Financial service and banking professionals state that remote and hybrid working have increased burnout

burnout

Financial service and banking professionals state that remote and hybrid working have increased burnout. Source: depositphotos.com

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%).

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. 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
Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge

We’ve reported that American Express announced partnership with Versapay.

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