According to a Robert Half International survey released Thursday, the negative impacts of the recession are growing as workplace morale erodes and stress loads increase.
When asked how current economic conditions have affected individual employees, 42% of Canadian respondents cited increased stress, compared with 39% globally. The survey found that managers in Australia, Ireland and the U.S. reported the highest levels of stress among financial teams.
Restructuring in corporate finance and accounting departments over the past year is cited as a major cause of the higher stress levels. Almost 40% of Canadian respondents have had to make some change because of the recession; 38% have instituted a hiring freeze and 42% have consolidated roles and responsibilities. About 50% said they have been forced to lay off staff.
The survey also found that employers are trying to adapt their management strategies to maintain productivity and alleviate added burdens on employees. The most common actions taken by employers worldwide include redistributing workloads, increasing communication with staff and postponing projects.
Kathryn Bolt, president of Robert Half's Canadian operations, said, "By reprioritizing and redistributing projects to keep team members focused on the most critical initiatives, managers can ensure key initiatives remain on track."
Despite the recession, most managers said they were still having difficulty finding skilled job candidates for accounting and finance positions. Retention of key staff remains a key concern for 51% of Canadian employers.