MANILA, Philippines—Majority of private business leaders in the Philippines reported higher stress levels over the last year but they were a bit better off than most of overseas peers as the local stress barometer fell below global average for the first time in four years, based on the Grant Thornton International Business Report 2010.
The report showed that 56 percent of private business chiefs across the globe felt greater stress levels over the last year, with mainland China having the worst ratio at 76 percent.
On the other hand, the Philippine stress ratio fell below the global average for the first time since 2006, with 55 percent of local business leaders reporting increased stress levels.
The research covered the opinions of over 7,400 business owners across 36 economies. The results were released locally on Friday by accounting firm Punongbayan & Araullo (P&A), a Grant Thornton Philippine member-firm.
Heavy workload, pressure on cash flow, and economic climate were cited by the most number of Filipino respondents as the common sources of business stress; while 31 percent had other factors not included in the choices.
Globally, the top three sources of stress among businessmen were economic climate (38 percent), pressure on cash flow (26 percent) and competitor activities (21 percent).
The survey also found a correlation between stress levels and the number of days off taken by an individual in a year. Countries at the top of the stress league are those where business owners, on average, take fewer holidays each year.
Vietnam, for example, was rated third in the stress league (with 72 percent of business owners citing increased stress levels during 2009) and at the bottom of the holiday league, with business owners on average taking just seven days of holiday during the year. The Philippines joined Vietnam at the bottom of that list, with local business leaders taking just 10 days of vacation on average, excluding public holidays.
“While it’s encouraging to see we have fewer executives who are feeling increasingly stressed, 55 percent is still a significant number. So it might be good for these business leaders to consider taking time away from the business, to reflect and recharge and maybe gain a new perspective to their work,” P&A managing partner Marivic Españo said in a statement. –Doris Dumlao, Philippine Daily Inquirer
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