"I burned out as an HR in a bank. These are my learnings for all bankers"
In April 2022 I burned out in spectacular fashion, I was an Executive Director in HR at a European Bank and after eight years of consistent success I suddenly ground to a crashing halt.
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It took the best part of 18 months for me to recover via a lot of therapy, medication and painful self-reflection. In the fast-paced, high-pressure environment of financial services, my story is far too common, anyone can fall victim to burnout. Often senior professionals are particularly at risk. We find that our personal priorities shift without us consciously adapting, and that the habits and strategies that made us successful in the first place are no longer serving us as well as they once did.
As the banking industry continues to evolve rapidly, it's crucial for experienced banking professionals to do likewise. It is also important to recognize and sidestep common pitfalls that otherwise can lead to exhaustion and disengagement. This article takes a look at these traps and discusses strategies to maintain a thriving career in finance so that you don’t have to go through the pain that I did!
The Perfectionism Paradox
Many professionals in the industry have built their careers on a meticulous attention to detail. However, this strength can become a liability when taken to extremes. The pursuit of perfection in every task can lead to:
- Excessive hours, more than even the job normally requires!
- Neglect of personal life
- Constant stress and anxiety
To avoid this trap, set realistic standards for you and your team and prioritize tasks effectively making sure to focus in only on what is truly essential.
The Always-On/People Pleasing Syndrome
In our hyper-connected world, the line between work and personal life has become increasingly blurred. We often feel compelled to be available 24/7, leading to:
- Inability to disconnect and recharge
- Deterioration of personal relationships – whilst work colleagues appreciated my availability, as I couldn’t switch off I was becoming truly irritable at home, which did not benefit any of my key relationships.
- Reduced productivity and creativity – studies demonstrate that productivity starts to fall-off a cliff after 50 hours a week, and yet we continue to work not considering if stopping and disconnecting might make us better and more productive!
Combat this by establishing clear boundaries. Senior leaders are not only doing this for their benefit, but they are also setting the tone for their teams as well.
The Over-Protective or Micro-Manager
Senior Managers may fall into the trap of believing they must handle or review everything to give cover to their team and again meet their perfection standards. This can result in:
- Overwhelming workload
- Missed opportunities for collaboration and team development
- Stunted professional growth for you and your team.
Embrace delegation and mentorship. Build a strong network of colleagues and cultivate a team-oriented approach.
The Purpose Vacuum
After years in the industry, some, myself included, may lose sight of their purpose, resulting in:
- Decreased motivation and a lack of job satisfaction
- Diminished performance
- An unwillingness to embrace the constant change
When I lost sight of why I was putting in the long hours and carrying the responsibility and stress that came with it, that’s when I really got into trouble. Ensure you constantly review your priorities and reconnect with your passion for your career by seeking out projects that align with your values and longer-term interests. Additionally, consider mentoring younger professionals and being reverse mentored by them!
Strategies for Sustainable Success
To avoid these burnout traps and maintain a fulfilling career in banking, consider the following strategies:
- Learn to say no! It can be difficult to do, but if that task is not essential do not take it on, remain hyper focussed on the key priorities.
- Prioritize physical and mental health through regular exercise, rest and proper nutrition
- Cultivate interests and hobbies outside of work
- Regularly reassess and adjust your work-life balance
- Celebrate your wins and acknowledge personal growth
- Work with a coach like me to ensure that you regularly monitor your goals and priorities. Ensure you are held accountable to them and ensure that you aren’t holding yourself back or tripping yourself up unwittingly with blind spots or limiting beliefs.
By recognizing these common burnout traps and implementing proactive strategies, experienced banking professionals can safeguard their well-being and continue to thrive in their careers. Remember, sustainable success in finance is not just about the numbers – it's about nurturing your most valuable asset: yourself.
Matt Adamson was a former executive director in HR at UBS and is now a career coach and mentor.
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