Executives are Joining the Great Resignation - Here’s What to Do About It

Executive talent is quitting in record-breaking numbers. Studies have shown that “CEO exits rose 29% in the first quarter (Q1) of 2022 compared with the same quarter last year.” This alarming resignation rate has left organizations stunned and suffering. 

Having an exemplary C-suite team is critical to companies for providing thought leadership, fostering strategic direction, opening new opportunities, and leading the team through goal-execution. When these executives depart from their role, especially when multiple leaders leave at once, the organization feels the void. 

The C-suite is of course there for a reason, and as soon as they’re gone, or even just missing one member, the dynamic shifts in a way that makes it hard for employees to stay on task and continue to meet the same standards.

Without a strong leadership team - even for a short period of time -  the productivity rate begins to suffer. Routines are disrupted and workloads are shifted and people simply become fed-up. The C-suite is of course there for a reason, and as soon as they’re gone, or even just missing one member, the dynamic shifts in a way that makes it hard for employees to stay on task and continue to meet the same standards. Quality of work quickly declines with productivity.

This is why time is of the essence in finding a replacement, and why preventative measures should be taken to avoid having executives quit in the first place. 

Not only is the actual work impacted, but the team begins to question their place too. If a captain jumps ship, the crew can potentially stay on course until a replacement is found, but the alarm bells begin to go off. People start to wonder if there’s a problem they’re not seeing, and they consider jumping too. This hit to morale poses an immense threat to any organization in question. This is why time is of the essence in finding a replacement, and why preventative measures should be taken to avoid having executives quit in the first place. 

In order to be better prepared for this sort of situation, companies should consistently look at their executive positions to determine if they are pivotal roles, if they require an upgrade in talent, need an expansion in skillsets, or demand opportunistic hiring.

In order to be better prepared for this sort of situation, companies should consistently look at their executive positions to determine if they are pivotal roles, if they require an upgrade in talent, need an expansion in skillsets, or demand opportunistic hiring. Exercising this sort of oversight helps provide a more informed look into what’s going on within your organization. Understanding the inner workings of your leadership team, and the ongoing dynamic shifts that occur, is the first step towards maintaining a winning stride. Keeping your finger on the pulse of how these roles are impacted by changes in your company is a must. For instance, if your business has experienced growth but your CFO has not been adequately trained or replaced, you’re going to have a problem. 

Proactive searches help ensure that the company builds a backlog of executive talent in case of emergency.

Another proactive approach that organizations can take is to conduct confidential searches. Finding a well-suited individual to fill a critical role is not easy, and it takes time. Doing some of that legwork in advance can be hugely beneficial. Proactive searches help ensure that the company builds a backlog of executive talent in case of emergency. If preventative measures are not enough to safeguard from trying times and your executives are resigning anyways, you’ll need to act fast to replace them. That said, quality of hire should never be sacrificed for speed. Conducting light searches before they’re a necessity can save time when every day counts.

With slews of top-level employees resigning in never-before-seen numbers, every organization should be thinking about their plan for how to deal with such an impactful crisis.