Work can be stressful – some would say doubly so for top finance jobs – and making sure your employees aren't overworked is important if you want to maintain a productive firm.
Research indicates that burnout is especially prevalent among banking professionals, which means that managing employees' hours and work/life balance is especially important for companies in the finance industry. There is, of course, a long-held stereotype that Wall Street bankers work all hours of the day and night, are eternally performing at peak levels and regularly deal with severe levels of stress.
Well, research shows this isn't all that far off. While it isn't true that every banker is ground to the core day and night by their jobs, many do indicate that they feel at least somewhat burnt out by their careers several years into their professional lives. Preventing this is important for companies that want employees with long and fruitful careers, as well as creating a reputation of a healthy and supportive work environment.
Make sure that even if your staff members are working some of the toughest finance jobs out there, they aren't getting burnt out. Here are a few ways to make sure your team isn't overworked:
1. Don't just allow breaks, encourage them
Breaks increase productivity, so why not provide your employees with opportunities to get away from the grind for a little bit? An effective leader recognizes the benefits of taking a break every once and a while and encourages it, sometimes by offering of opportunities that nobody wants to pass up, such as a quick game of ping pong, a coffee break or another type of escape to get the mind off work for a few minutes.
Breaks increase productivity.
2. Be conscious of work/life balance
Keep an eye on the hours that your employees are working. While it's to be expected that the hours will be long and arduous in this type of environment, too much is too much, so be ready to recognize when the balance is leaning a little too heavily toward work. Try to remember that employees do have lives outside of work, even if they spend the majority of the day in the office. If someone has a lot going on outside of his or her job, encourage them to take a personal day here or there if possible.
3. Don't fall into a habit of micromanagement
Given the fact that you should always be conscious of what's going on in your employees' lives, as a manager you also need to make sure you don't start veering into micromanagement territory. Give your team some room to breath or else they're less likely to be engaged by what they do and, unsurprisingly, are more likely to feel burnt out by their jobs. Lending your opinion in every single phase of each and every employee's every project will lead to nothing but problems.
Employee burn out isn't merely a stereotype, it's a real possibility for people working top finance jobs. Use the tips above to develop a prosperous work environment people will want to be a part of.