Working in the banking industry can be an exciting and rewarding career path. It allows individuals to use their skills and knowledge to help others achieve their financial goals. However, like any other profession, it can also be stressful and overwhelming, leading to burnout. Burnout is a state of emotional, physical, and mental exhaustion caused by prolonged and excessive stress. It can affect your productivity, performance, and overall well-being. If left untreated, burnout can lead to serious mental and physical health problems. In this blog post, we will discuss how talking therapy can help you address burnout in banking and recharge and reconnect with your work.
Burnout is a common problem in the banking industry, especially for those in high-stress positions such as investment bankers, financial advisors, and wealth managers. Burnout is characterized by feelings of exhaustion, cynicism, and inefficacy. Individuals experiencing burnout may feel emotionally drained, detached from their work, and have a reduced sense of accomplishment. Burnout can also manifest as physical symptoms, such as headaches, fatigue, and sleep disturbances.
There are several factors that can contribute to burnout in banking, including long working hours, high workloads, tight deadlines, and pressure to meet targets. Additionally, the banking industry is constantly changing, and professionals must adapt to new technologies, regulations, and market conditions. All of these factors can contribute to stress and burnout.
Early Signs of Burnout:
Burnout doesn’t happen overnight; it creeps in gradually, presenting itself through subtle signs initially. Recognizing these early indicators can be pivotal in taking timely action. Here are some of the early signs of burnout that banking professionals should be aware of:
- Constant Fatigue: Feeling tired all the time, even after a full night’s sleep, can be an early sign of burnout.
- Reduced Performance: Tasks that once seemed easy may now feel insurmountable, leading to procrastination and missed deadlines.
- Loss of Enthusiasm: A diminishing passion or interest in work, even the parts once enjoyed.
- Increased Cynicism: Growing feelings of disillusionment about one’s job or the banking industry in general.
- Mood Fluctuations: Increased irritability, sudden bouts of sadness, or heightened sensitivity to feedback.
- Difficulty in Switching Off: An inability to detach from work during off-hours, constantly thinking about work-related matters.
- Physical Symptoms: Recurring headaches, digestive problems, or changes in appetite and sleep patterns.
- Isolation: A tendency to withdraw from colleagues, avoiding team activities or group lunches.
Being aware of these signs can be the first step toward seeking help or making necessary changes in one’s professional life.
How Talking Therapy Can Help
Talking therapy, also known as psychotherapy or counselling, is a form of treatment that involves talking to a mental health professional to explore and address emotional and mental health issues. Talking therapy can help individuals with burnout in banking by providing a safe and supportive space to discuss their feelings and experiences. A therapist can help individuals identify the sources of stress and burnout in their work and develop strategies to manage and reduce stress.
Talking therapy can also help individuals develop coping skills to deal with stress and anxiety. Coping skills can include relaxation techniques, mindfulness exercises, and problem-solving strategies. By learning how to manage stress and anxiety, individuals can improve their overall well-being and prevent burnout.
In addition to addressing burnout, talking therapy can also help individuals reconnect with their work. Burnout can lead to a sense of detachment and cynicism towards work, making it difficult to find motivation and purpose. A therapist can help individuals rediscover their passion for their work by exploring their values, goals, and strengths. Through this process, individuals can develop a renewed sense of purpose and motivation, leading to greater job satisfaction and fulfilment.
Types of Talking Therapy
There are several types of talking therapy that can be effective in addressing burnout in banking, the Bohangar City Practice is a Cognitive Behavioural Hypnotherapy practice set up by a former Investment banking analyst. Examples of therapies include:
Hypnotherapy with Cognitive and Behavioral Therapy – A form of multi-modal therapy that focuses on identifying and changing negative thought patterns and behaviours. This approach can help individuals with burnout in banking by helping them identify and challenge negative thoughts that contribute to stress and burnout.
Mindfulness-Based Stress Reduction – This is a form of therapy that combines mindfulness meditation to help individuals reduce stress and anxiety. Individuals with burnout in banking by teaching them how to be present and non-judgmental, reducing the impact of stress on their mental and physical well-being.
Psychotherapy – a form of therapy that focuses on exploring unconscious thoughts and emotions. Psychodynamic therapy can help individuals with burnout in banking by uncovering underlying emotional issues that contribute to stress and burnout.
Prevention is always better than cure. Addressing burnout once it’s fully developed can be challenging, so it’s essential to implement strategies to prevent its onset. Here are some preventative measures that banking professionals can adopt:
- Set Clear Boundaries: Define your working hours and stick to them. Ensure you allocate time for breaks and personal activities outside of work.
- Practice Self-Care: Engage in activities that relax and rejuvenate you. It could be reading, gardening, exercising, or simply spending time with loved ones.
- Seek Regular Feedback: Regular check-ins with supervisors can help align expectations and provide clarity on job roles and performance.
- Stay Connected: Building strong relationships at work can provide a support system. Having someone to talk to can make a difference.
- Prioritise Tasks: Not everything that is urgent is essential. Learn to prioritize tasks based on their importance and urgency.
- Take Short Breaks: During the workday, take short breaks to stretch or have a quick walk. These moments can help reset your mind.
- Continuous Learning: Keep updating your skills. Feeling competent and confident in your role can reduce stress.
- Seek Professional Help: If you feel overwhelmed, consider seeking therapy or counselling. Sometimes, talking to a professional can provide the perspective and tools needed to cope.
By adopting these measures, banking professionals can not only ensure their well-being but also maintain consistent performance and job satisfaction.
Closing Thoughts, Reach out and Connect
I am a former City Analyst, having worked at the Coal Face for more than 2 decades. I now work with banking professionals in my Therapy Practice. Talking therapy can help you manage work stress and lead a healthier, happier life. By providing a safe and confidential space to talk, helping you identify the sources of stress and areas of building core rebalancing to help cope and eventually work towards reversing the effects of career burnout. If this is something that could be of help to you, please reach out using the contacts on this page.