CEOs are leaving their positions younger than ever and in record numbers.
Life as a CEO can be marked by relentless pressure and demands, often amplified by economic downturns and global uncertainties. In 2023, the toll of these various challenges was evident, as a record number of CEOs resigned from their positions.
According to a report conducted by Challenger, Gray, and Christmas, 1,914 CEOs left their roles in 2023, marking a 55% increase from the previous year. Research further highlights the growing magnitude of this issue: one-third of executives constantly battle stress, fatigue, feelings of overwhelm, loneliness, and depression, as reported in a Deloitte study. Furthermore, a National Bureau of Economic Research (NBER) paper reveals that economic downturns shorten a CEO's lifespan by an average of 1.5 years.
While the responsibilities, expectations, and demands on CEOs may be unchangeable, leaders can take proactive steps to safeguard their well-being. Here are three fundamental habits to consider:
Establish a Health and Wellness Scorecard
Just as a CEO meticulously monitors various key performance indicators (KPIs) inside their organization, the same approach benefits their health and wellness. You can't perform to your top capabilities when you aren't attending to your well-being. For example, research published in the journal Sleep highlighted the importance of quality sleep. Individuals who slept for only six hours over two weeks experienced the same cognitive performance as those who stayed up for 24 consecutive hours.
Therefore, to help mitigate your stress and handle your demanding role, aim for the recommended 7-9 hours of sleep per night. Besides sleep quality, other helpful metrics on your scorecard could be exercise frequency, dietary adherence, and regular medical check-ups.
Embrace Work-life Integration and Boundaries
Richard Branson says, "I don't think of work as work and play as play. It's all living." This philosophy is ideal for CEOs as achieving a textbook-perfect, 50/50 split between work and personal life is nearly impossible. Instead, think of yourself as seeking integration and boundaries instead of balance. As the list of essential business activities expands, it becomes even more important to schedule and establish boundaries to protect the personal side of your life.
There is no need to overcomplicate this; you can start with a simple question: "What's important to me outside of work?" These activities could be family time, regular exercise, or recharging through your favorite hobby. When you consciously allocate time for yourself, you improve your health and capacity to lead and perform more effectively. Lastly, escaping your business bubble can lead to new ideas and fresh perspectives.
Create a Support System
According to a 2018 study published in the Journal of Leadership & Organizational Studies, senior managers and above tend to feel lonelier in and outside work. Feelings of loneliness and isolation are pervasive among CEOs, often stemming from personal sacrifices, a reluctance to express vulnerability, and various power dynamics, amongst other things.
According to a report in the Harvard Business Review, half of CEOs reported feelings of loneliness, with 61% believing it to hinder their performance. With the CEO exodus of 2023 and newly minted CEOs arriving on the scene, many of whom are first-timers, this is something to keep in mind, as nearly 70% of first-time CEOs who experience loneliness report it negatively affecting their performance.
Building a support network to support both personal and professional aspects of your life can mitigate feelings of isolation while building resilience. You could seek peer groups of fellow CEOs for camaraderie. Additionally, consider investing in mental health resources such as executive counseling or psychotherapy to process your thoughts and emotions effectively.
CEOs face formidable challenges, whether leading a company during a pandemic, navigating various geopolitical tensions, inflation, logistical hang-ups, or the lingering possibility of a recession. However, they're not insurmountable. By nurturing their health, CEOs can fortify themselves against the various rigors of their role, ultimately benefitting themselves and their organizations.
