Combating Employee Burnout in Wealth Management

First published in on November 5, 2021.

It's imperative that industry leaders actively encourage employees to take their down time if they want to drive success in their firms.

It may sound counterintuitive for leaders to look for ways to get their employees to stop working, but hear me out. Employee burnout—classified by the World Health Organization as feelings of energy depletion or exhaustion; increased mental distance from one’s job or feelings negative toward one’s career or reduced professional productivity—is real. A recent Ketchum report on financial services professionals says 52% feel more burned out in their job now than at the beginning of the pandemic, citing top causes of burnout as financial obligations (38%), being isolated from others (34%) and their job (30%).

Burned out employees are not as productive as mentally healthy employees. According to Gallup, they are 63% more likely to use a sick day and 2.6 times likely to be looking for a different job. They cost firms and the economy overall billions annually, so it is imperative that in this moment when so many of our team members are feeling mentally exhausted by work, industry leaders actively encourage or insist that employees take their down time if they want to drive success in their firms.

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