Advice professionals are being encouraged to proactively engage with their staff on mental wellbeing, with a new report finding a surge in employee exhaustion and stress over the past year.
The majority (80 per cent) of Australian workers say they are facing burnout, according to research by specialised recruiter Robert Half.
Surveying over 1,000 workers, it found work conditions are playing a larger role in driving burnout, with employees feeling “overwhelmed” by constant pressure to perform, uncertainty around job security, and a blurring of work/life boundaries.
Heavy workloads (56 per cent) and insufficient number of staff (36 per cent) were found to be the top contributors, alongside a toxic organisational culture (26 per cent) and a lack of communication and support from managers (21 per cent).
Money Management has previously explored concerns of advice directors and practice principals in mid-tier firms being overworked.
The directors of middle-tier advice practices, typically those with two to six authorised representatives, are often under intense pressure in attempting to manage various roles in comparison to their smaller and larger counterparts.
Money Management also reported that compliance professionals, who are in short supply yet among the most in-demand talent in the financial services sector this year, are facing heavy pressure and higher workloads.
“There’s no end; regulatory change just keeps coming,” Amanda Chisholm, director of legal, risk and compliance at Kaizen Recruitment, told Money Management.
“What I’m finding is teams are not upping their resourcing and bringing in consultants or temporary contract workers to alleviate some of that stress. You almost don’t have time to breathe before the next thing comes up, so people are just burnt out.”
Nicole Gorton, director at Robert Half, noted burnout is reaching alarming levels in the Australian workforce this year.
“The past year has seen a surge in stress, exhaustion and disengagement among employees.
“The consequences of companies working with lean teams, the pandemic, economic uncertainty and lack of job security have all contributed to this burnout epidemic,” she said.
Amid this uncertainty, almost a quarter (23 per cent) of workers reported they have not made their manager aware of their feelings.
Concerningly, some 10 per cent also said their manager had not taken any steps to address the burnout despite being made aware.
“Burnout is a serious issue that can have serious consequences for both individuals and organisations,” Gorton cautioned.
“It’’s crucial for employees to recognise the signs and communicate their struggles to their managers. Ignoring burnout won’’t make it go away and that can lead to decreased productivity, increased absenteeism and even long-term health problems.”
She highlighted the critical role of managers in creating a supportive environment to foster communication and address any concerns.
“Regular check-ins and open communication channels can help reduce stress and promote work/life harmony,” Gorton said.
“Aside from encouraging time off, reshuffling responsibilities and bringing in extra staff to alleviate workload, even if temporary, offering resources like mental health support, wellness programs and professional development opportunities can empower employees to manage their wellbeing and build resilience.”
