Long hours and burnout
Why financial institutions must address mental health to manage risk and build resilience.
Employee resilience is a vital component of risk mitigation, and it starts with a healthy workforce.
The fallout from a volatile year has upended traditional working practices and operations in the financial services sector and intensified what was already a highly pressurised industry.
Long working hours, increased workload and the pressure to perform elevate the risk of work-related stress — threatening to undermine the resilience of both individuals and organisations in the financial services sector.
A cultural revolution in the wake of the 2008 banking crisis saw employee wellbeing rise up the agenda of financial institutions. However, a global spotlight on current working conditions within the industry has highlighted the risk of failing to protect the psychological safety of employees.
In our paper, Long hours and burnout, we explore how putting employee resilience at the centre of your wellbeing strategy reduces the risks associated with stress, anxiety and burnout.
- the convergence of people and risk management
- the crucial role of managers
- the importance of reviewing existing strategies in light of future working trends
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Aon’s 2021 Global Wellbeing Survey identified the top wellbeing risks impacting company performance* as:
Only 28% of financial services organisations feel positive about the ability of managers to address the mental health needs of employees*.
* Aon’s Rising Resilient self-assessment tool benchmark
Download Aon’s must-read paper for the financial services sector: Long hours and burnout
‘While the current crisis is not yet over, businesses must have an eye to the future. They cannot afford to rely on wellbeing strategies that no longer meet the complex and shifting demands of employees and operations.
Now is the time for organisations to re-examine their existing wellbeing strategies and assess their relevance and effectiveness in light of future working trends; from pay and rewards to remote working and skills development.’
Andrew Cunningham – Chief Commercial Officer, EMEA Health Solutions, Aon
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