be a clear warning to companies before they risk losing valuable talent. .

“The risk of burnout for employers is enormous, and there are simple measures that companies can put in place to reduce the risk of burnout, making life for their employees much simpler, easier and with less of stress.

“Companies need to be aware of the impact that absenteeism and presenteeism will have on their employees and on the productivity of the company. Just because you work from home or in a hybrid model doesn’t mean you can’t enjoy free time. With one in four (23%) asking for faster or better technology to eliminate manual processes, companies need to rethink their approaches to improving the lives of their people.

“Technology today not only can but must provide the automation and flexibility that can help reduce stress, reduced work hours and the risk of burnout. At LemonEdge, we’re passionate about providing the tools and technology that get financial services professionals home on time.

Share.

About Author

Comments are closed.