C-suite at risk of exodus over work-life balance | Lilly CEO: Remote work is "the leadership challenge of our decade" | Here's what to ask the boss in that one-on-one
Just under three-quarters of C-suite respondents and 64% of managers to a recent survey by Deloitte say they are seriously considering leaving their jobs for something that better supports their mental well-being. The findings cast light on the disparity between management's perception of employee contentment and how employees really feel, and raise concerns over productivity and retention.
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Eli Lilly and Co. Chairman and CEO David Ricks spoke of the challenges involved in drawing workers back to the office over the last three years during a virtual event hosted by Fortune Media and BCG. Ricks talked of how they have tried various approaches to different worker groups and called this dilemma "the leadership challenge of our decade," because it has proved to be nearly impossible to plead the case of returning to office workstations to be most productive.
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Succession planning should allow time for leaders to train their successors and set them up for success, writes First Command Financial Services' Shawna Dover, who benefited from having three years to learn from her predecessor. It's crucial for employers to encourage leaders to be open about their future plans so that those in line for succession can learn as much as possible from them to hit the ground running when they eventually take over, Dover advises.
Fifty-seven percent of respondents to a Bankrate survey indicated that they were not comfortable with the size of their emergency savings. The survey found that only 48% of respondents had sufficient emergency savings to cover three months of expenses, and about one-fifth had no emergency savings.
Leaders who experience "time poverty" can create "time affluence" by setting aside time for breaks as well as taking time to build relationships with your team and other stakeholders, writes Joel Constable, who leads leadership development at Intuit. "Not only will you be doing the kind of relationship-focused work that is often a hallmark of great leadership, but you may actually feel less rushed in the process," Constable writes.
The majority of adults -- 57% -- say they do not have savings to cover a $1,000 emergency, according to our Benefits & Compensation story today. A 2022 study found that 37% of adults could not cover an emergency $400 expense.
These are not good numbers. Workers, in particular those with families, who lack sufficient savings could quickly find themselves in a precarious situation.
How can employers help remedy this? To be sure, I don’t believe it’s the responsibility of the employer to do so, but financial wellness programs can be a helpful benefit. Maybe workshops that help employees revamp their budgets to boost their savings. Or, incentive programs that reward employees for allocating dollars for emergency funds.
Are you offering anything like this? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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