Breaking the cycle: how to revive the work-life balance in the finance industry

The Finance Industry operates in an environment of high pressure, long hours and potentially stressful situations. This kind of work can take its toll on employees, leading to issues like burnout. In fact, according to research, around 77% of employees overall are impacted by this condition.

The impact of burnout is far-reaching, on both personal and business levels. According to Employee Benefits, “employees suffering from burnout are 63% more likely to take a sick day, and are 2.6x more likely to be actively looking for a new job”. Businesses looking to retain a healthy, happy workforce need to recognize any potential burnout causes and put an effective employee wellbeing strategy in place.

In this blog, we’ll delve deeper into the issue of burnout and what you can do to prevent it.

Burnout Causes in the Finance Industry

Long working hours: The finance industry is known for its long working hours. According to a survey by eFinancialCareers, over 70% of finance professionals in the UK work more than 50 hours a week. This doesn’t leave employees with a huge amount of time or energy to put into their personal lives.

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 High-pressure environment: The finance industry operates in a busy, pressured environment where employees need to make quick decisions that can have a significant impact on the business. This continual pressure can mount, and potentially impact employee’s health and wellbeing.

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 Lack of support: Whilst not a universal experience, there are many employees that feel unsupported by management, and as such are more likely to feel stress, pressure, and potentially over-work to keep up in a demanding industry.

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 Lack of work-life balance: The Financial Services industry is notorious for its lack of work-life balance. In a busy, competitive industry people can often feel over-worked and exhausted, so they don’t have the time to focus on creating a sustainable, healthy balance.

Addressing these factors is key to reducing or preventing burnout in your employees. The fundamental issues around long hours, heavy workloads and looming deadlines can seem impossible to solve… but that’s not the case.  

You can address workloads, create a supportive environment whilst encouraging and prioritizing employee wellbeing with an Employee Concierge Service.

With Concierge Services, employees can delegate some of their personal obligations to a dedicated professional who will take care of tasks – allowing them to focus on their core responsibilities at work and making the most of their personal time. This, in turn, reduces stress and helps to manage the overall workload.

Burnout is a serious issue, and organisations need to take proactive steps to tackle it. Creating a workplace culture that is supportive of the mental and emotional wellbeing of employees is vital, and it in turn creates a more positive and sustainable work environment for its employees, helping to attract and retain the best talent in the industry.

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