31% of financial services and banking professionals to leave the industry due to pressure
One third (31%) of financial services and banking professionals plan to leave their industry, and a further third (31%) are planning to stay within the industry but leave their current roles, reveals a new report.
According to the study by the digital accountancy platform, LemonEdge, 33% of financial service and banking professionals believe that working from home and hybrid working has increased burnout. Fourteen percent state that burnout has risen exponentially. The study also revealed that 23% of these professionals are worried about physical and mental health.
When asked why workers are planning to leave their positions, the following reasons were cited:
- Heavy workload (42%)
- Manual processes (36%)
- Long working hours (32%)
- Tight deadlines (26%)
- Increasing demands from management (25%)
One in six of the financial services workers who were surveyed feel like they can no longer continue or no longer desire to continue in their role within the industry.
When asked what would help overcome burnout, 33% of financial services professionals agreed that a reduced workload would reduce burnout. Time off work (27%), support from management (25%), and faster, more efficient technology (23%) were also popular solutions.
Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge, comments: “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.”