By Callie Collins de Roldán
Jan. 20, 2011
If the recession and its consequences had a slogan, “doing more with less” could effectively sum up the impact felt by businesses everywhere.
You’ve heard related catchphrases that slip into everyday conversation, perhaps more now than ever: “trial by fire,” “crunch time,” “survival of the fittest.” These tidy platitudes translate to increased anxiety from the pressure of achieving greater results with fewer resources.
According to the American Psychological Association, “Job stress is estimated to cost U.S. businesses $300 billion a year in absenteeism, diminished productivity, employee turnover and direct medical, legal and insurance fees.”
Why stress happens now
Corporate culture has changed, and it’s safe to say that more is expected of the average employee. Lay-offs, hiring freezes and difficulty retaining top talent mean fewer hands on deck and more job duties to go around. Employees who have watched friends and co-workers exit corporate settings are left behind to deal with the emotions of loss and anxiety, in addition to unfamiliar responsibilities and skill requirements.
In fact, 68 percent of company leaders say their workload has increased, with 49 percent reporting that their work stress is higher than the year before, according to a survey by Express Employment Professionals.
Bottom line: high uncertainty, low reward
Even as employees do more at their jobs, salary doesn’t always keep pace. More than 45 percent of the employers who participated in the Express survey reported that their pay rate had remained the same.
There’s also a generational component to why this recession holds a double imperative. Young employees, typically concerned with deadlines and getting the next promotion, now also face the realization that they are not solely in control of their career and finances.
Older workers face similar challenges, but with much less time to recover as pension plans dwindle and stock values decrease. The possibility of job loss, especially when it’s even more difficult to find another position, looms large regardless of age.
Uncertainty about the overall economic forecast also adds to the average list of stressors, as we face unprecedented levels of debt and high unemployment. Burdened by the ever-present question, “Will it happen to me next?” stress can certainly take its toll as the work force adapts to the current business environment.