It’s not exactly the easiest time in history to have an office in the C-suite.
Executives today are dealing with an unprecedented mix of world events, swinging labor markets, inflation, global health events, social fracturing, and more. It’s chaotic out there. But those who continue building their leadership muscle amidst all the distractions and crises will be the ones who thrive.
Amid the turmoil in today’s world, most executives share similar worries and stress points. There are commonalities across industries, company sizes, and geographic regions.
To better get a finger on their pulse, I recently interviewed nearly two dozen executives across the country and asked them about their top challenges. From recruitment and communication to imposter syndrome and stress, here are the biggest concerns hounding the C-suite today—and how to put your best foot forward to solve them.
Assemble—and keep—the best team
Far and away, the biggest current stressor for executives is people: especially recruiting and retaining the right ones. Finding top talent has only gotten more difficult over the last two years. And clearly, as we find ourselves neck-deep in the “Great Resignation,” retaining that talent has become exponentially harder.
But beyond obvious items like competitive wages, equity, and benefits, what the best employees want is actually pretty simple. They want to work where their core values align with the company’s. They want to work in an organization whose higher purpose resonates deeply with them.
So how do executives attract team members with similar values? Well, they have to be crystal clear on their own first.
When I work with executive coaching clients, this is the first vital step we take. With such fierce competition for top talent these days, it’s more important than ever for leaders to nail down the foundational elements of their organization—so they can attract the team members best suited to help them build on that foundation.
On the employee side, at least for now, it’s a seller’s market. Job openings have reached record highs. Why shouldn’t top talent hold out for roles that align with their morals and aspirations?
“During COVID, people have been looking at their lifestyle, and if they don’t see that their company and boss align with their values, they can easily find better options, including increased compensation elsewhere,” said Todd Podell, CPO of Discover. “Talent is the kind of priority people don’t focus on until it’s too late when someone is resigning. We have to build a culture where people want to stay with us.”
So as an executive, you have to ask yourself: What are the core values that drive your business? What are your guiding principles? (In other words, how do you want your team to live those values?)
Communicate your answers explicitly to your team (and in your job postings). Prioritize actions and initiatives that align with the principles you’ve chosen. Reward employees who model your values.
Whether it’s current team members or potential recruits, when employees see the values they hold dear played out in real life—they’re going to want to work for (and stay at) that organization.
Have a great team? Now figure out how to talk to them
So you have the right people in the right positions. But that’s not the end of the road. In my recent interviews, executives consistently pointed to team communication as a prevailing challenge—especially in a virtual work environment.
This problem is multi-faceted. There’s the struggle of communicating strategic initiatives or goals with employees in a way that gets everyone aligned and taking action. There’s the problem of merging myriad personality types (and increasingly, multiple generations, with Gen Z officially entering the workplace). Then, of course, executives want to communicate in a way that inspires their people—not just goads them into completing tasks.
It’s no wonder executives are stressed out!
“(The biggest non-technical challenge I face today) is dealing with the many personalities and trying to achieve a goal with so many different strengths and weaknesses,” said Chris Christensen, CEO of iCap Equity. “Trying to understand what motivates people and inspiring them without catering to them. People issues are really hard because you have to deal with all the unquantifiable aspects of people — their idiosyncrasies and motivations.”
With so many different personality types and needs in the workplace, it takes experimentation and flexibility to find communication methods that align with your team’s preferred modes.
I use a self-observation tool with my executive clients called “performance journaling” to help them determine which leadership approaches are working for them and which aren’t—with a focus on studying the moments when things go off the rails. This is especially helpful for execs trying to uplevel their communication effectiveness.
Practice different communication methods, and note the results. For example, did your team meet their sales goals faster when you used positive reinforcement/encouragement instead of threatening them? Do your managers respond better when you practice active listening with them? Is your communication style fostering innovation and creativity or shutting it down?
How you communicate with your organization is fundamental to virtually everything else you do. Approaching it with a fixed, static mindset won’t help. Experiment, listen to your team and iterate on what works.
Your employees will thank you.
Imposter syndrome: don't fall for it
Not every common challenge for executives is external, though. Many I interviewed pointed within—specifically wondering if they were “enough” for their role.
Imposter syndrome can be ugly—yet it’s incredibly prevalent, even among senior, successful executives. Some routinely worry whether they’re talented or experienced enough to be at the helm. Some fear they’ve got some intrinsic personality flaw they haven’t even noticed yet. Still others put on a “mask” when they head into the office, because they have a certain idea of who they “should” be, and they don’t believe others will respect their true, unapologetic self.
All of these fears and doubts come down to the same basic principle: Executives worry about how they show up in the workplace and whether they’re truly bringing their full potential to their challenges. To counteract this, it’s important to build a self-development plan: one that builds on strengths and shores up weaknesses. A good place to start is by taking an inventory of perceived strengths and identifying blind spots. The former is pretty easy, but the latter is tricky – after all, they don’t know what they don’t know.
Executives live and work in a sort of self-perception bubble. Inside, they may worry about unidentified blind spots. For example:
● Do I rub my colleagues the wrong way?
● Do I have entrenched ideas about _______ that keep the organization from thriving as much as it could?”
● Do I paint a compelling vision and bring others along effectively?
The best executives, though, don’t just sit at their desks and fret about what they can’t see. They enlist the help of a skilled third party who can come in with a bird’s-eye-view of what’s going on. They work with that third party (usually a coach) to recognize their personal derailers—then come up with a plan to fix them.
Awareness is the catalyst for lasting change. It’s one of the long-term skills I help my coaching clients develop. Because once you can articulate your areas for development, you can design a targeted plan to address them—and kick imposter syndrome, and other derailers, to the curb for good.
It’s lonely at the top
Let’s face it. Top-level executives are in a unique position, with unique problems, at least compared to the rest of the workforce. Even with the perfect team around them, leading an organization can still be lonely.
When I interviewed my group of 19 executives, many admitted they didn’t have anyone they could bare their souls to. They feel like they alone carry the emotional burden when things go badly (the “weight of the world” mentality). They struggle to find others they can call on for counsel or support. Sometimes they can’t share information with others because of legal or other reasons.
“It’s lonely as a CEO,” said Heather Bulk, CEO of Special Aerospace Services. “I’m here to make sure we have a solid and strong company. … It’s hard to show up with confidence, courage, and emotional mettle day in and day out.”
Add to all this the dizzying pace of change in today’s business world and the relentless pressure to deliver, and today’s top executives find themselves in a truly intense and lonely place. The C-suite is exclusive, and for good reason—but that exclusivity makes it difficult for execs to confer with thought partners who understand their reality.
That’s why it’s so important for executives to seek out coaching or peer groups who are in their league. A coach, especially one who has been in an executive position themselves, can:
● Understand what you’re going through
● Give experienced counsel
● Teach you proven skills, tools, and mindsets
● Challenge your thinking
● Talk to you honestly about your blind spots
● Hold you accountable
Today’s business world may be unlike anything we’ve ever seen before. But that doesn’t mean executives have to go it alone.
Instead, they can work with skilled advisors – an executive coach or peer groups – to acquire and master tried and true principles and skills.
Today’s C-suite executives face plenty of common challenges. But true leaders will treat this time as a period of epic experimentation—and use what they learn to put both themselves and their organizations on the path to unprecedented success.
