More than two-thirds of managers in America’s most lucrative C-suites say they are considering quitting their jobs due to burnout, according to a Deloitte poll released Wednesday.
The survey found that 69% of C-suite executives say they are “seriously considering quitting a job that better supports their well-being.” This is compared to 57% of regular employees who respond in the same way.
Similarly, 56% of C-suite executives said they have left a role in the past because it has a negative impact on their well-being, compared to 48% of employees.
“One of the reasons for the difference may be that managers are often in a stronger financial position than employees, which allows them to look for new career opportunities at their own pace,” Deloitte researchers said in a report on the results of the study.
Executive morale appears to have deteriorated since the start of the COVID-19 pandemic, with 76% of C-suite employees reporting a negative impact on their overall well-being.
Executives are more likely to say they are considering leaving than regular employees.Getty Images / iStockphoto
But recognition among executives of their own feelings of burnout has not yet turned into enhanced engagement with employees experiencing the same problem, the study found.
While 91% of executives said they believe workers believe the company cares about their well-being, only 56% of employees said they believe their company’s executives support them.
“This is a remarkable gap that the C-suite must work to address,” added the authors of the Deloitte study.
Those who left their jobs reached record highs in recent months as workers took advantage of the tight labor market to look for better opportunities. The eviction of workers became known in colloquial speech as the “Great Resignation.”
About 4.4 million Americans quit their jobs in April, according to federal data. Meanwhile, employers had about 11.4 million jobs this month.
However, experts warn that conditions that allow workers to leave their jobs may soon evaporate as the Federal Reserve raises interest rates to fight inflation. Employers tend to cut jobs and budgets during tighter economic policies.
Real estate billionaire Stephen Ross has suggested that the onset of the recession could force workers who oppose plans to “return to work” to change their tune due to the possibility of layoffs.
Earlier this week, former Treasury Secretary Larry Summers warned that the national unemployment rate, currently 3.6%, is likely to rise significantly as the Fed takes steps to lower prices.
Conducted by Deloitte and Workplace Intelligence, the survey measured responses from a total of 2,100 respondents in the United States, the United Kingdom, Canada and Australia. The research pool consisted of 1,050 C-suite managers and 1,050 employees.
The survey was conducted by email from 8 to 21 February.
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