The financial markets are in turmoil right now, making this a jittery time for investors large and small. Thankfully, the current stock market “correction,” as the financial analysts call it, is probably not the start of new recession. However, it definitely impacts people’s confidence in the state of the economy.
Stock market outlooks also affect the everyday experience of work. Just last week, I posted an article asking whether the Great Recession has stoked a continuing climate of fear in the workplace. While finances and economics may seem to be all about hard numbers, in reality markets are very psychological in nature. In times of major market uncertainties, those anxieties often trickle down to the everyday experience of work.
What will happen if the stock market is in for a rough ride? Among other things, employers in all sectors (private, public, non-profit) may be more nervous about hiring. It also means that pressures to produce more with fewer resources could intensify. Workers fearing unemployment may continue to endure bad work environments, rather than leave without another job in hand. Workplace bullying and incivility may well occur more frequently as tensions on the job rise.
This is modern life in the casino economy. The wins and losses of those playing at the big money tables affect those playing the nickel slot machines. And for folks in the latter group, the stakes are very high, even if their control over them is limited.