Gas prices affect employee productivity
The price of crude oil did get lower this week, but gas prices are still over $4.00/gallon in most areas in the US.
The thing is, rising gas prices lead to stress, and stress leads to worry, and worry leads people to become unproductive – according to Yoda. (Well, not really, but I hope you get it anyway.)
Statistical research conducted by Professor Wayne Hochwarter of Florida State University’s College of Business shows that the rising cost of petroleum can have a negative effect on employee productivity. He conducted a similar study two years ago, but with only 300 respondents. Nevertheless, the results are roughly the same.
This spring, he conducted a survey of 800 full-time employees. Here are some of his main findings from his most recent survey (emphasis mine):
- 52 percent have reconsidered taking vacations or other recreational activities;
- 45 percent have had to cut back on debt-reduction payments, such as credit card payments;
- Nearly 30 percent considered the consequences of going without basics including food, clothing and medicine;
- 45 percent report that the escalating gas prices have “caused them to fall behind financially”;
- 39 percent agreed with the statement “Gas prices have decreased my standard of living”; and
- About 33 percent — or one in three — said they would quit their job for a comparable one nearer to home.
Source: EurekaAlert.org
What are you doing to counter the effects of the rising cost of gas? Has it affected your work in any way?
Photo Credit: Image from Ove Tøpfer from stock.xchng
