The Economic Crisis and Occupational Stress

The Economic Crisis and Occupational Stress

New Horizons in Management series

Ritsa Fotinatos-Ventouratos and Cary Cooper

The global economic crisis of 2008 caused the collapse of the world’s financial institutions, large-scale unemployment, the devaluing of housing stocks leading to mortgage defaults and left many countries in debt, unable to meet their financial obligations. The consequences of this in the workplace were substantial and for those who remained employed, longer working hours, heavier workloads, an insecure working environment and micro-management became manifest. Examining the impact of the recession on organizations and individuals at work, this book explores the long lasting effect the crisis will have on workplaces for the future. An insightful and thorough account of how the economic crisis has unfolded on an international scale is presented and the profound psychological impact that this recession has had on the workplace assessed.

Chapter 7: Organizational effectiveness and wellbeing at work: post economic crisis

Ritsa Fotinatos-Ventouratos and Cary Cooper

Subjects: business and management, human resource management, organisational behaviour, organisation studies, economics and finance, economic psychology, health policy and economics, social policy and sociology, health policy and economics


Throughout this book, the authors have shown how each and every one of us has been affected by this ongoing economic crisis, which unfortunately has just entered its sixth year of immense turmoil with few signs of abating. As we have discussed, with high levels of job insecurity evident, coupled with increasing demands on people to work harder and for longer hours, and given a more robust and abrasive managerial style, the overall changing landscape of the working environment is far from satisfactory. During the last six years, and around the globe, we have witnessed huge economic and financial upheavals, making it now certain that this ongoing recession has had a negative impact on most citizens in terms of their psychological and physical wellbeing. Starting with the banking crash in America in 2008 (and as discussed in Part I of this book), which led to the domino effects of low growth and high unemployment in most countries (as discussed in Part II of this book), we can now confirm that as a result the whole working sector has now been severely affected.

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