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Work is more exciting for executives, post-recession
By siliconindia
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Monday, 24 August 2009, 19:46 IST
Bangalore: Following the onset of economic slowdown, taking pleasure in the extra work seems to be the new mantra of executives worldwide. While the crisis had forced many executives to work for longer hours and take up more responsibilities, a survey by McKinsey, a global consultancy firm reveals that most of them feel their work is more exciting and meaningful now.
According to the report, most respondents are working more hours since the crisis began, and nearly 40 percent have more responsibilities without the benefit of a new title. Although stress levels have increased, most executives say they can cope. Conducted in July, McKinsey Quarterly survey received responses from 1,653 executives worldwide. Among the respondents, 47 percent were C-level executives (like CEO and CFO) or Corporate Directors, while 33 percent were senior executives, and middle managers made up 18 percent of the respondents.
The survey also revealed that about 95 percent of the executives were to some extent satisfied with their own performance, but much less impressed with superiors' work. When it comes to stress, more than half of the respondents feel it has increased, but is manageable in the long term. "However, one in five executives say that they are worried going forward about coping with the increased stress levels," the report added.
Over 80 percent of the executives said the economic crisis has adversely impacted the financial performance of their organizations. Amid companies looking to cut down on operating costs, the report said executives are working harder. According to the survey, executives are working harder in this environment - 55 hours a week on an average, compared with 45 hours before the crisis hit.
The survey also showed that more than half of the executives who are satisfied with their own performance as business leaders were spending extra time on motivating people, compared with only 30 percent of those who are not at all satisfied.