A third of financial services and banking professionals in the UK are planning to leave the industry due to high pressure, new research suggests.
The study of 300 workers also found that a further third are planning to leave their current role, but stay within the same sector.
A heavy workload was the main reason given for feeling heightened pressure, followed by manual processes, long working hours, tight deadlines, and increasing demands from management.
And although some workers have experienced the positive benefits of hybrid working, one-third said that it has increased burnout, with one in six stating that it’s risen exponentially.
The findings also suggest that nearly a quarter of financial services workers are now concerned about their health, and come during the ongoing worldwide trend of workers voluntarily resigning en masse, known as the 'Great Resignation'.
LemonEdge, a global digital accountancy platform, which carried out the survey, said that the upcoming exodus from the industry risks valuable talent leaving the sector in “record numbers”.
CEO Gareth Hewitt commented: “Any experience of burnout is serious, and with thousands of employees planning to leave the industry as a direct result of high pressure, it should be a clear warning to firms before they risk losing valuable talent.
“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.”
Overall, 15% of the workers studied felt as though they could no longer continue, or had no desire to continue in their role within the industry, rising to 21% of males.
In order to overcome burnout, 33% said that a reduced workload would help, with time off work, more support from management, and faster, more efficient technology, cited by 27%, 25%, and 23%, respectively.
“Firms need to be aware of the impact absenteeism and presenteeism will have on both their employees and business productivity,” Hewitt continued. “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 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.”
Meanwhile, a separate survey of 2,000 UK workers across all sectors by PricewaterhouseCoopers (PwC) recently found that 18% are “very likely” or “extremely likely” to switch to a new employer within the next 12 months.
A further 32% said that they are "moderately likely" or "slightly likely" to switch, and 16% are planning to leave the workforce.
While an increase in pay was the main motivator for considering a job change, cited by 72%, wanting a fulfilling job, and to truly be themselves at work, were mentioned by 68% and 63%, respectively. The global results can be found here.
Kevin Ellis, chairman and senior partner at PwC UK, said: “The economic outlook may be uncertain but it would be premature to call the end of the Great Resignation. Highly skilled workers are in hot demand and employers can’t be complacent.
“Employees will vote with their feet if their expectations on company culture, reward, flexibility and learning are not being largely met.”
Image credit: iStock
Author: Chris Seekings