More than three in 10 of financial services and banking professionals (31%) are planning to leave the industry due to high pressure, a new report by LemonEdge has revealed.

The accountancy platform for the private capital and venture capital industry found that a further 31% of banking and finance professionals are also planning to leave their current role because of high pressure, although indicated they will stay within the same industry.

LemonEdge’s findings were based on a study of 300 UK-based workers in banking and financial services carried out in April. The accountancy platform said the upcoming exodus from the industry will risk “valuable talent leaving the sector in record numbers”, and stems from increasing levels of burnout – which has worsened for many employees since the pandemic.

The research suggested that some workers have experienced the positive benefits of hybrid working, and even decreased levels of burnout, although a third (33%) of financial services and banking professionals stated that levels of burnout have increased due to changes in the work environment since the pandemic and working from home hybrid model. Within this, one in six (14%) suggested that burnout has increased exponentially.

LemonEdge co-founder and CEO, Gareth Hewitt, commented: “An exodus of industry professionals is a sure sign that levels of burnout have reached an unacceptable scale. 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.”

When uncovering why workers are planning to leave their positions in record numbers, LemonEdge found that financial services employees cited a heavy workload (42%) as the main contributor to feeling heightened pressure within their role. This was closely followed by manual processes (36%), long working hours (32%), tight deadlines (26%), and increasing demands from management (25%).

Overall, one in six (15%) financial services workers said they feel as though they can no longer continue or have the desire to continue in their role within the industry – a figure that climbed to 21% of males.

Hewitt continued: “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.”

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