Executive Exodus? C-Suite Employees Plan to Quit in 2024

2 mins read
C-suite tired

According to a recent survey conducted by LHH, a global talent development and career solutions company, more than a third (36%) of the UK’s C-Suite leaders are contemplating a change of role within the next year. This statistic, reflective of the pressures faced by C-suite executives, highlights the significant challenges impacting executive wellbeing and career decisions in 2024.

The survey revealed that external factors such as economic uncertainty, market volatility, and environmental challenges are contributing to sustained pressure on senior executives. Additionally, the rapid integration of disruptive technologies, including artificial intelligence (AI), presents a significant challenge for over a quarter (28%) of business leaders.

Internally, managing stakeholder expectations, navigating digital transformation, and retaining top talent were identified as the top challenges faced by UK executives. Moreover, concerns about organisational culture and fostering diversity, equity, and inclusion further compound the internal pressures experienced by senior leaders.

The impact of these challenges is palpable, with 54% of business leaders reporting feelings of overwork and burnout. Consequently, 36% are contemplating a change of role, direction, or retirement in the coming year.

The survey also shed light on a potential skills deficit within senior leadership teams, with a notable proportion of executives expressing concerns about the lack of key skills such as adaptability, strategic thinking, and effective communication. Despite these challenges, only a fraction of organisations provides adequate leadership skills development or support mechanisms for their senior executives.

Frances Cook, Managing Director of LHH UK and Ireland, emphasised the importance of proactive measures to address these challenges. She highlighted the need for tailored support, including leadership skills development, executive coaching, mentoring, and career strategy guidance, to empower senior leaders and foster high-performing leadership teams capable of navigating today’s complex business landscape.

As businesses navigate the uncertainties of 2024, prioritising the well-being and development of senior leaders will be essential for driving sustainable growth and success in the years ahead.