Third of banking & financial services professionals mull leaving due to high pressure

A further 31% of banking and finance professionals surveyed are also planning to leave their current role as a result of high pressure, but continue to stay within the same industry.

The study was based on a survey of 300 UK-based workers in banking and financial services (including investment banks, asset management, private equity, venture capital, and more) conducted in April 2022.

The move to more flexible working patterns hasn’t had an entirely positive impact on burnout levels, LemonEdge has found. While some workers have experienced the positive benefits of hybrid working, and even decreased levels of burnout, a third (33%) of respondents stated that levels of burnout increased due to changes in work environment since the pandemic and working-from-home hybrid model. One in six (14%) stated that burnout has increased exponentially.

A heavy workload (42%) is the main contributor to feeling heightened pressure, closely followed by manual processes (36%), long working hours (32%), tight deadlines (26%) and increasing demands from management (25%). A quarter (26%) of respondents are feeling nervous about the future, while a further 23% are specifically worried about their health or mental health.

A third (33%) of financial services professionals said 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%).

“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,” said LemonEdge co-founder and CEO Gareth Hewitt. “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.”