Burnout is plaguing just about every industry in the market — but some spaces, particularly the financial sector, are seeing alarming rates of employee attrition as a result.
Nearly three in four workers across the U.S. have suffered from burnout in their current role, according to a recent survey of over 1,000 U.S. employees by software company Ringover. More than 64% of those employees have considered quitting as a result. Within the financial and insurance sector, a stunning 81.67% percentage of workers have considered walking away. Telecommunications was close behind with 77.24% of employees having considered quitting, followed by construction with 75.86%.
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But despite those three industries leading the charge, employees everywhere are feeling the strain. Forty-two percent of employees reported feeling tired and drained most of the time as a result of their role at work, and 32% said that in the past year they’ve felt detached from work and life as a result. When asked what was driving their burnout symptoms, 43% of employees claimed heavy workload, followed by lack of resources (36.9%), micromanagement (36.6%), and toxic work environments (34.5%).
Given the state of the workforce, the potential loss of any more employees due to burnout could be detrimental for employers. As of June 2023, the number of job vacancies remained steady at approximately 9.6 million, according to the Bureau of Labor Statistics, making robust retention strategies a priority for employers looking to keep businesses afloat amid the tight labor market.
A silver lining? There are solutions employers could take advantage of to keep employees happy. Almost 44% of employees said that a four-day workweek would positively impact their happiness levels, and the same percentage feel similarly about more vacation days; over a third felt more remote working options would increase their happiness levels in their current role.
See what other industries are at risk of losing talent to burnout: