Heavy workload and economic climate upped stress levels for business owners in Singapore
Heavy workload and economic climate upped stress levels for business owners in Singapore
Singapore, 17 March 2010 - Nearly half (45%) of privately held business (PHB) owners in Singapore reported that their stress levels have increased over the last year. Specifically heavy workload (29%) and economic climate (23%) were cited as the top two major causes of stress at the workplace. The global stress index is 56% with Mainland China, Mexico, Turkey and Vietnam taking top four positions (Fig 1). Not surprisingly, the top two causes cited by the global business owners pointed to economic climate (38%) and cash flow (26%). This is followed by competitor activities (21%) and heavy workload (19%) as the most common causes of increased stress.
The causes of workplace stress can be categorised into three distinct groups - economic, business and personal. Aw Eng Hai, partner of Foo Kon Tan Grant Thornton LLP said, “The economic crisis has definitely had a negative impact on businesses’ stress level as business leaders find they are more stressed than a year ago. While employees may place more importance on personal elements such as their work-life balance, business leaders feel pressures from all sides. He added, “Combating recession or keeping up with growth are both equally stressful for business leaders and for different reasons and it is no surprise that PHBs are feeling more stressed.
At the opposite end of the scale business owners in Sweden (23%), Denmark (25%), Finland (33%) and Australia (35%) have the lowest stress levels in the world.
There appears to be a link between stress levels and GDP. Business owners in mainland China, Vietnam, Mexico, India and Turkey all feature high on the stress league table (Fig 3) and are working in environments where high growth is expected. But it's not just in countries expecting high growth that stress levels are high - at the opposite end of the growth scale Ireland, Spain and Greece all feature high on the league table. Businesses at both ends of the GDP growth scale experiencing high stress for very different reasons. In mainland China the pressure is on to keep up with the pace of expansion while in Ireland, for example, the economy is retracting and business owners are worried about how they will keep their business alive.
The survey also found a correlation between stress levels and the number of days off taken by an individual in a year (see figure 2). Countries at the top of the stress league are those where business owners, on average, take fewer holidays each year. Vietnam, for example, is rated third in the stress league (with 72% of business owners citing increased stress levels during 2009) and at the bottom of the holiday league, with business owners on average taking just 7 days of holiday during the year. There were similar results for mainland China and Mexico. At the opposite end of the scale, business owners in northern Europe (Netherlands, Sweden, Denmark and Finland) appear at top of the scale for the number of holidays taken each year (between 22 and 24 days) and at the bottom of the stress league table.
It can be said that business owners able to take more holidays are less stressed than their counterparts in countries where holidays are less frequent.
While the latest findings show Singapore’s stress index (45%) has increased over last year, it is below the global average of 56% for the first time; and has actually decreased compared to 2007 when it was ranked top 6th on the league table with Hong Kong close behind at 7th position. Eng Hai added,“this reduction in stress level over the years may suggest that our business leaders are seeing some light working towards a work-life balance in spite of heavy workload. Indeed, our experience of working with PHBs globally shows us that taking the time to step away from the business, to reflect and recharge can help owners to bring a new perspective to their decision making."
