Regenesys Business World

Congratulations! (or should we commiserate?)

The top job is not always the best job. Neo Webb weighs the pros and cons, and offers survival tactics for those who cannot resist it.

The corner office has long been viewed as the seat of success – a symbol of achievement, authority, and prestige. Yet, behind the polished doors and panoramic views lie challenges few anticipate. Contrary to the glamour often associated with executive positions, research indicates that a significant proportion of new executives find themselves on a perilous path, with a staggering 50% to 70% percent failing within just 18 months of being hired or promoted, says Ron Carucci in Harvard Business Review.
     Exhaustion, stemming from the relentless demands of leadership, is a common affliction among new executives. The relentless pursuit of organisational goals, coupled with the pressure to perform, can take a toll on physical and mental well-being. The perpetual juggling act between strategic vision and operational execution leaves little room for respite.
     And perhaps most daunting is the pervasive sense of isolation that accompanies executive leadership: the higher one climbs up the corporate ladder, the lonelier the journey becomes, particularly for those who find themselves grappling with the weight of decision-making without peers they can talk to.

Understand the cost of the role

So when the corner office beckons, it is essential to understand the costs as much as the benefits of the role, which likely comes with an excellent salary, profit share and other generous perks befitting the level of expertise and accountability the new incumbent will be expected to exercise. The reputational boost and influence the position confers are no doubt alluring, as will be the opportunity to rub shoulders with other industry luminaries.
     But are these enough make you happy? Will these things balance the demands and risks that come with the job? Consider how will you maintain a healthy work-life balance, particularly if the job requires long hours, travel, and constant connection to the outside world. Former Yahoo CEO Marissa Mayer, for example, embodied an unmatchable work ethic, putting in up to 130 hours a week, and taking only a fortnight’s maternity leave when she gave birth to twins … neither of which seem to be conducive to a happy or caring family life.
     Great responsibility can lead to great stress. Lloyds Banking Group CEO António Horta-Osório, formerly at Credit Suisse, will attest to this:  at one point he took leave of absence due to stress-induced insomnia and exhaustion.

Scrutiny and isolation

These roles often put executives under public scrutiny. Uber co-founder and CEO Travis Kalanick, for example, faced intense public scrutiny and criticism for the company’s culture and his own behaviour, ultimately leading to his resignation.
     As executives climb the corporate ladder, they may also experience isolation, with fewer peers at their level, and feel disconnected from the rest of the organisation. Howard Schultz, former CEO of Starbucks, has spoken about the loneliness and isolation he felt in his role.
     The complex ethical dilemmas that can accompany the position don’t just contribute to insomnia, but can also put the organisation on the line should you make the “wrong” decision, even when it’s for the right reasons. Just ask Elon Musk what the fallout was for Tesla when he stepped down from two White House advisory councils over then-US president Donald Trump’s decision to abandon the Paris agreement on climate change. For Musk the decision to stand his ground, no matter how valuable his relationship with Trump could have been in terms of influence and government business, was not even a complex one; Trump’s action simply violated his core values.
     And despite high compensation, executive roles can be precarious, with the risk of being forced out for any number of reasons. Carly Fiorina, for one, was ousted as CEO of Hewlett-Packard in 2005 after a controversial tenure and disagreements with her board.
     Author and academic Arthur C Brooks says: “Leaders fail when they hate being the leader.” And this happens easily enough if they lack resilience, strong support systems, and trusted, ethical sounding boards.

How to keep loving the job

If you are still convinced you want that corner office, here’s what you to do to help yourself keep loving the job:

  • Build a support system: Reach out to mentors, peers, or executive coaches who can provide guidance, perspective, and support. A good support network can offer invaluable help in navigating the complexities of executive leadership.
  • Prioritise self-care: Establish boundaries, set aside time to rejuvenate, and engage in activities that promote physical and mental wellbeing – regular exercise, mindfulness practices, and hobbies can help alleviate stress.
  • Delegate and empower: You don’t have to do it all yourself. Delegate tasks and responsibilities to capable team members, empowering them to take ownership and contribute to organisational success. This lightens the workload and fosters trust in the team.
  • Set realistic expectations: Manage expectations by setting realistic goals and priorities. Communicate openly with stakeholders about challenges and limitations, and articulate a clear vision and strategy for achieving success. Transparency and clarity promote understanding and trust.
  • Foster a supportive culture: Prioritise employee wellbeing, open communication, and collaboration throughout the ranks to build resilience.
  • Recognise warning signs: If stress, anxiety, or burnout threaten to become overwhelming, get help before they begin to affect your performance and wellbeing.

 

Leadership positions can be utterly unrelenting. Still want that job? If you arm yourself with emotional intelligence, self-awareness, humility, foresight, and put a strong support system in place, you can make yourself one of the contingent who beat Carucci’s odds and succeed in that coveted corner office.  
     Enjoy the view!