Retaining Talent in Times of Transition: Shifting Focus from Resignation to Retention at the Executive Level was originally published on Ivy Exec.
The Great Resignation isn’t over, but the increasing number of folks quitting aren’t only employees but also executives. Senior leaders are jumping ship, or considering it, at alarming levels.
A 2022 Deloitte study found that 70% of C-suite members are contemplating quitting. The most significant reason? They couldn’t support their mental and physical health while holding this demanding job. In fact, they felt so tied down by their employment that they weren’t taking care of themselves.
“For example, only around half of employees and two-thirds of the C-suite use all of their vacation time, take microbreaks during the day, get enough sleep, and have enough time for friends and family,” said the study’s authors Steve Hatfield, Jen Fisher, and Paul H. Silverglate.
Of course, there are other drivers of unhappy executives, but detriments to their mental and physical health are significant. How can organizations boost executive wellness and, in turn, wellness?
Create Opportunities for Remote Work
Companies that allow for remote work support executives’ work/life balance.
Not only is remote work more flexible, but it also cuts back on commuting time, which can take a big bite of employees’ free time.
When given the change, says McKinsey & Company, over 85% of professionals work from home at least three days a week.
Remote work options are huge drivers in employee retention. Some even start looking for other jobs that do offer this flexibility.
So, why not offer remote work – or even require remote days – for company executives?
“Although they might not always seem like it, since they’re technically ‘the boss,’ CEOs are workers, too, and they’re not immune from burnout and work-life imbalances. While remote work doesn’t miraculously cure these issues, the flexibility that remote work provides is unmatched and is key to improving executive retention,” said Scott Poniewaz, Senior Executive.
Some companies have even started mandating that executives work from home for at least a few days a week.
Build mental and physical health programs at the office
Some members of the C-suite have already started improving their health and work/life balance.
These changes not only help these professionals feel better but also better office culture as a whole.
These changes include the percentage of Deloitte survey respondents:
- 35% require employees to take breaks during the day.
- 29% of members of the C-suite “take time off and disconnect.”
- 20% have “banned” after-hours email.
- 27% offer stipends for time off.
While these policies demonstrate a change in company culture, some executives didn’t feel like they had made enough change yet:
- 86% said they wanted some support for their health.
- 48% wanted a training program on health.
- 44% wanted to see other executives prioritizing their health.
These figures indicate that executives want more focus on health at work. Horton International suggests encouraging executives to speak more openly about their mental health struggles and hire someone who can be “a mental health first aider.”
They should also be able to find support for these struggles.
“From onboarding, CEOs and leaders should have access to appropriate support. This may be a coach, mentor, or another third-party support system. It may be that a CEO has access to a specific go-to board member of the organization with regular one-to-ones,” they write.
Mandatory Vacation Time
We know that executives don’t always feel like they can use their vacation time.
Poniewaz shares the story of John Mackey, Whole Foods’ former CEO, who had accrued more than an ear of PTO he hadn’t used.
Unlimited PTO may also be stressful for executives because they’re unsure how much time they should use for vacation. Remote work can blur the lines between work time and free time, too.
Vacation time is important. After taking time off (without even a few hours of work calls or email!), employees are rejuvenated and recharged. They are more able to focus and feel more motivated.
So, executives who think they should always “power through” are actually hurting their productivity.
That’s why some companies have developed required executives, including the CEO, to take vacation time each year.
How would this policy work?
“You could consider setting aside a week once a year for the entire company to check out – something that’s becoming increasingly popular these days – or you might consider folding in a travel stipend to the executive’s benefits package,” Poniewaz suggested.
How to Safeguard Executive Retention
Post-pandemic executive resignation has been driven by several factors.
Some executives find that their jobs are too stressful or working long hours – so much so that their mental wellness suffers.
So, companies suffering from retention should allow for remote work, implement wellness programs at their organizations, and mandate vacation time. These cultural changes not only promote executive retention but also boost the morale and well-being of all employees.
Unhappy at work but unwilling to quit just yet? Consider renegotiating an executive retention package.
