Edited by Alexander-Stamatios G. Antoniou and Cary L. Cooper
Chapter 5: The mark of recession in the high-tech industry: high stress and low burnout
Recent years have seen ‘one of the deepest and most damaging recessions in modern times’ (Cooper, 2010). The global banking failure that gripped most countries in the world had an impact in developed, developing and underdeveloped worlds. The global financial crisis, with the attendant job losses, job insecurities, financial worries and pension deficits caused enormous stress for many people in different aspects of their life. This stress, in turn, increased the health and well-being risks for both individuals and families (Cooper, 2009). The crisis had adversely affected many workers, who had suffered job loss or higher levels of job insecurity, translating into increased absenteeism and attendance; it profoundly affected families who have acquired mountains of debt that they were unable to deal with; it affected the retired and elderly as they tried to live on pensions that were decimated by the crisis, and many more groups and communities throughout the world (Cooper, 2010). The ‘hard times’ resulting from the ‘Great Recession’ represent an opportunity for researchers to examine how individuals and families use their resources to manage stress (Rothwell and Han, 2010). An example is a study that attempted to explore the relationship between economic downturn and psychiatric emergency services (PES) admissions, comparing the characteristics of patients who utilized PES before and during the economic recession (Lo and Woo, 2010).
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