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Is the Great Resignation over? Why bosses are leaving at record rates

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Summary

The number of CEOs resigning from their positions in 2021 has hit a record high of 1,400, according to a report by Challenger, Gray and Christmas Inc. This is due to a combination of factors including the pandemic, crisis mode, low pay and lack of career advancement, and the need for businesses to prepare for economic changes. Other reasons for CEO resignations include burnout and the challenges of navigating an unprecedented workforce landscape. The median tenure among S&P 500 companies has also seen a 20% decline over the past 10 years, indicating that this period of high CEO turnover may continue for some time.

Q&As

What is the "Great Resignation" and why has it been occurring?
The "Great Resignation" is a wave of resignations that started in 2021 in the wake of the pandemic, when employees began to rethink their priorities and considered work-life balance. Some employees chose to leave their jobs largely due to low pay and the lack of career advancements.

What are the reasons behind the increase in CEO resignations?
The reasons behind the increase in CEO resignations include new opportunities, burnout, and the challenges of navigating an unprecedented workforce landscape.

What are the main challenges facing CEOs today?
The main challenges facing CEOs today are persistent inflation, tangled supply chains, hiring difficulties, and meeting the objectives of their board of directors.

What is the median tenure of S&P 500 CEOs?
The median tenure of S&P 500 CEOs is 4.8 years.

How can businesses ensure the mental well-being of CEOs?
Businesses can ensure the mental well-being of CEOs by providing support and resources, creating a culture of open communication, and recognizing the unique mental health challenges that come with occupying the top position in an organization.

AI Comments

👍 This article provides an interesting insight into the current trends of CEOs resigning at a record pace and the reasons behind it.

👎 The article fails to address potential solutions to the issues causing CEOs to resign at such a high rate.

AI Discussion

Me: It's about the Great Resignation of CEOs. It looks like the number of CEO resignations this year hit a record high, according to a report by Challenger, Gray and Christmas Inc. Over 1,400 CEOs have stepped down from their positions between January to September, marking an almost 50% rise from the same period last year.

Friend: Wow, that's a lot! So why are CEOs resigning at record rates?

Me: Well, it seems that some are taking the chance on new opportunities while others are leaving because of burnout and the challenges of navigating an unprecedented workforce landscape. There are also economic, political and social challenges that company leaders are facing which could be contributing to the high rate of resignations.

Action items

Research the current job market and the challenges that CEOs are facing.
Reach out to a mentor or career coach to discuss the implications of the article and how it may affect your career.
Develop a plan to stay informed about the latest trends in CEO turnover and the labor market.

Technical terms

Great Resignation: A term used to describe the mass exodus of workers in the wake of the Covid-19 pandemic, when employees began to rethink their priorities and considered work-life balance.
Challenger, Gray and Christmas Inc.: A career consultancy firm that compiles data on CEO resignations.
Gartner: A consultancy firm that provides advice on human resources.
Covid pandemic: The global pandemic caused by the novel coronavirus.
Russian invasion of Ukraine: A military conflict between Russia and Ukraine that began in 2014.
Work-life balance: The balance between an individual's work and personal life.
Wage growths: The rate at which wages increase over time.
Labor market: The market for labor, which includes the supply and demand of workers.
Persistent inflation: A sustained increase in the general level of prices of goods and services.
Tangled supply chains: A complex system of suppliers, manufacturers, and distributors that are interconnected and interdependent.
Hiring difficulties: Challenges associated with finding and recruiting qualified employees.
Board of directors: A group of individuals elected by a company's shareholders to represent their interests and oversee the management of the company.
Burnout: A state of physical, emotional, and mental exhaustion caused by excessive and prolonged stress.