The Economic Crisis and Occupational Stress
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The Economic Crisis and Occupational Stress

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 5: The individual and organizational costs of stress

Ritsa Fotinatos-Ventouratos and Cary Cooper


It was clearly evident from the conclusion of Chapter 4 that the psychological implications of this economic crisis are immense and full recovery is now questionable in the imminent future. From the generic framework that was portrayed in Chapter 4, one can see that given our current times in a changing and turbulent world, the challenges of today are unique, having not been seen in recent years, and following the financial crisis which commenced in 2008, our world economies have collapsed like a falling house of cards. Chapter 4 thus gave a framework for the reader to absorb, from which it should now be crystal clear that the occupational stressors of the twenty-first century are touching the lives of most citizens and organizations around the three major pillars of the global system: Europe, China and the United States. Exactly how severely this evolving economic crisis may be affecting each society is beyond the assessment of the authors of this book; however, what can be asserted is that individuals and organizations are paying dearly, both physically and psychologically, for the new stressors of our times.

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