Despite investing in wellness benefits, a significant number of workers express dissatisfaction with how employers manage stress. According to a survey conducted by recruitment firm Robert Walters, which involved 2,500 business professionals, it was found that job insecurity contributes to nearly half (45%) of employee stress. This highlights the importance of promptly addressing this issue for leaders who aim to retain talented employees.
The survey also revealed that many professionals believe senior leadership and HR departments bear the responsibility for managing workforce stress. Understanding employees' concerns and identifying the underlying causes of stress are crucial steps toward fostering a positive work environment and effectively managing stress levels.
How Job Instability Impacts Worker Stress
Job instability refers to the feeling of insecurity and demotivation that arises when people worry about losing their jobs. This fear may have temporary effects during times of layoffs or terminations or persist as a chronic sense of insecurity. The constant worry about future employment can lead individuals to experience precarious job situations throughout their working lives. In such cases, individuals may feel uncertain about the future success of their firm or their own accomplishments, particularly if their industry is prone to layoffs.
The noticeable impact of job instability on worker stress is particularly evident among finance and accounting employees, who show lower levels of concern about job security threats like layoffs and pay cuts. This information is based on a survey conducted by Randstad, an HR services and staffing company, which found that these professionals are less likely to worry about such job security issues and are also less inclined to make sacrifices to safeguard their jobs, such as giving up vacation time, working longer hours without a pay increase, or relocating.
As a result of these persistent pressures, negative behaviors may surface. Job insecurity not only affects individuals' emotional well-being but also impedes positive actions and reinforces negative coping mechanisms. Instead of seeking to build work-related connections and skills to mitigate actual risk factors and job instability perceptions, individuals concerned about job security may distance themselves from work-related relationships, resulting in harm to personal connections that provide social support. This can lead to feelings of loneliness and isolation and may hinder their ability to find new employment opportunities.
Leadership and Mental Health
Managers have been leading their teams through the challenges of recent years. Unfortunately, their mental well-being has taken a toll, and the repercussions extend all the way up the organizational ladder.
The stress experienced by managers can trickle down to their employees, negatively impacting their overall well-being as well as their performance. According to a study by Harvard Business Review, managers can induce anxiety in their subordinates through unpredictable behavior, emotional volatility, excessive negativity, and disregarding their emotions. It was found that teams led by managers who withdraw or display hot-headedness are 62% more likely to quit their jobs and 56% more likely to disengage from their work.
While workplace stress is inevitable, how leaders handle and manage stress becomes crucial in protecting the mental health of their teams. Incorporating strategies to alleviate one’s own stress not only produces well-equipped leaders but also powerful advocates of their employee’s mental health.
Fostering Mental Health Amid Job Instability
To effectively tackle and reduce job-related stress and instability within the accounting and finance fields, it becomes crucial to implement effective strategies. While some stress can be constructive, an excessive and continuous level can result in burnout and negatively impact employees. Striking a balance is vital to maintain productivity and foster a sense of teamwork for achieving success as a united unit.
Here are some approaches to alleviate workplace stress:
Promote Workplace Wellness
Encouraging wellness in the workplace helps employees adopt a positive outlook when facing daily challenges. Individuals who prioritize their overall well-being are better equipped to handle stress compared to those who neglect their health or lack time to focus on it.
Provide Flexible Work Arrangements
Companies are currently evaluating long-term workforce models, such as remote, hybrid, or in-office setups. Irrespective of the choice, offering flexible work arrangements is crucial to retain top talent and accommodate employees' individual needs.
Enhance Collaboration by Leveraging Technological Tools
Cultivating a company culture that values collaboration and connectivity among all employees fosters a more positive work environment. Feeling disconnected and isolated within the organization can lead to heightened stress and diminished morale. Employing technology tools to facilitate seamless communication and teamwork can help mitigate these issues.
Foster Open Communication
To reduce stress among accounting and finance staff, create a workplace where employees feel comfortable expressing themselves when they feel overwhelmed. Promote a positive organizational culture that values honesty and empathy, allowing employees to seek help and express concerns while feeling heard and supported.
Conclusion
The effective management of stress and job instability remains a significant challenge for employers, despite investments in wellness benefits. For leaders in corporate finance, understanding and leveraging the two most important tools people and technology hold the key to success and achieving growth.
As companies strive to create a positive work environment, identifying the root causes of employee stress becomes essential. Job insecurity, a common stress-induced, can lead to low morale, lack of motivation, and burnout among employees. To combat these challenges, promoting wellness at work, offering flexible work arrangements, enhancing collaboration with tech tools, and fostering open communication are effective strategies for reducing workplace stress.
As finance and accounting teams embrace the opportunities and solutions in the year 2023, they must adapt to the evolving landscape. Automation, artificial intelligence, upskilling, remote work, and keeping up with new technology are crucial trends to excel in the finance industry. Additionally, with businesses becoming more global, accounting departments must adapt to international standards and regulations.
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