Year: 2018
Type: dissertation
Abstract: The financial crisis and its consequences When the financial crisis hit the western world in 2008, it had a tremendous effect on the economic system.The world as people knew it had changed, and they rapidly needed to adapt to the new circumstances.Due to the crisis, many people lost their jobs, with unemployment rates rising up to over 25% (Eurostat, 2018) in some European countries.In the Netherlands the unemployment rates rose to 7.4% during the peak of the crisis (CBS, 2018a).Although the labor market has shown some recovery since, to date there are still 320.000unemployed people (4.2% of the labor population) in the Netherlands (CBS, 2018b; UWV, 2018b).Moreover, the Dutch government spent 20.2 billion on unemployment benefits last year (UWV, 2018a).Besides the enormous economic costs related to unemployment, it is also detrimental for the unemployed themselves.Being unemployed negatively affects health and well-being (Jahoda, 1982; Mckee-Ryan, Song, Wanberg, & Kinicki, 2005).Work provides people with both manifest (e.g., income) and latent (e.g., time structure, activity, social contacts and the experience of purpose, status and identity) benefits (Jahoda, 1981(Jahoda, , 1982)).Once these benefits are absent due to unemployment, this may result in stress-related health complaints such as physical ailments (headaches, stomachaches), depression, anxiety and even suicide (Wanberg, 2012).Although their well-being is threatened, at the same time unemployed people need to 'perform' in their job search.With more people available per vacancy, it is harder to find a job.Therefore, standing out and performing at an optimal level is of vital importance to successfully find reemployment.Thus, on the one hand, the unemployed have to deal with the disruptive and stressful effects of being unemployed, while on the other hand they need to perform at an optimal level to stand a chance to get hired.The unemployed were not the only victims of the financial crisis.Employees in unemployment agencies suffered too.They experienced a serious increase in their workload as they had to provide services to an increased number of unemployed customers, while there were fewer vacancies available to mediate their customers to.Employees thus had to meet higher demands with fewer available resources.Having a demanding work environment with few(er) resources available puts people at risk of developing stress-related complaints that negatively affect their well-being framework.
Source: TU/e Research Portal
Author: Inge L. Hulshof
Language: English
Field: Medicine
Domain: Health Sciences
Open Access status: green
OpenAlex ID: W2809010459