Almost 8 in 10 bosses expect stress levels to increase over the next 3 years.
Despite already being a highly competitive business environment with long working hours, independent research commissioned by specialised recruiter Robert Half has found 76% of Singaporean CFOs expect stress levels of their finance staff to rise over the next three years.
When asked what the main causes of growing stress levels are in the workplace, Singaporean CFOs cite increased workloads (56%), increased business expectations (54%), shorter deadlines (40%) and a competitive marketplace (38%).
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said: “Singapore has a global reputation for business excellence, with finance professionals working in a highly competitive marketplace. Yet long working hours, higher workloads combined with shorter deadlines and increased business expectations can cause stress levels to rise among Singapore’s workforce. It’s vital for the city-state’s bosses to not only recognise growing stress levels within their workspaces, but to actively address it.”
“Stress is a drain not only on an employee’s wellbeing but also on the organisation. Employees who are burned out or chronically frustrated and stressed are more prone to illness and absenteeism, and generally show signs of decreased morale which all negatively impact business productivity – hence company success.”
In an attempt to effectively manage workplace stress, the overwhelming majority (94%) of Singaporean CFOs are taking measures specifically designed to reduce stress in the workspace. More than half (55%) are respectively encouraging staff to give regular feedback to management and offering flexible working hours or remote work opportunities. Just over half (51%) are redesigning the office space to facilitate better productivity and promote a more efficient working environment and more than four in 10 (42%) are hosting regular social team activities.
“Singaporean companies are proactively implementing a combination of measures in order to reduce workplace stress, ranging from adjusting their infrastructure, amending their workplace culture by increasingly allowing flexible work schedules and adjusting their staffing policies so temporary staff can assist existing employees during hectic periods on the business calendar. Employers understand the importance of employee wellbeing as these measures gradually becoming more common practice in Singaporean organisations.”
“By combatting workplace stress, companies can foster an engaging and productive workplace culture, which can positively affect the company’s bottom line,” Matthieu Imbert-Bouchard concluded.
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