Critical Management Skills for the Modern Business Leader: How Corporate Apathy is Fuelling The Great Resignation
Over the past 18 months, business as we know it has been transformed. It has been revolutionised in ways that have shaped not only the way we work today, but the ways we will work moving forward.
Aspiring business leaders must adapt in response to the new world around us. When we look at C-level executives in the past decades, the primary measure of competence was on subject matter expertise; which is still the case today. However, the range of subject matter that business leaders need to be an expert in has grown substantially.
Issues surrounding work-life balance, burnout, engagement, and talent retention are at the forefront of much of the discussion around employee satisfaction and wellbeing. Ultimately, these are core aspects of any modern company’s success.
Leaders must look at their existing skills and expertise and reassess whether they are meeting the standards of today’s Employer Value Proposition (EVP). Aspiring leaders must also use this time of accelerated business change as an opportunity to develop and focus on the skills which will enable them to not only lead, but support the strong successful teams of the future.
Business leaders have always had ample challenges to face. Today, however, many of these challenges have evolved, forcing them to adapt to maintain a positive and productive work environment.
The Challenges Faced by Senior Leaders Today
Responding to Burnout
According to a survey by Deloitte:
- 77% of respondents have experienced burnout in their current job
- 91% say that stress and frustration highly impact the quality of their work
- 83% see a negative impact on their personal lives
- 70% of working professionals are of the opinion that their companies aren’t doing enough to prevent burnout
Looking at the above statistics, executives must take a different approach in a concerted effort to improve employee mental health and wellbeing.
In the past two years, the concept of work has changed fundamentally for many. It is the responsibility of company leaders to understand this. By taking a sincere look at how they can better the lives of their employees, they can create a positive and productive work environment that benefits everyone.
How can this be done? Through Empathetic Leadership.
Empathy is a vital soft skill for any managerial role. However, now that work and home lives have become increasingly intertwined, it is fundamentally important for every leader to take an active interest in the personal life and development of their employees.
The only way leaders can truly understand the needs of their employees is to understand the dynamics of their home life, motivators, and ambitions. By offering the time, flexibility and an open door for questions or concerns, leaders are able to foster a healthy, productive working environment in which employees can achieve their goals.
Many poor managers create short-term solutions to long-term problems by placing employees in high-stress situations that will eventually lead to burnout. By taking the time to listen and understand what the limits of employees are, executives will receive the dedication, productivity and the respect of their team in a much more sincere way.
Empathetic leadership is characterised by understanding the needs, thoughts and feelings of others.
Simply talking about the importance of empathy in the workplace or adopting it as a core company value has an impactful effect as it lets employees know that their thoughts and feelings are valid.
Going one step further, policies such as open-door office hours or non-punitive reporting fosters an environment of psychological safety that encourages employees to speak freely and feel comfortable sharing issues or concerns without fear of repercussion.
By taking the time to actively ask questions and to listen, leaders can gain deeper insights into issues that may be impacting the personal or professional lives of their team members, thereby gaining their trust and strengthening working relationships as a result.
Disengagement
A recent Gallup report revealed that 51% of employees feel disengaged at work. Issues such as lack of communication, high levels of stress and micromanagement are some of the leading causes linked to lack of morale or disengagement in the workplace.
As cited by a study on employee engagement, senior leadership are now facing financial business losses of $450-$550 billion each year due to disengaged workers. Executives must not only serve as a managerial figurehead but inspire those on the team to successfully meet their goals and objectives.
The best way to ensure employees feel motivated and engaged is by leading with empathy. Empathetic leaders take the time to understand what it is their team members need and how to best be of support.
Whether it may be a matter of granting more autonomy, more flexibility, or giving more recognition, leaders must take the time to learn from their team so they can improve the overall quality of their personal and professional life.
Employee Turnover
A happy, healthy and engaged employee means a long term employee; but is that always the case? A recently coined phrase “The Great Resignation” has been floating around in recent months in response to record numbers of employees resigning from their positions.
3 out of 5 UK workers surveyed by Aviva are considering a career change and, according to a Linkedin survey, 41% of workers globally are considering leaving their current jobs.
Executives must identify the root causes leading to employee turnover in their organisation and commit to tailored retention programs in an effort to boost employee retention. Those companies who don’t raise the bar and improve EVP will be the ones hurting the most from employee churn.
As always, the key aspect of this is empathetic leadership. Statistically, if more than one employee wants to leave, something is wrong. Find out why, listen to them, and create solutions that result in long-term retention and improved work environments.
Periodic Employee Opinion and Satisfaction Surveys are a great way to gauge the overall employee views and perceptions of their organisation. Exit Interviews can also provide valuable insights into the motivating factors that lead to the decision to resign.
How can aspiring C-levels up-skill to become a subject matter expert and a successful workplace leader?
It is now more critical than ever for today’s business leaders to be attentive to the needs of their employees. Empathy has always been a vital asset for those in leadership roles, but given the effects of stress and uncertainty felt by today’s workforce, it has become absolutely vital.
889 employees recently surveyed by Catalyst reported feeling more engaged, innovative, and had greater work-life balance as a result of empathetic leadership.
But what does empathy look like in today’s workplace? Leaders must be aware that there is no “one-size-fits-all” solution that can satisfy everyone. However, developing the ability to listen and putting people first is a great place to start. Remote or Hybrid working setups, flexi-work weeks and mental health days are just a few of the ways some leading businesses hope to satisfy and engage their team.
5 Ways You Can Encourage Empathy in Your Organisation:
- Talk about empathy
- Teach listening skills
- Encourage genuine perspective-taking
- Cultivate compassion
- Support global managers
At ACELR8 X, we use our industry knowledge to ensure that our successful C-level hires are versed in the skills and approaches needed to succeed in the modern world.
We also regularly share our knowledge through our A8 Academy and Playbooks, Talking Talent events, and weekly blog posts.
From hiring more diverse talent to learning what it takes to be a C-level employee, we are here to guide you through it all.
Are you an executive or business leader or aspiring leader looking to build on your skills as an effective leader in today’s workforce? Some of the resources below can help:
Leadership Fundamentals:
https://www.linkedin.com/learning/leadership-fundamentals
Management and Leadership:
https://www.blinkist.com/en/nc/categories/management-and-leadership-en/books
Becoming an Empathetic Leader
https://www.udemy.com/course/becoming-an-empathic-leader/
Further Reading on Leadership
