Almost a third (31%) of financial services and banking professionals have planned to leave the industry due to high pressure, according to a report by global digital accountancy platform LemonEdge.
Professionals in the industry said a heavy workload (42%) was the main contributor to feeling heightened pressure within their role. This was closely followed by manual processes (36%), long working hours (32%), tight deadlines (26%), and increasing demands from management (25%).
A third (33%) noted that burnout has increased due to changes in the working environment since the Covid-19 (Coronavirus) pandemic and working from home hybrid model, with 14% believing burnout to have increased exponentially.
A further 33% of financial services professionals agreed that a reduced workload would reduce burnout, with other solutions including time off work (27%), more support from management (25%), and faster, more efficient technology (23%).
In addition, 26% said they feel nervous about the future, while a further 23% were specifically worried about their health or mental health. One in six (15%) financial services workers felt as though they could no longer continue, or have the desire to continue in their role within the industry, rising to 21% among men, specifically.
Gareth Hewitt, co-founder and chief executive officer at LemonEdge, said: “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.
“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.”