Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Home Business HYBRID WORKING AMPLIFIES BURNOUT IN FINANCE AS WORKERS CALL FOR REDUCED WORKLOADS AND FASTER, MORE EFFICIENT TECHNOLOGY

HYBRID WORKING AMPLIFIES BURNOUT IN FINANCE AS WORKERS CALL FOR REDUCED WORKLOADS AND FASTER, MORE EFFICIENT TECHNOLOGY

by Staff GBAF Publications Ltd
  •   A third (33%) of financial service and banking professionals state that working from home and hybrid working has increased burnout, with one in six (14%) stating it’s risen exponentially
  •   This study shows that nearly a quarter (23%) of financial service workers are concerned about their health or mental health
  •         To reduce burnout in the hybrid working model, workers call for reduced workloads (33%), time off work (27%), more support from management (25%), and faster, more efficient technology (23%)

11th May 2022-  Remote and hybrid work in the post-pandemic era is amplifying burnout for a third of financial services and banking professionals.

A new study by LemonEdge, a global digital accountancy platform for the private capital and venture capital industry, found that while some workers have experienced the positive benefits of hybrid working, and even decreased levels of burnout, a third (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.

Consequences of burnout

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%).

Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge, comments: “Even in this new age of working, financial services and banking professionals are burning out at an alarming rate. Firms are battling the challenge of working to the highest efficiencies and handling complexity on an unforeseen scale, all while offering flexibility to employees which they absolutely have the right to enjoy.

“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.”

Recent Post