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 8: Individual and societal wellbeing: an agenda for the future: 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


In the previous chapter we provided an overview of critical issues pertaining to organizational effectiveness and wellbeing at work. Our specific intention was not to describe or evaluate particular types of stress intervention techniques or programmes in detail, but rather we emphasized underlying issues that we believe are of paramount importance during this ongoing recessionary period. This book, however, would not be complete if we did not highlight individual coping strategies that can be utilized in societies that have been severely tarnished by this economic crisis. Indeed, and as we have shown throughout this book, organizational, societal and individual wellbeing go together and all parties therefore must take equal and full responsibility for prosperity to emerge and for post-recessionary periods to commence. Furthermore, it is believed that all types of stress management initiatives are a shared entity and therefore no particular party can take sole responsibility for the given stressors of our times. For the individual, however, coping involves many steps and procedures, although by and large we are referring to the emotional and practical solutions that can be utilized.

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