Work Attitudes in a Crisis

In October 2008, the Icelandic bank system collapsed, starting a crisis that has been described as the ‘deepest and most rapid financial crisis recorded in peacetime history’ (Danielsson and Zoëga 2009: 1). The Icelandic currency lost nearly half of its value in an instant. Downsizing, layoffs and closures became rampant in the weeks and months following the collapse. It was in this environment that Capacent Iceland, a private research and consultancy company, surveyed employees of the Commercial and Office Workers’ Union regarding their work environment, job satisfaction and pay.