- 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%)
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.”
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Methodology:
Study of 300 UK-based workers in banking and financial services, conducted April 2022.
About LemonEdge
LemonEdge is the first and only low-code development platform for the complex accounting demands of the private equity and wider financial services industry. LemonEdge enables businesses to develop or customise solutions 20x faster than traditional approaches. LemonEdge’s private capital product provides asset managers and administrators with the core infrastructure for fund, portfolio, and LP-level accounting. The platform has easy-to-use reporting and analysis capabilities, which can seamlessly handle scale and complexity. Clients can quickly integrate 3rd party systems, spreadsheets, and proprietary financial processes via LemonEdge’s low-code platform. This intuitive and highly customisable approach delivers on today's complex requirements for efficient fund management.
Combined with LemonEdge’s unique set of building blocks for financial services, from a multi-currency general ledger, auditing, risk management, to complex data handling and reporting, you can give your solutions the edge they need.
About our Team:
Gareth Hewitt, Co-Founder and Chief Executive Officer at LemonEdge:
Gareth is Co-Founder and Chief Executive Officer of LemonEdge. He is a technology professional with over 20 years of financial services software experience. After Edinburgh University, Gareth was responsible for developing alternative asset software at Accounting Frameworks and later at eFront. This experience became the foundation for launching a cloud- based configurable software solution in 2011. Gareth then co-founded Bridge Fund Solutions, which he later sold. His experience with the current legacy system approaches to data integration, customisability, modelling, complex accounting, and scalability solidified his belief that there is a deep-rooted need for a powerful modern development platform with integrated accounting in financial services.
Jamie Nascimento, Co-Founder and Chief Commercial Officer at LemonEdge:
Jamie is Co-Founder and Chief Commercial Officer of LemonEdge. He has 20 years of experience in marketing and sales and holds a degree in computer science and artificial intelligence. Jamie’s ability to combine logical thinking with a creative aptitude, while also developing insight strategies, has helped him deliver strong growth across numerous brands in the FMCG market. Jamie’s expertise from working in global, multi-tiered organisational structures to start-up and scale-up businesses has given him a uniquely structured and entrepreneurial approach.
