One third of C-suite employees plan to quit in 2024
More than 1,000 business leaders (C-suite) worldwide, including those in the UK, were surveyed by LHH, a preeminent global talent development and career solutions company. The survey revealed that the strain imposed by numerous internal and external challenges is having a negative impact on executive wellbeing, with many considering job changes in 2024.
According to a recent study, 36% of top business leaders in the UK, including owners, C-level executives, and board directors, are thinking about changing roles within the next year.
More than 1,000 business leaders worldwide, including those in the UK, were surveyed by LHH, a preeminent global talent development and career solutions company. The survey revealed that the strain imposed by numerous internal and external challenges is having a negative impact on executive wellbeing, with many considering job changes in 2024.
Burnout is prevalent for pressured leaders
The C-suite and other executives are under constant pressure due to external headwinds. More than a quarter (28%) of CEOs named the main external challenge as being onboarding disruptive technology, particularly AI, in addition to persistent economic instability and market volatility (30%) and environmental and sustainability challenges (29%).
Leaders are juggling a plethora of internal issues at the same time. UK CEOs listed managing stakeholder expectations (ranked number 26), digital transformation (ranked number 25), and retaining top personnel (ranked number 24) as the top three. The largest internal obstacles, according to almost a fifth of respondents, were creating diversity, equity, and inclusion (22%), and corporate culture (22%).
In light of this, a startling 54% of corporate executives report feeling overworked and burned out right now, and 36% are thinking about changing roles, taking a different career path, or retiring this year.
Skills deficits and a lack of support
The findings point to the possibility that these problems are being exacerbated by a skills gap on senior leadership teams. A mere 54% of corporate executives believe their company has the leaders it needs to tackle present and future obstacles, and roughly 24% find it difficult to control the performance of underperforming senior colleagues.
Nearly one in four believe that the senior leadership team is deficient in critical competencies, such as effective communication and interpersonal skills (22%), strategic thinking and decision-making capacities (22%), and flexibility and change management skills (24%).
Only 21% of respondents claimed that their company helps senior executives strengthen their leadership abilities. Even fewer stated that their senior team received 360-degree performance reviews (15%) or executive peer mentorship (18%). Sixty-two percent (62%) of respondents want additional options for leadership support made available to them.
Frances Cook, MD, ICEO LHH UK and Ireland, made the observation, “Businesses are already finding 2024 to be a difficult year. Even if the world economy is starting to recover, the UK is still at risk of a technical recession. Business leaders are therefore still operating in the face of external uncertainty while attempting to solve internal talent and skills concerns. This is in addition to persistent supply chain unpredictability, skills shortages, and disruption from emerging technology. It’s evident that the strain of constant pressure combined with a dearth of assistance is wearing thin.”
Therefore, if businesses want to grow and foster the knowledge, experience, and skills of their current leaders, they must proactively address this. To guarantee that leaders have successful career advancement as soon as they take on their roles, companies should provide specialized support for them from the outset. Establishing and operating successful senior leadership teams requires the ongoing development of leadership skills, executive coaching and mentoring, career planning, and management support.
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