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Why you need to have a happy workforce

16th June 2022

The Great Banking Exodus – burnout in the financial sector

Patrick Crowder

The financial sector can be a stressful environment, and we’re seeing large numbers of industry professionals leaving the sector following the pandemic. A new study by the global digital accountancy platform LemonEdge shows that 62% of financial services and banking professionals are planning to either leave their current role or leave the industry altogether due to high pressure.

A third of professionals surveyed say that a reduced workload is the best way to deal with burnout. 27% say that more time off work would solve the issue, and others say that they would benefit from more management support and upgraded technology.

Gareth Hewitt, who is the Co-Founder and CEO at LemonEdge, describes how these burnout-driven departures from the industry should be taken as a warning sign.

“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,” Hewitt says.

With 31% of financial services and banking professionals planning to leave the industry, it is easy to see why this is a problem which must be solved. About a third of professionals say that working from home has increased their burnout, and 23% say that they are concerned with their physical and/or mental health. So what’s the solution? Hewitt says the answer lies in technology, which could enable reduced workload.

“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 less stressful. 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,” Hewitt says, “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.”

A third of professionals surveyed say that a reduced workload is the best way to deal with burnout. 27% say that more time off work would solve the issue, and others say that they would benefit from more management support and upgraded technology.

Credit: https://www.lemonedge.com

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