122425-ch07-webpdf - CHAPTER 7 Managing Stress and Emotions LEARNING OBJECTIVES After reading this chapter you should be able to do the following 1 2 3

122425-ch07-webpdf - CHAPTER 7 Managing Stress and Emotions...

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C H A P T E R 7 Managing Stress and Emotions L E A R N I N G O B J E C T I V E S After reading this chapter, you should be able to do the following: 1. Understand the stress cycle. 2. Recognize the sources of stress for employees. 3. Recognize the outcomes of stress. 4. Understand how to manage stress in organizational contexts. 5. Understand the role emotions play for attitudes and behaviors at work. 6. Learn about emotional labor and how to manage it. 7. Understand how emotions can affect perceptions of what is ethical. 8. Understand cross-cultural differences in stressors. 1. FACING FORECLOSURE: THE CASE OF CAMDEN PROPERTY TRUST © Thinkstock © 2013 Flat World Knowledge, Inc. All rights reserved. Created exclusively for [email protected]
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For the third year in a row, Camden Property Trust (NYSE: CPT) has been named one of Fortune magazine’s “100 Best Companies to Work For.” In 2010, the company went from 41 on the list to number 10. Established in 1982 and headquartered in Houston, Texas, Camden Property owns and develops multifamily residential apartment buildings. With 183 properties and 63,286 apartment homes, the real estate giant focuses its devel- opment on the fastest-growing markets in the United States. But like so many organizations in the real estate industry during the 2007 and 2008 subprime mortgage crises, business took a turn for the worst, and the com- pany was faced with a substantial slowdown. Camden realized that cuts would be inevitable and in 2009 announced that it would be reducing the number of planned development projects, which meant a 3% reduction of overall employees and a 50% cut of devel- opment staff. Camden’s organizational culture and motto is to “have fun.” Because the company understood the importance of honesty and open communication with its staff, a strong sense of mutual respect had been developed and cultivated well before the crisis, and as a result the company was able to maintain the trust of its employees during the difficult time. Downsizing and layoffs are two of the most prevalent forms of stress at the workplace and if not handled properly can create severe psychological strain. Part of Camden’s success during the transition was the com- pany’s ability to give staff the necessary information about the situation. Reinforcing the culture of fun at a past annual conference, the then CEO of Camden dressed as Captain Kirk from Star Trek and referred to the tough economic times as “attacks” on the company, and then he laid out a plan of action to bring about vic- tory. Camden has found a way to successfully relate its organizational culture through various modes of communication. The value and respect that Camden Property shows to its employees has carried over to the way it treats its customers. The company has discovered that doing the right thing makes good business sense. With the in- crease in foreclosures and unemployment, Camden is marketing to individuals in tough financial situations, a segment of the population once thought of as undesirable tenets. “We’ll forgive a foreclosure, as long as they
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