Recently, we have seen a number of CEOS, stepping out of the corporate workplace. Today Stephen Bracks, former Victorian Premier, quoted how different it is as a CEO today, no rest in social media today, it is 24/7!
According to Business Council Australia 175 CEOs left their posts in 2022, a 30% increase compared with 2021 and a 13% increase on the highest previous year in 2018.
10 reasons why CEO’S are leaving in Australia?
1. The business landscape post Covid has dramatically changed the workplace. Many CEOs that we are speaking to are saying that the current work environment feels like “a start-up” to them, even big organisations are stating this, as everything is so different. In 25 years of hiring leaders in business, Mondo Search have never seen such an ambiguous corporate environment.
2. “Teflon is tiring! “ CEOs are wondering, how to show “their real self” or ”their real fears”. Leaders feel they have to be the calm in the storm. It is an isolating job. They recognise that if a challenge takes place, the board will always state that the CEO is accountable, and often CEOs do not feel supported by risk adverse boards who are driven by compliance, governance and regulatory requirements. It is encouraging to see great leaders like Christine Holgate express how important it is to be transparent and vulnerable.
3. AI is rapidly altering workplace planning. Today’s CEO has to be a futurist. Many new roles are needed and many current roles need to be abolished. A CEO has to be abreast of workplace best practice and talent mapping strategies, in collaboration with their people and culture teams.
4. Post Covid, many CEOS are questioning their purpose? People have had time to reflect and decide what they really want in life. Many CEOs have realised that the cost of leadership & navigating a corporate world is isolating, lonely and not rewarding.
5. The pervasiveness of social media means that often CEOs have nowhere to hide as they are constantly in review, 24/7. No where to seek space and free from comment.
6. Armchair Warriors and investor activists often like to take the CEO to task for decisions made that they have no real indepth understanding about.
7. The “tall poppy syndrome” in Australia also means that many CEOs find it hard to share their wins without seeing a tacky backlash.
8. Paperwork Pandemic.Compliance and regulatory reviews across all facets of business and the paperwork required is cumbersome and often creates so much distraction to the real core of leading and inspiring as a CEO.
9. Staff Demands. The aging population and the increase of family wealth with dual household income growing combined with the experience of the pandemic pause, has meant that the younger generation are often not as interested in full-time work. They saw the better side of their parents, when they were not full time driving to their workplaces. Staff are demanding working from home time (WFH) This has added pressure to the dynamics of leading in an ever-changing workplace.
10. The rise of ensuring workplace psychological safety. Google recent survey has stated that the number one requirement at workis psychological safety. This has ultimately placed the CEO as a workplace warrior and responsible for impact beyond the workplace walls.
For more information about workplace safety, recruiting the right leaders or stepping forward in your career please contact simone@mondosearch.com.au or call 1300 737 917.
Listen to our radio segment with our CEO Simone Allan on the 3AW Breakfast with Ross Stevenson and Russel Howcroft.
