Business leaders struggling to navigate rapid change, report claims

Amidst volatile markets and the rapid technological transformation taking place with AI, business leaders are at an inflection point as they attempt to navigate both new and existing challenges – and it’s taking a toll on executive tenure. According to a new survey conducted by LHH, a talent advisory and solutions company, executives across various industries and countries are grappling with formidable challenges, with technological advancements taking centre stage in their concerns. The survey, titled View from the C-Suite: Bridging the executive gap, reveals some of the key insights and recommendations for senior executives as they begin 2024.

According to the report, technology-related challenges are the top concern for executives, both internally and externally. Digital transformation, technological disruption, and emerging technologies are among the most pressing issues that executives need to address proactively and strategically.

Executive burnout is a silent epidemic, with more than half of the executives expressing concern about the wellbeing of their leadership teams. Regional differences also highlight the diverse impacts of this issue, with the US reporting the highest proportion of executives suffering from burnout.

Business leaders unanimously acknowledge the existence of capability gaps within their leadership teams, especially in the areas of decision-making, innovation, and digital skills. These gaps raise concerns about the adequacy and effectiveness of executive performance and impact.

Executives resoundingly express a desire for a more comprehensive suite of career support options, such as mentoring, coaching, career strategy, succession planning, and onboarding. These support mechanisms can help executives enhance their decision-making abilities, navigate career transitions, and develop critical skill sets.

Executive transitions are prevalent and costly, with many executives taking on new or enhanced roles in 2023. However, strategic investments in career and succession planning can mitigate C-suite turnover and provide a pathway to long-term organizational stability.

The report concludes that senior executives need to adopt a holistic and forward-thinking approach to leadership, addressing technological challenges, combating burnout, fortifying decision-making capabilities, and investing in comprehensive career support mechanisms and succession planning. By doing so, executives can position themselves and their organizations for sustained success amid the evolving demands of the current business environment.