Burnout crisis explodes: Grant Thornton survey reveals alarming trends

As the workforce landscape evolves amid technological disruption, economic shifts, and changing employee expectations, companies are under pressure to adapt. Grant Thornton, one of the largest professional services firms in the United States, has released its 2024 State of Work in America survey, offering a comprehensive look at the changing priorities of employees across industries such as technology, banking, healthcare, manufacturing, retail, and transportation and distribution.

The survey highlights significant trends shaping the modern workplace, with career growth opportunities, base pay concerns, and mental health burnout emerging as key themes that employers cannot afford to ignore. These priorities reflect not just employee preferences but broader industry shifts influenced by factors such as artificial intelligence (AI), economic volatility, and the growing focus on work-life balance.

What do technology workers want in the age of AI?

In the technology sector, AI’s rapid adoption is transforming the way businesses operate. While AI promises efficiency and innovation, it has also sparked concerns among tech professionals. According to Grant Thornton’s survey, 41% of technology workers fear that AI could potentially replace their jobs. However, despite these anxieties, job security is not their top concern.

Career growth opportunities emerged as the dominant priority for technology professionals, with 73% of respondents actively seeking internal advancement. Interestingly, career progression was valued more than base pay, suggesting that tech employees are motivated by long-term professional development rather than short-term financial gains. The lack of advancement opportunities was cited as the primary reason employees would consider leaving their current roles.

This data underscores the importance of companies investing in upskilling, mentorship programmes, and clear career pathways to retain top talent. In an industry where innovation is constant, employees are looking for growth environments that match the pace of technological change.

Why are banking employees facing burnout despite competitive pay?

The banking sector, traditionally associated with stability and lucrative compensation, is grappling with rising levels of employee burnout. Grant Thornton’s survey reveals that nearly half of banking professionals experienced burnout in the past year. While base pay remains a strong factor for attraction and retention—cited by 40% of respondents—it isn’t enough to offset the stress caused by an evolving financial landscape.

The survey found that 66% of banking employees would consider leaving their current organisations if a better opportunity presented itself, with 36% expressing concerns about job security. This trend reflects the impact of ongoing digital transformation, regulatory pressures, and cost-cutting measures across the banking sector.

To address these issues, experts suggest that banks need to go beyond financial incentives. Strategies such as fostering transparent communication about job security, offering mental health support, and creating clear career progression plans could help mitigate burnout and turnover.

How is the healthcare industry coping with workforce stress?

The healthcare sector continues to battle a crisis of burnout, exacerbated by staffing shortages and increasing patient demands. Grant Thornton’s survey paints a stark picture: 49% of healthcare workers reported that their organisations are inadequately staffed, leading to longer hours and overwhelming workloads. Additionally, 47% cited long shifts as a primary factor contributing to burnout, while 50% felt that their voices are not heard in the workplace.

Despite these challenges, the role of technology in healthcare is viewed positively. A staggering 93% of respondents acknowledged that technology has a beneficial impact on their daily responsibilities. However, the industry faces a looming crisis, with a projected shortage of hundreds of thousands of healthcare workers over the next decade.

To retain talent and maintain operational efficiency, healthcare leaders must address burnout through systemic changes. This includes optimising workflows, modernising technology, and fostering a culture where employees feel valued and heard.

Why are manufacturing workers focused on pay and work-life balance?

In the manufacturing industry, base pay concerns are front and centre. According to the survey, 50% of manufacturing employees were drawn to their current organisations because of competitive pay, while 49% indicated that salary is the main reason they stay. However, compensation alone isn’t enough to ensure long-term employee satisfaction.

A significant concern among manufacturing workers is the prevalence of long working hours. Fifty-four percent of respondents cited extended shifts as a key factor contributing to burnout. This suggests that while financial incentives are important, work-life balance is equally critical.

Manufacturers looking to retain talent must explore creative workforce management strategies. Flexible scheduling, opportunities for professional development, and workplace wellness initiatives can help alleviate burnout and improve employee engagement.

What’s driving burnout in the retail industry?

Retail employees are experiencing some of the highest burnout rates across industries. Grant Thornton’s survey found that 55% of retail workers suffered from burnout in the past year, with mental health burnout and staffing shortages identified as the leading causes. Among hourly employees, 41% reported unrealistic expectations as a significant source of stress.

These findings are alarming, especially given the already high turnover rates in the retail sector. The survey also highlights a decline in the financial well-being and overall health of retail employees, indicating that burnout is not just a workplace issue but a broader quality-of-life concern.

To combat this, retailers need to create supportive environments where employees feel valued. Clear role definitions, realistic performance expectations, and mental health support programmes can go a long way in improving job satisfaction and reducing turnover.

How can transportation companies balance pay with employee well-being?

In the transportation and distribution industry, base pay concerns remain a dominant factor influencing employee satisfaction. The survey shows that 60% of respondents prioritise competitive wages, closely followed by benefits at 57%. However, 73% of transportation workers identified long hours as the primary cause of burnout.

Reducing working hours may not always be feasible, especially for drivers. However, companies can leverage technology to enhance efficiency. For example, advanced route planning tools can help drivers reduce time on the road, while smart logistics solutions can improve overall operational productivity.

Addressing these concerns is vital not just for employee well-being but also for maintaining supply chain efficiency. As economic pressures mount, transportation companies must find innovative ways to balance cost management with employee satisfaction.