A quick summary:
Financial services is one of the most high-pressure industries in the UK - and it’s starting to show. Burnout is rising, attrition is climbing, and the regulatory bar for managing third-party providers keeps getting higher. 17% of UK finance and insurance employees are suffering from the three main signs of burnout: exhaustion, declining performance, and mental distancing from the job, compared to a 12% average across all sectors Traditional benefits, designed for a very different era, are having increasingly little efficacy.
The temptation is to add more, new benefits, to keep on top of market trends. But the firms getting ahead aren’t just adding more, they’re rethinking what health and wellbeing look like, how they’re delivered, and how they fit within a tightly regulated environment.
The pressure on finance teams is building
Long hours, constant delivery pressure, and relentless regulatory scrutiny have long been part of the picture in financial services. But the cumulative impact on people is becoming harder to ignore.
Stress, fatigue, and burnout are no longer isolated issues - they’re a widespread challenge across banks, fintechs, asset managers, and trading firms. 52% of finance professionals have experienced poor mental health due to their job. When your workforce is under that much strain, it shows up in the things that matter most: attrition, engagement, productivity, and performance.
The firms that continue to thrive are the ones recognising that wellbeing isn’t a side project, or a ‘nice to have’. It’s directly tied to how the business performs.
Why benefits need to evolve in a regulated environment
Financial services has always been a heavily regulated space, but the scope of that regulation is expanding. Today, the relationship between a firm and its third-party providers is under more scrutiny than ever.
Regulators increasingly treat suppliers as an extension of the firm itself. Frameworks like DORA and the UK’s Critical Third Party regime mean that every vendor - including employee benefits providers - needs to be assessed, documented, and monitored as part of a firm’s wider resilience picture.
For HR and reward teams, that creates a real challenge. Fragmented benefits setups - often a patchwork of different providers built up over time - are harder than ever to manage. Each new contract brings another due diligence process, another data flow to secure, and another layer of oversight to maintain.
It’s no wonder so many financial services firms are looking for a simpler, more efficient approach.
The problem with traditional benefits
Benefits have quietly shifted from being seen as ‘nice-to-have’ to a core part of the employer value proposition - 75% of employees are more likely to stay because of their benefits. However, many firms are still running benefits strategies built for a workforce that no longer exists.
A few things stand out:
- Generic, one-size-fits-all benefits don’t resonate with a multi-generational workforce
- Wellbeing needs have broadened well beyond physical health - now spanning mental, financial, and lifestyle support
- Employees expect personalisation, not static benefits
- Without data, it’s almost impossible to evidence what’s working and what isn’t - 73% of organisations don't measure benefits engagement at all
The result? Underused benefits, disengaged employees, and a benefits budget that isn’t making an impact.
What does modern wellbeing look like in finance?
Wellbeing in financial services needs to do more than tick a box. It needs to support people through the realities of high-pressure work - and do so in a way that stands up to regulatory scrutiny.
That means moving away from reactive, fragmented support and towards something more intentional:
- Personalised support that reflects individual needs across mental, physical, and financial wellbeing
- Preventative health and wellbeing support that keeps people well, rather than waiting for problems to arise
- Intelligent platforms that reduce vendor complexity and admin burden
- Measurable outcomes that demonstrate real impact and ROI
For firms operating in regulated environments, this shift isn’t just about employee experience. It’s about reducing risk while raising the standard of support.
Where Heka fits in
Heka’s designed with exactly this kind of environment in mind. Instead of stitching together a long list of separate providers, firms can deliver personalised, health-led benefits through a single platform.
A few things make a real difference for financial services:
- A single, streamlined platform that simplifies vendor management and due diligence
- AI-powered personalisation that adapts to each employee’s individual needs
- Real-time insights and reporting that evidence engagement, outcomes, and value
The outcomes that matter
When wellbeing is done well, the impact shows up across the business:
- Lower stress-related absence and burnout
- Stronger engagement with benefits
- Improved retention in a competitive talent market
- A more resilient, focused, and productive workforce
- Clear, auditable ROI aligned with regulatory expectations
These aren’t soft metrics. In financial services, they’re directly tied to performance.
The smarter approach for financial services
The expectations placed on financial services firms - from regulators, employees, and the market - aren’t getting any lighter. Wellbeing strategies need to keep pace.
The firms getting this right aren’t adding more vendors or more complexity. They’re simplifying, personalising, and making sure their wellbeing support works for the realities of modern finance,- and holds up to the scrutiny that comes with it.
Get in touch to learn how Heka can help your organisation support high-performing teams with personalised benefits, powered by AI.
