31 May 2023

Beating Burnout in Banking: 3 Key Considerations for Cultivating Wellbeing & Belonging

The worldwide prevalence of burnout felt among professionals in the financial and banking sector has left organisation leaders and HR innovators eager to find progressive strategies to reduce attrition and bolster performance.


Over 31% of financial services and banking professionals plan to leave their industry with an additional third who want to stay in the industry but leave their current company. What this level of attrition means for companies is an ever-rising cost to recruit, retain, and replace top talent among their ranks. According to the Society for Human Resource Management, losing one employee in professional services costs, on average, 213% of their annual salary, often more. (SHRM, 2017). Even more troubling, high burnout has an especially negative impact on attrition among diverse talent. Deloitte's study reported nearly 40% of women were actively looking for a new employer, citing burnout as the main reason. (Deloitte, 2022) Forward-thinking organisations are taking note of these trends and finding more long-term, comprehensive resources to support their employees' overall mental and physical fitness.


Here, we'll elaborate on three pivotal considerations HR professionals and organisation leaders need to consider to begin counteracting high attrition and burnout.


1. A remote and distributed workforce needs a universally accessible benefit.

Since the end of the COVID pandemic, remote and globally distributed teams have become the status quo for the professional services sector and beyond. With this new norm, a spring of perks, spot bonuses, and benefits has emerged, inviting forward-thinking HR leaders to consider how to support a distributed and remote workforce best. This means companies find ways to encourage a sense of belonging and connection for employees across countries, cultures, and offices. Fostering belonging at work, and creating conditions that leave employees feeling valued and supported, are among the most impactful ways to reduce feelings of burnout. (McKinsey, 2022)


This requires an employee resource localised to different languages and accessible to all employees. Particularly with distributed teams where it's likely that employees are experiencing the company and their roles differently from one another, employers need to be deliberate in providing equal access to the same, if not similar, benefits and opportunities for growth, self-development, and wellness. 


2. As AI grows, so too should your employee wellbeing budget 


With the adoption of AI, a steady stream of layoffs, hiring freezes, and record levels of inflation, competition for jobs in the banking industry and financial sectors has skyrocketed. (Forbes, 2023) That, combined with a wave of new fintech players, has made it imperative that banks re-invest in their existing workforce. This presents a dilemma for most HR professionals, though. Employees, more burned out than ever, can't be expected to take on more training and development opportunities without the support of their employers.


That means finding a wellbeing resource that achieves that perfect sweet spot between empowering employees and delivering increased engagement, performance, and belonging. Professionals in the banking industry expect their employers to provide comprehensive, personalized opportunities to foster connection amongst their colleagues and learn new skills that level up their performance both at work and at home. Tackle employee burnout and you'll see attrition, burnout, and culture deterioration come to a stop.


3. Take care of the people who are taking care of your people.


Well before, but especially during, the COVID-19 pandemic, HR professionals have often been seen as the sole driver behind organisational culture and retention. Naturally, this means HR professionals face an incredible amount of pressure from both organisation leaders and employees. More than that, they are expected to be toxic handlers who manage the grief, frustration, bitterness, and anger that any organisation feels. (SHRM, 2021)


That's why it's absolutely vital for organisations to collectively support their HR teams and encourage self-care strategies into daily practice. Leaders can go one step further and bring HR associates into the fold by ensuring they are included in the same employee wellbeing programs offered to other departments.


HR professionals must allow themselves to use the same resources and support systems they work tirelessly to provide their fellow colleagues. Because by practising self-care and preventing burnout, they're contributing to their own wellbeing and the wellbeing of the entire organisation. (CultureAmp)


It's time to double down your investment in employee wellbeing.


The current economic climate has put employers and banking sector employees in a challenging position. Employees feel demoralised, burnt out, and fearful for their jobs, and meanwhile, employers are balancing budgets while trying to retain their existing workforce. Innovative employers eager to slash attrition and become a premier destination for top talent will prioritise investing in the wellbeing of their workforce.

Read Next

See how Wellbees’ coaching, science and technology builds resilient people, leaders and companies.

Request a demo