Hundreds of your C-suite peers retired or stepped down last year, and job-related burnout may have influenced their decisions. Among them were Starbucks CEO Kevin Johnson, DocuSign CEO Dan Springer and Red Lobster CEO Kelli Valade.
More recently, on the international stage, New Zealand Prime Minister Jacinda Ardern announced she was resigning because she no longer had enough in the tank – a relatable way of describing burnout.
Before the Great Resignation, in 2019, the World Health Organization stopped short of classifying it as a medical condition, but did officially add burnout to its “International Classification of Diseases,” and defined it as an “occupational phenomenon.”
The American Psychological Association’s definition of burnout describes it as a threat to company productivity that needs to be taken seriously. Specifically, it’s “physical, emotional or mental exhaustion accompanied by decreased motivation, lowered performance and negative attitudes toward oneself and others. It results from performing at a high level until stress and tension, especially from extreme and prolonged physical or mental exertion, or an overburdening workload, take their toll.”
Employees at risk of burnout?
Research by Gallup found that 28% of U.S. employees report feeling burned out at work “very often” or “always,” and employees who frequently experience burnout at work are:
- 2.6 times more likely to leave their current employer
- half as likely to discuss achieving performance goals with their manager, and
- 13% less confident in their performance.
Burnout’s something you particularly have to watch out for in Finance because of the increased workloads that can be involved, especially during year-end reporting and tax season.
Gallup also concluded that burnout has more to do with how people experience their workload than how many hours they work. In fact, surveys in America and Germany revealed that most employees would continue to work, even if they had so much money that they didn’t have to. This indicates that paying attention to workers’ wellbeing can help you hold on to top performers and high-potential staffers.
Reducing the risk
Besides adding a mental health employee benefit, there are other ways organizations can support their people.
The Canadian mental health advocate website Workplace Strategies for Mental Health offered these helpful suggestions for employers concerned about burnout leading to higher turnover costs:
- Provide clear work expectations and ensure they’re understood
- Provide ongoing training to maintain competency (which can help with your succession plan strategy)
- Foster a culture of respect, empathy and mutual support, including acknowledgement of employee contributions
- Have conversations with your employees about their wellbeing and wellness, and encourage physical activity and taking breaks throughout the workday, and
- Ensure reasonable work hours and realistic work conditions.
