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Workplace Stress is on the Increase in the Financial Sector says New Research

Ref. PR-01679

A build up of relentless pressure, the credit crunch, redundancy, difficult relationships, and exams are just a few areas where stress can affect people’s lives. New research published today suggests that stress itself is likely to become one of the most hazardous risks to business performance over the next few years.

The latest Career Benchmarking Survey from the ICAEW, in collaboration with specialist recruitment consultants Robert Half, reveals that 45% of the 4,972 members questioned had suffered from stress due to pressures of work.

The main causes of stress highlighted by members included: unachievable targets or objectives (33%), poor senior managers (38%) and poor work life balance (41%). Employers may also be interested to hear that respondents said stress had adversely affected their homelife (65%) their health (50%) and their social life (41%).

Phil Sheridan, Managing Director, Robert Half said: “Although pressure is sometimes unavoidable in the workplace, a measured amount of stress can in fact be a constructive way to motivate employees to excel within an organisation. However, an excessive workload will ultimately result in increased stress, which will have costly implications for employers, including higher levels of absence, lower morale and a reduction in productivity. Employers in the finance sector, where stress is renowned for occurring, need to tackle stress-related issues before they have these negative impacts on their company.”

In 2007/08 the Health and Safety Executive (HSE) said that work related stress, depression and anxiety cost the UK economy in excess of £530 million.

Workplace stress is more likely to affect ACAs working outside the UK. Those working abroad tend to work longer hours than those in the UK (47 versus 43 hours a week) with those in the Middle East and Americas working the longest (50 and 48 hours respectively). Those in Africa work slightly fewer hours (44, more in line with the UK). 

Michael Izza, Chief Executive of the Institute of Chartered Accountants in England and Wales, said: “We must make a conscious effort to deal with work-related stress. It has never been more important for employers to be aware of the danger that high levels of stress have on the welfare of employees and their organisations. The increasing global use of finance professionals around the world as the recession bites, means that demand for their services are increasing day by day. “

Document: Workplace Stress is on the Increase in the Financial Sector says New Research

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For further information please contact:

Michelle Whitman
Robert Half International
Tel : 020 7331 2222
Email : michelle.whitman@rhi.net