The 1 Killer In Corporate America Bad Leadership
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The #1 Killer in Corporate America: Bad Leadership
The current job market is buzzing with opportunities for countless dissatisfied employees seeking change. Companies failing to engage their workforce, including senior executives, risk creating a "fast-moving conduit of quality candidates that feeds their competitors," warns staffing expert Eva Jenkins.
Jenkins observes a shift where an abundance of high-quality job opportunities meets a shrinking pool of candidates. "It's a true Sellers' Market," she states, highlighting the critical need for businesses to retain staff, not just recruit them.
A leader in human capital management and a driving force at VIP Staffing and VIP Innovations in Washington, D.C., Jenkins co-authored Conversations on Success, featuring interviews with accomplished entrepreneurs. Her analysis reveals a direct link between poor leadership and business failure. "CEOs focusing solely on share value overlook the true asset?"human capital."
A company neglecting its most valuable resources is headed for "inevitable" failure. Jenkins warns that a mass executive exodus could leave companies "empty and eviscerated."
Changing Job Loyalty
The days of long-term loyalty and a gold watch after 25 years of service are over. On average, Americans will have three to five careers and 10 to 12 jobs in their lifetime. Jenkins cites "eroding corporate loyalty" as a major issue in today's tight job market.
Corporate scandals and vanishing pension funds have shattered the trust employees once had in their employers. Stories of executives with exorbitant compensation packages, sometimes 500% more than average employees, further erode confidence. "Employees feel that 'No one is looking out for me,’ and they're right," Jenkins remarks. This drives them to seek better opportunities elsewhere.
CEOs aren't solely to blame. They also feel vulnerable. "Executive Pay Compensation is a double-edged sword," Jenkins explains. While Boards readily approve enormous pay packages out of greed, they are equally quick to oust a CEO if financial expectations aren't met.
"This forces even well-meaning CEOs to prioritize profit over people," Jenkins observes. "They become protective and short-sighted, focusing on immediate gains over long-term company success."
The High Cost of Unhappiness
Staff turnover at lower and mid-levels has always been costly, but not devastating. However, losing senior management can threaten a company's success. "Constant hiring and training take a steep toll," says Jenkins.
High-level departures can deeply shake a company. "When seasoned executives leave, the foundational impact is severe. Smooth functioning becomes an overwhelming challenge," Jenkins notes.
Jenkins urges companies to address factors prompting key leaders to leave and adapt their business models accordingly.
A Culture of Fear
Studies identify common reasons for executive dissatisfaction: lack of challenges, limited growth opportunities, and bleak company prospects. Jenkins believes these insights are crucial for retaining staff, particularly regarding company growth and health.
Fear dominates 21st-century corporate culture, says Jenkins. Senior employees fear being scapegoated for missing targets, leading them to hide problems rather than solve them.
"This results in a damaging communication breakdown," Jenkins explains. "Executives avoid highlighting issues due to fear of blame, so problems remain unaddressed."
Communication Overcomes Fear
Jenkins champions clear communication as essential for eliminating workplace fear. She encourages leaders to model open dialogue and collaborative problem-solving.
The reality is that most CEOs rarely receive unfiltered truth. To correct this, Jenkins advises CEOs to ensure senior executives have access to a "truthful, realistic" view of the company for proactive decision-making.
"Executives need confidence to thrive. Promoting an interconnected corporate environment rewards teamwork and success, fostering growth instead of stagnation," Jenkins concludes.
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