Singapore: The pressure to see businesses grow has pushed up the stress level in Singapore with seven out of 10 business executives saying they are more stressed this year than in the previous year.
According to the Grant Thornton International Business Report (IBR), in Asia, Singapore ranks fourth in the stress league table with 69% respondents indicating they are more stressed this year.
“Globally, Singapore is in sixth position and out of the top 10 countries with the greatest increase in stress level, seven are from Asia. This highlights the mounting stress levels in this region,” Grant Thornton said in a statement.
The increased stress level can be attributed to the favourable economic growth, the firm said. The number of “super growth” companies in Singapore increased by a significant 10% in 2006 to 21% in 2007, chalking up the highest percentage in Asia, the firm said.
He also said that globalization and increasing technological advances increased the pressure on business leaders to “always be contactable”.
“The challenge for business leaders is how they can improve modern working practices to allow time to ‘switch off’ from the strains of increasingly demanding business lives - while remaining competitive,” he said.
Mainland China’s business leaders report the highest level of stress in the world with eight out of 10 (84%) reporting higher levels of stress compared to a year ago, followed by Taiwan (82%), India (79%) and Russia (76%). Malaysia is at number eight with 64%.
In comparison, European business leaders are the least stressed, with just 27% of Swedish business leaders reporting an increase in stress level, followed by Ireland (35%) and the United Kingdom, the Netherlands and France (37%).