Stressors & Coping Strategies for Finance Executives at SS Pte Ltd

This essay addresses the rising stress levels among finance executives, particularly in Singapore, as highlighted by Robert Half's report. It explores potential stressors at both organizational and individual levels, offering insights relevant to a talk requested by Ms. Ng, the Finance Manager of SS Pte Ltd....Read More

Industrial/ Organizational Psychology
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Introduction
Employee stress level increases illness, absenteeism which in turn decreases morale,
negatively impacting business productivity (Ganster & Rosen, 2013). Robert Half, 76% of
Singaporean CFOs expect the stress level of their finance staff to rise over the next three years.
Ms Ng, the Finance Manager of SS Pte Ltd, has asked to give a talk to its finance executives.
The talk would be outlining possible stressors (organizational and individual), faced by finance
executives, as well as possible coping strategies (organizational and individual) that finance
executives can employ to deal with stress. The scope of this analysis deals with the talk that will
be provided across to employees.
Analysis
High competitive business environment with prolonged working hours has been
associated with growing stress levels at workplace (Griffin, et.al., 2010). Stress has been
associated with negative impacts on an employee’s well-being and organization productivity as
well. While there remains plenty of factor that causes stress within the organization environment,
some can be categorized as job related factors, role related factors, interpersonal or group related
factors. Other factors include organizational structural factors, organizational leadership factors,
and organization life style factors along with individual stressors. Job related factors can include
characterizes of the job by itself that can cause anxiety or stress. In case of hazardous jobs or job
being too dull or boring, duties being strenuous, lacking job security or having too much of job
overload (Anitha, 2014). Role related factors can create stress in case there is a role conflict, role
ambiguity or role overload. In any of these cases an individual is expected to do too many things
that can add to stress or even burnout. Interpersonal and group related factors can be a source of
constant stress. In case of group conflict, unpleasant relationship, poor communications and fear
of being ostracized can lead to lack of social support from senior managers or colleagues leading
to stress. Organizational structural factors as rules and regulations, differentiation can lead to
organization stress. Organization’s leadership factors can also add to cultural characteristics
creating anxiety, tension and fear. Organization’s life cycle is an integral factor that can create
enormous amounts of stress. An organization at a mature state is bound to create lesser amounts
of stress compared to those at their declining stage (Avey, Luthans & Jensen, 2009).
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Individual stressors within the organization can arise in case an individual works for 14
to 16 hours a day. Factors that are related to individual stressors can be from job concerns,
changes made to career, relocating, economic problems, changes in life structure, and pace of
life, traumas, personality and ability to cope with changes. Job security is a major concern that
can create anxiety or frustration on the prospects over losing a job, especially in cases of family
obligations or social obligations. Relocation, which has become another mandatory aspect of
globalization, disrupts routine life causing stress. Employees experiencing burn 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. Therefore, an
organization has to create ways and means that can allow handling or coping with such stress
situations to reduce impact on the organization.
Individual and organizational strategies that allow a person cope and deal with stress.
Individuals can combat stress by adopting strategies at individual level as well as at
organizational levels. There are three basic procedures for stress management strategies that has
negative effects on person’s behaviour and his performance (Ton & Huckman, 2008).
Identification of stressors that affect ways in which stressors impacts individual behaviours and
performances. Third step involves including constructive measures to cope with stress. Problem
focused strategy helps identify core reason for stress and then modifying stressors. These
strategies are based on time management, requesting others to help in coping with stress and
final measure involves changing to another job. Emotion focused strategy involves controlling
emotions such that they are not negatively affected by stress factors. They include exercise,
relaxation, recreation, psychological strategies and companionship.
Organizational strategies for overcoming stress and increasing employee productivity
involves problem focused strategies and emotion focused strategies. Problem based strategies
involves redesigning of the job, appropriate selection of placement such that employee has to
deal with minimum changes, training of employees such that they are ready to take up challenges
of the job, team building and providing day care facilities for women candidates. Emotion based
strategies are focused on open lines of communicating within the organization, which provides a
conducive culture to address employee challenges. Mentoring and employee assistance program
that typically addresses issues an employee is facing. Such programs greatly benefits employees,
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as they feel that the organization cares for them. Wellness programs or allowing for personal
time off can greatly reduce individual levels stress. Employees can feel relaxed in various
manners in case organization allows some time off for their personal wellness and indulging in
activities that tone down their nerve levels.
Recommendations and Conclusion
Organizational stress has become a major deterrent of organizational productivity across
multiple organizations. Organizations are working in various manners to ensure that employees
feel less levels of stress to reduce absenteeism and turnover from work. There are multiple
factors that are conducive to stress levels amongst individuals in organization that causes stress.
While individual factors have separate methodologies to deal with stress, organizational methods
are considered more effective in nature. When organization reduces stress they are considered to
be more effective in nature as it has a positive effect on employee commitment. This in turn is
beneficial for the organization as it is seen to indirectly enhance organization retention.
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Reference Lists
Anitha, J. (2014). Determinants of employee engagement and their impact on employee
performance. International journal of productivity and performance management, 63(3),
308.
Avey, J. B., Luthans, F., & Jensen, S. M. (2009). Psychological capital: A positive resource for
combating employee stress and turnover. Human resource management, 48(5), 677-693.
Ganster, D. C., & Rosen, C. C. (2013). Work stress and employee health: A multidisciplinary
review. Journal of Management, 39(5), 1085-1122.
Griffin, M. L., Hogan, N. L., Lambert, E. G., Tucker-Gail, K. A., & Baker, D. N. (2010). Job
involvement, job stress, job satisfaction, and organizational commitment and the burnout
of correctional staff. Criminal Justice and behavior, 37(2), 239-255.
Staff Reporter, (2017, Jun 17). HR Education. Singapore Business Review. Retrieved from :
http://sbr.com.sg/hr-education/news/top-4-causes-workplace-stress-in-singapore
Ton, Z., & Huckman, R. S. (2008). Managing the impact of employee turnover on performance:
The role of process conformance. Organization Science, 19(1), 56-68.
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