A new study by LemonEdge found that while some workers have experienced the positive benefits of hybrid working, and even decreased levels of burnout, 33% of financial and banking services workers state levels of burnout has increased due to changes in work environment since the pandemic and working from home hybrid model. Within this, one in six (14%) state burnout has increased exponentially.
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.
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%).
We’ve reported that American Express announced partnership with Versapay.