Financial firms are risking employee burnout, accordion to a new survey.
Nearly a quarter (23 per cent ) of financial service workers are concerned about their health or mental health, according to a new survey.
While banking has long been synonymous with a culture of long hours, those responding to the survey also said that new working patterns were an important factor.
Remote and hybrid work in other words, in the post-pandemic era, amplifies burnout.
It found a third (33 per cent ) said working from home and hybrid working has increased burnout, with one in six (14 per cent) stating it’s risen exponentially.
Over one in three (37 per cent ) workers claimed the driving factor of burnout has come from increased workloads imposed upon employees.
Increased working hours are to blame with close to a third (31 per cent ) of workers saying they are working over their contracted hours every day. Over half (57 per cent ) stated they do it multiple times a week, and almost every employee (94 per cent ) claimed to work over their contracted hours at least once a week.
Higher workloads was closely followed by increased work demands (36 per cent ) longer working hours (34 per cent ) and tech challenges (32 per cent ).
Looking at gender differences, the study found 27 per cent of males respondents reported having higher levels of stress, compared to 19 per cent of females respondents.
The study of 300 UK-based workers in banking and financial services was conducted April 2022 and sponsored by LemonEdge, a low-code development platform for the complex accounting demands of the private equity and wider financial services industry.
To reduce bunout in the hybrid working model, workers said reduced workloads (33 per cent ), time off work (27 per cent ), more support from management (25 per cent ), and faster, more efficient technology (23 per cent ) were helpful.
“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, “ said Gareth Hewitt, CEO of LemonEdge.
“The risk of burnout to employers is huge. Firms need to be aware of the impact absenteeism and presenteeism will have on both their employees and business productivity,” he added.