Workplaces are feeling the effects of the “Great Resignation,” but maybe not in the ways you’d anticipate. While there has been much discussion of the high turnover rates among members of Generation Z, recent information indicates that the executive suite is also having trouble holding onto its best talent.
According to Deloitte, over 70% of C-level executives are contemplating leaving their positions, mostly to enhance their emotional well-being. These departures have really begun. According to a study by Challenger, Gray & Christmas, more than 650 CEOs will have resigned by the end of 2022.
Why are so many top officials leaving their posts?
Problems with mental health have hit workers hard across all sectors as a result of external factors including COVID-19, increased economic instability, 40-year high inflation, and international war. The executive office is not an exception.
According to Deloitte’s research on the C-influence suite’s on wellness, almost one-third of executives often experience exhaustion and poor mental health. The majority of C-suite executives (65%) struggle to spend quality time with loved ones, and nearly as many (68%) have trouble obtaining the recommended seven or more hours of sleep each night or making time to exercise on a daily basis.
According to a New York Times article, five high-profile CEOs have recently resigned from their positions for reasons related to their own personal well-being, such as the desire to pursue personal interests, prevent burnout, or spend more time with loved ones.
The mental health of CEOs is important, and it does not matter what position or title one has. So, how can businesses increase happiness and retention across all levels of staff, not just executives?
First and foremost, leaders need to make their own mental health a priority while also supporting programs to improve mental health in the workplace in order to battle the causes of the Great Resignation. Possible domains of activity include:
Initially, setting an example of honest and open conduct that is positive and beneficial.
More openness from the top down motivates workers in other departments to take better care of themselves. 72% of workers who work for companies whose bosses are open and honest said they were in a better place than others. Eighty-four percent of C-suite executives also believe it’s vital to see other leaders taking care of their well-being, and the same percentage say it would drive them to enhance their own well-being.
CEOs who are honest about their own personal and professional challenges tend to be more widely followed. CEO of HyperSocial, Braden Wallake, recently shared a tearful photo on LinkedIn while discussing one of his most challenging business choices. Rapidly gaining 60,000 likes and considerable media coverage, the post went viral very fast.
Next, we’ll talk about ways to prevent and cope with burnout.
Persistent stress is a major cause of bad health and job turnover for C-suite executives, with some people even using the term “burnout” as a catch-all for a wide range of mental health issues. Investment in mental health programs, the adoption of innovative solutions, increased employee agency in decision-making, and the cultivation of a cohesive corporate culture are all ways to combat employee burnout. Every person needs to know that they may express their feelings without fear of retaliation and that seeking help will not affect their ability to get medical care.
Lastly, include recovery into existing processes.
Productivity-improving strategies should prioritize downtime and encourage workers to take breaks as part of the regular work schedule. Happiness at work, originality, mental health, and general well-being have all been shown to improve as a result of this.
Forth, promoting the employment of retirees.
Since many top executives and corporate figures are getting closer to the end of their careers, it’s time to focus again on the unique psychological care requirements of the elderly. Strategies that emphasize the mental health of older workers include providing health checkups and counselling for staff, minimizing ageism, and addressing unconscious prejudice.
Employees at all levels of an organization will continue to feel the effects of the Great Resignation in the absence of effective mental health and wellness initiatives. By prioritizing their own mental health, being transparent about their condition, and making well-being important to the long-term success of their businesses, executives may be better and more purpose-driven leaders.