Work-life balance - Beware broker burnout

And for the many brokers who are self-employed, the financial and personal risks associated with running their own business can exact a heavy toll – both mentally and physically.

Faced with having to operate in an increasingly stressful business environment, a growing number of brokers are falling victim to burnout.

Burnout generally results from a sustained period of stress, whether at home, during study, or in the workplace.

And it’s becoming more common. One in three adults suffers from moderate to extreme stress in Australia, and the number is rising, according to an ABS national health survey.

Research suggests that certain types of work are associated with a higher risk of individuals developing stress and burnout. Most brokers will vouch that the mortgage broking and finance industry typically demands long hours, time pressures, and juggling a variety of responsibilities.

The compounding effect of work, personal and financial demands may leave brokers feeling frustrated, bored, overloaded, or unappreciated.

But unlike stress, which involves too many demands and pressures in one’s life, burnout is about not having enough: enough appreciation, responsibility, hours in the day, or simply satisfaction in one’s life.

While excessive stress can make people feel like they are drowning in responsibilities, people suffering burnout don’t feel anything at all. In other words, burnout leaves people feeling empty, hopeless and unmotivated.

Put simply: it is a state of extreme emotional and physical exhaustion caused by excessive and prolonged stress.

Sadly, the negative effects of burnout can spill over into every area of a broker’s life – including their home and social life. It can cause long-term changes to close personal relationships and can take a physical toll on a person’s body.

THE DANGER OF BROKER BURNOUT

FAST chief executive officer Steve Kane says the flow-on effects of the economic and financial instability of recent times has made it very challenging for mortgage brokers to keep their heads above water.

“It’s been a difficult time for brokers recovering from the GFC,” Mr Kane says.

“Financial concerns have been top of mind for many of them.”

Mr Kane says brokers can find it difficult to strike a healthy work/life balance, particularly if they run their own business.

“A lot of brokers find themselves investing many additional hours in their business just to remain competitive,” says Mr Kane.

STAYING OUT OF THE FIRE

Brokers who sense they may be heading into the burnout danger zone can start by taking a few simple steps to help reduce and manage their stress levels – or at the very least, improve their state of mind.

Often the first step is acknowledging there is a problem, and opening up to a trusted confidante be they a colleague, partner, or close personal friend.

FBAA president Peter White says voicing one’s anxiety is a stress management technique in itself.

“Sometimes brokers just need someone to listen to their concerns… The FBAA is always there,” says Mr White, adding that while the FBAA does not offer counseling services directly, it is able to refer its members to an appropriate counseling service.

Brokers who feel that the demands of their work are piling up can seize control by re-clarifying their job description - and setting some boundaries. Others may need to think about taking a break.

Self-employed brokers might shy away from the idea but Mr. Kane says it comes down to having a good business model that enables you to take a step away from the business when necessary.

A good example is investing in ‘key person’ insurance. This is an important type of business insurance, particularly for the self-employed.

Key person insurance will compensate the business for any financial loss that may occur as a result of the death, injury or mental incapacity of the key business person specified in the policy.

Good business practice may also involve training someone who can ‘step in’ and help manage the business as and when required. This person doesn’t necessarily need to be paid in cash; other alternatives might be the granting of options and shares in the business. Brokers considering setting up a business model on this basis should speak directly with their legal adviser.

Dealing with burnout isn’t easy. But by cultivating personal stress management techniques, adopting a healthier lifestyle and maintaining a connection with friends and families brokers can achieve both their life and business goals without facing a meltdown.

PREVENTING BURNOUT

Help prevent burnout in your life by following these simple tips:

• RELAXATION - Take at least 15 minutes of your day before you wake up or before you go to bed to do gentle stretching exercises, meditation, or read something inspiring.
• HEALTHY LIVING - It sounds elementary, but a healthy lifestyle with regular physical activity, a good diet and plenty of rest will energise you, enabling you to tackle life’s challenges.
• LEARN HOW TO SAY ‘NO’ - Your time is valuable, so set boundaries. By doing so, you will be able to say ‘yes’ easier when it comes to the important things.
• PUT THE LAPTOP AWAY - Take a break from technology where possible. This means putting your phone on silent, stop checking your emails, and putting your laptop away.
• GET CREATIVE - Use the other side of your brain – tackle a new project or a hobby that’s unrelated to work.
• FOLLOW STRESS MANAGEMENT TECHNIQUES - Learning how to manage stress before it gets out of control can prevent burnout.

ROAD TO BURNOUT:

• EVERY DAY IS A BAD DAY
• YOU FEEL EXHAUSTED MOST OF THE TIME
• CARING ABOUT YOUR WORK OR HOME LIFE FEELS LIKE A TOTAL WASTE OF ENERGY
• MOST OF YOUR DAY CONSISTS OF TASKS YOU FIND EITHER TIRESOMELY DULL OR OVERWHELMING
• YOU FEEL LIKE NOTHING YOU DO MAKES A DIFFERENCE OR IS APPRECIATED

GETTING HELP

Help is at hand. Visit Beyond Blue, the national depression initiative at www.beyondblue.org.au.