The key contributors to stress levels in the so-called ‘low growth, high stress’ countries that include the Philippines are increased competition, concern about the economy, and pressure on cash flow and profits, not to mention lack of quality family time, the survey said.
The 2005 global poll revealed that business owners worldwide are much more stressed than a year ago, with 40 percent of business owners more stressed in 2004 than in the previous year.
Research conducted on more than 6,300 business owners in 24 countries shows that stress levels had gone up by more than a third. The fieldwork was carried out in the latter part of 2004 prior to the earthquake and tsunami in Asia.
On top of the stress table are business owners in Taiwan where a staggering 69 percent (more than two out of three) of those questioned said their stress levels had increased or increased significantly in just one year. They were followed by Hong Kong (54 percent), Turkey (54 percent), Mexico (54 percent), India (53 percent), Philippines (53 percent), Japan (51 percent), Russia (51 percent) and South Africa (50 percent).
Business owners in every country reported that stress levels were up in 2004. However, those least affected were in Sweden, where 23 percent of business owners claimed their stress levels had gone up, the Netherlands (25 percent) and Canada (26 percent). Business owners in Mexico (30 percent) are most likely to seek medical advice for stress while those in Sweden (four percent) are least likely, the survey revealed.
Benjamin Punongbayan, chairman and CEO of tax and auditing firm Punongbayan & Araullo (P&A), the Philippine affiliate of Grant Thornton, said: "Wherever you’re doing business in the world, you are feeling the strain much more this year. Business is a big factor in how stressed people feel. But if we scratch beneath the surface, business owners can feel stressed by success as much as by failure."
Grant Thornton International has plotted the stress results against the growth in turnover experienced by these companies over the last three years. The results show five clear categories, where the degree of stress is caused for quite different reasons.
The "high growth, high stress increase" countries are those whose businesses and economies have been booming. They have experienced higher than average increases in stress levels, but it is caused by positive trends and their ability to keep up. This group includes business owners in India, South Africa and Russia, all fast-expanding, emerging economies.
Around 53 percent of business owners in this category feel increased competition contributes to their stress and 48 percent are stressed by increased customer expectations.
The "low growth, high stress increase" countries are a quite different group. Their increase in turnover has been slower than average and their economies have been struggling. These stressed business owners typically come from East Asia including Taiwan, Japan, Hong Kong, the Philippines and Singapore, but can also be found in Mexico and Turkey.
Key contributors to their stress levels are increased competition (61 percent), concern about the economy (53 percent) and pressure on cash flow and profits (46 percent).
Business owners in the "high growth, low stress increase" category have the best of both worlds. Their performance has boomed over the last three years, but they seem to know how to cope with the success without becoming too stressed by it. These business owners can be found in the US, Australia, Canada and New Zealand.
According to the survey, in these group, it is pressure on cash flow and profits and more demanding customer expectations (37 percent) which make them stressed.
A small number of countries have experienced low growth over recent years but do not let themselves get too stressed by it. These "low growth, low stress increase" businesses are in Germany, the Netherlands, Italy and Sweden and take a pragmatic approach to life. On top of their stress factors are regulation and red tape (41 percent).
Finally, there is a middle group of business owners who have been doing pretty well, and are moderately stressed. These "average growth, average stress increase" countries are all in Europe and do not face the same levels of increase in stress as countries where growth has been dramatically high or very, very low. This category includes France, Greece, Ireland, Poland, Spain and the United Kingdom. The main contributor to their stress levels is regulation / red tape (40 percent).
Despite the business differences, however, the survey notes that two things unite business owners all over the world as contributors to their stress levels. A third of respondents in every category claim they are stressed by not having enough leisure time and not having enough time to spend with friends and family.