More than two-thirds of executives in U.S. corporate top-earning C-suites say they are considering quitting their jobs due to burnout, according to the results of a Deloitte survey published Wednesday.
The survey found that 69% of C-suites executives said they “seriously considered quitting a job that better supports their well-being.” That was compared to 57% of regular employees who responded in the same way.
Similarly, 56% of C-suite executives said they had already resigned a role because it had a negative impact on their well-being, compared to 48% of employees.
“One reason for the difference may be that managers in relation to employees are often in a stronger financial position, allowing them to seek out new career opportunities at their own pace.” That’s what researchers from Deloitte say in a report on the results of the study.
Executive morale appears to have deteriorated since the start of the COVID-19 pandemic – with 76% of C-suite employees reporting a negative impact on their overall well-being.
However, recognition among managers regarding their own feelings of burnout has not yet resulted in an increased relationship with employees experiencing the same problem, the study showed.
While 91% of managers said they felt employees felt the company cared about their well-being, only 56% of employees indicated that they believed managers in their companies supported them.
“It’s a notable gap that the C-suite needs to work to address,” the authors added to Deloitte’s study.
Those who quit their jobs rose to record highs in recent months as workers took advantage of a tight labor market to seek better opportunities. The emigration of workers has become known in everyday speech as “The Great Resignation”.
About 4.4 million Americans quit their jobs in April, according to federal data. Meanwhile, employers had about 11.4 million job openings that month.
However, experts warn that the conditions that enabled workers to leave their jobs may soon disappear as the Federal Reserve raises interest rates to fight inflation. Employers tend to cut jobs and cut budgets in a period of tighter economic policy.
Billionaire real estate mogul Stephen Ross suggested that the onset of a recession could cause workers opposed to “back to office” plans to change their tune due to the possibility of layoffs.
Earlier this week, former Finance Minister Larry Summers warned that national unemployment, which currently stands at 3.6%, is likely to increase significantly as the Fed takes steps to lower prices.
Conducted by Deloitte and Workplace Intelligence, the survey measured responses from a total of 2,100 respondents across the United States, the United Kingdom, Canada and Australia. The survey pool consisted of 1,050 C-suite managers and 1,050 employees.
The survey was conducted via email from February 8 to February 21.