fundtruffle

Hybrid working increases levels of burnout

News Team, 12/05/2022

Remote and hybrid working in the post-pandemic is amplifying burnout for a third of professionals in financial and banking services.

New research from digital accountancy platform LemonEdge has found that while hybrid working has benefitted some workers, 33 percent of financial and banking professionals believe their levels of burnout have increased owing to changes in the working environment since the pandemic. Among these, 14 percent said burnout had increased substantially.

Up to 37 percent of workers claimed that the main factor driving burnout came from increased workloads. This was closely followed by increased work demands at 36 percent and longer working hours at 34 percent. Technology challenges accounted for 32 percent of this.

31 percent of workers reported working over the contracted hours every day, and 57 percent claimed they do this multiple times a week.

Almost all employees, at 94 percent, said that they worked over their contracted hours at least once a week.

Burnout has many consequences, according to LemonEdge. Over a fifth, at 23 percent, of financial service workers stated they are concerned about their health or mental health, while 22 percent reported feeling stressed.

In terms of gender, 27 percent of males reported having higher levels of stress compared to 19 percent of female respondents.

To prevent burnout, 33 percent agreed that reduced workload would be effective. Other solutions include 27 percent who reported that time off would benefit them, 25 percent claiming that support from management would help, and 23 percent claiming that better technology would reduce burnout.

Gareth Hewitt, chief executive at LemonEdge, said: “Even in this new age of working, financial services and banking professionals are burning out at an alarming rate.

“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 percent) asking for faster or improved technology to eliminate manual processes, firms need to look at their approaches to improve the lives of their staff.”

About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM

Subscribers

Dedicated to serve both investors and fund companies, fundeye.com aims at becoming the preferred publication platform for market professionals.

Read more