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Job-Related Stress in Financial Services Industry

Job-Related Stress in the Financial Services Industry

In a May 2003 study, 111 recent Purdue University graduates who identified themselves as working in the financial services industry rated their average job stress level to be 5.19 out of a possible 7. The median was 5.5 (DeVaney and Chen). However, despite this relatively high level of job-related stress, the graduates indicated an even higher average job satisfaction level of 5.71 out of 7 (DeVaney and Chen). Thus, the study suggests that although financial service professionals experience a relatively high level of job-related stress, they also find their jobs satisfying. This paper examines the unique stresses experienced by those who work in the financial services industry.

A 1988 study found professions involved in the financial services industry to be among the ten most stressful occupations in the United States (Montgomery, Blodgett & Barnes 21-38). The study concluded that the high levels of stress experienced by financial service professionals related to conflicting role demands (Montgomery, Blodgett & Barnes 21-38). For example, financial services salespeople often feel short-term pressure from management to meet sales quotas of the company's products. To meet such pressure, salespeople may find themselves tempted to ignore or down-value their customers' best interests in favor of meeting their own sales goals.

But the pressure to meet these short-term goals contributes to a common experience among financial service professionals of what is known as "role strain." Role strain refers to the tension many financial professionals feel between the competing goals and requirements of their professions. For example, even as financial professionals contemplate how to meet their company's short-term sales goals, they are also aware that they can only ultimately be successful if they consistently satisfy their customers' best interests, particularly their customers...

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Job-Related Stress in Financial Services Industry. (1969, December 31). In LotsofEssays.com. Retrieved 17:18, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1695796.html