CEOs are Joining the Great Resignation Amid Rising Burnout

 The Great Resignation has plagued the Australian workforce and now many of our CEOs are joining the controversial movement, leaving their roles, and joining the Great Resignation to find a better work-life balance. 

Executives, CEOs, and upper management are departing from high-paying positions after a Deloitte survey found 70 per cent of executives are contemplating leaving their roles for workplaces that prioritise their wellbeing. 

Q5 management consulting firm Managing Director Lyndal Hughes, has worked alongside some of Australia’s leading executives and found several CEOs are planning to resign in the next twelve months due to burnout, lack of attention and succession planning. Without immediate action, this worrying new workplace trend could “create Australia’s next corporate crisis”. “They’re looking for quality of life … they’re exhausted, and they’re fed up”. 

Ms Hughes spoke with three CEOs based in Melbourne from the private sector, technology and publishing who said the demands of working 15-hour days had taken its toll. “I don’t think there’s been proper recognition of what leadership has taken out of people. A lot of leaders have worked like they’ve never had to in the last two years”. 

• Ms Hughes said one in five executives are opting for their “Plan B” of less demanding and more fulfilling work as ongoing company pressures reach a “tension point.” 

• “We’ve got the current scenario of expanded days, expanded demands, but we’ve got the old expectations of a CEO needing to be on all the time,” she said. 

• From her conversations with CEOs, Ms Hughes also found executives only “beginning to touch retirement age” are considering resigning. 

• “Many of these [top executives] are CEOs who have only been in that position for three or so years, it’s not like they’ve been in the position for a long time,” she said. 

• “When you’ve got really key people leaving it throws plans aside because you’ve got to re-establish teams, re-establish plans so the business loses momentum.” 

• Elouise (name has been changed for privacy reasons), an ex-Director at the Department of Education left her role in July after seven months in the position despite working with the corporation for over 10 years. While her departure was “heartfelt”, the decision to leave boiled down to the “leadership and the culture that was emerging” after a Covid reshuffle. 

• “With leadership changing and people coming into the organisation, there were behaviours that were tolerated, and I don’t think should have been,” she said. 

• “And that concerns me, because I think once an organisation thinks that behaviour is acceptable … or they’re not dealt with, it starts to create a culture that doesn’t bring out the best in people.” 

• Elouise figured out “pretty quickly” in February that it was time to move on and transition into a position at a not-for-profit start-up in Sydney. 

• “The new role gives me more autonomy and that opportunity for innovation and to be creative,” she said. 

• “The organisation I’ve gone to is a very strong values-based organisation that has a really clear purpose and that really attracts me to a workplace.” 

• Elouise said she isn’t surprised other executives are considering leaving their roles after a tumultuous two years navigating the pandemic. 

• “The workload has been exponential, and they haven’t been given any time to sort of rejuvenate,” she said. 

CEO of Taurus Marketing Sharon Williams said while leadership has been “hellbent” on looking after their teams during the pandemic there isn’t a support structure around the CEOs and leaders. 

• “It’s the leaders that have had to come forward and be strong, and employees have been given the soft end of the stick,” she said. 

• “They’ve [leaders] had to take care of people, run businesses, deal with the pandemic and have pressure put on them and stress that they’ve never had before.” 

• Ms Williams said the last few years have left leaders “tired” and they “don’t have a lot of faith in the workforce and the system.” 

• “On the whole, leaders are getting pay cuts, to try and keep their business going and I think there is a lack of energy and a lack of enthusiasm among the top five per cent in Australia right now, even the top 10 per cent.” 

• “And that is going to result in resignations and dropouts, where they’re retaining their silence.” 

• Ms Hughes said stemming CEO resignations and addressing burnout starts with a conversation. 

• “I think that it’s linking it to culture, and the waves of workings and going back to what is the purpose of this organisation? Why are we all here? And how do we set ourselves up for success?” 

• Ms Williams said if no action is taken, we’re “going to lose” some of Australia’s top industry leaders. 

• “We’re going to have them replaced by gorgeous young things but who haven’t got the experience and wisdom that these people have,” she said.