Digital accountancy platform LemonEdge has released a new report showing the impact of high pressure on financial services and banking professionals.
A new report by LemonEdge shows that a third of financial services and banking professionals are planning to leave the industry due to high pressure.
With burnout mounting, 31 per cent of banking and finance professionals are also planning to leave their current role as a result of high pressure, but continue to stay within the same industry, the report reveals.
A third of financial services and banking professionals stated that working from home and hybrid working has increased burnout. Whilst others experienced positive benefits from hybrid working, and even decreased levels of burnout, the report shows.
The study by LemonEdge, a global digital accountancy platform for the private capital and venture capital industry, also states that nearly a quarter of workers are concerned about their health or mental health.
When uncovering why workers are planning to leave their positions in record numbers, workers stated that a heavy workload (42 per cent) is the main contributor to feeling heightened pressure. Overall, one in six feel as though they can no longer continue, or have the desire to continue in their role within the industry, rising to 21 per cent of males, the report shows.
In order to overcome burnout, a third of financial services professionals said that a reduced workload would reduce burnout. Other solutions include time off work, more support from management, and faster, more efficient technology.
“The risk of burnout to employers [employees] is huge, and there are simple measures firms can introduce to reduce the risk,” Gareth Hewitt, co-founder and chief executive officer at LemonEdge, said.
“With one in four asking for faster or improved technology to eliminate manual processes, firms need to look at their approaches to improve the lives of their staff,” he added. “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,” he stressed.