The Economic Crisis and Occupational Stress
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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.
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Chapter 4: The psychological implications of the economic crisis

Ritsa Fotinatos-Ventouratos and Cary Cooper

Extract

In Part I of this book we concluded that historical economic lessons from the past were not learnt. It is in this second part of the book, ‘Occupational stress in times of a changing world’, that we will assess, in three chapters, how occupational stress in the twenty-first century has impacted on all of us. We are all going through extremely turbulent economic times, which have adversely affected most families, businesses, workers and countries in their ability to survive, and it is exactly these issues that need to be explored. In this chapter we will outline psychological implications of the economic crisis, and in the forthcoming chapters, 5 and 6, we will cover the costs of stress to us personally, both physically and psychologically, as well as the costs for our businesses and countries.

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