Industry Surveys

Hybrid Working Increases Financial Sector Burnout – Survey

Amanda Cheesley, Deputy Editor, London, 12 May 2022

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A new study by LemonEdge examines the impact that working from home and hybrid working has had on professionals in financial and banking services.

A new study by LemonEdge, a digital accountancy platform for the private capital and venture capital industry, shows that a third of financial services and banking professionals have suffered from higher levels of burnout when working from home and hybrid working.

Some workers nevertheless experienced positive benefits from hybrid working, and even decreased levels of burnout, the study, which covered 300 UK-based workers this April, found. It looked into the impact that working from home and hybrid working has had on professionals in financial and banking services in the post-pandemic era.

Over one in three workers claimed that the main cause of burnout was from increased workloads imposed upon employees. This was followed by increased work demands (36 per cent), longer working hours (34 per cent), and tech challenges (32 per cent), the study found.

Nearly a quarter of financial services workers are concerned about their health or mental health. To reduce burnout in the hybrid working model, workers called for reduced workloads (33 per cent), time off work (27 per cent), more support from management (25 per cent), and faster, more efficient technology (23 per cent).

“The risk of burnout to employers is huge,” Gareth Hewitt, co-founder and chief executive officer at LemonEdge, said. With one in four (23 per cent) 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.”  

LemonEdge is a low-code development platform for the complex accounting demands of the private equity and wider financial services industry.

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