New research from LinkedIn, the world’s largest professional network, reveals how C-level executives have navigated their organizations through the global pandemic, with more than two-thirds (69 percent) finding it the most challenging experience of their career. Many have had to make difficult decisions regarding the future of their business and workforce, with nearly a third (32 percent) having to make employees redundant, 42 percent asking workers to take a pay cut, and in the case of the UK, 62 percent of leaders putting staff on furlough.
LinkedIn surveyed over 700 C-level executives across countries, including the UK, Germany, ... [+]
The findings demonstrate the significant challenges business leaders have faced due to the pandemic. Yet, it has also given many a unique opportunity to reflect on their leadership style, suggests Pinky Lilani, Founder of Women of the Future. Commenting “against a backdrop of uncertainty and rapid change, we’ve recognized the impact compassionate leadership has when it comes to building trust, confidence, and loyalty.”
One of the biggest challenges the majority (72 percent) of leaders across Europe have struggled with is not having all the answers, with over half (52 percent) at times doubting their ability to lead. A third say they have had to rely on gut instinct to make decisions, and almost three-quarters (74 percent) have had to put on a cheerful face even though they do not feel optimistic about business performance. Over half (58 percent) have also found leading virtually challenging. LinkedIn’s latest Workforce Confidence Index also highlights the impact that COVID-19 is having on the stress levels of employees, and leaders are feeling it too. Over half (56 percent) of leaders say the global pandemic has harmed their mental health, with 37 percent finding it more difficult to switch off from work and 41 percent experiencing higher stress levels. A quarter says they have experienced imposter syndrome during this period.
Consequently, there’s been a sharp uptick in demand for coaches from senior leaders seeking a safe space to clarify their thinking and enable them to make decisions at pace during this challenging time. Catherine Devitt, CEO at executive coaching and coach development firm, Meyler Campbell, concluding, “Leaders have had to be at the very top of their professional game since the onset of the pandemic. They’ve been expected to be firm and decisive, while also being at their most empathetic – all while dealing with some of the most significant challenges they have ever experienced on both the business and home front.” Yet under the weight of increased scrutiny and heightened expectation, “professional coaching has helped them to lead and communicate, and support and encourage their people through a very challenging period.”
Leaders have had to be at the very top of their professional game since the onset of the pandemic. ... [+]
While many leaders looked back to lessons learned during the 2008 financial crisis to navigate a way forward, nothing could have prepared them for such systemic change in only a few months, with many relying on gut instinct and softer skills more than they have done previously, according to Jon Addison, Vice President of EMEA at LinkedIn. He believes there’s now an opportunity for leaders to consider the type of businesses they want to rebuild, commenting that “enabling greater flexibility and creating more diverse and inclusive workplaces where their employees feel supported and that they truly belong will be essential to building back stronger and more resilient businesses.”
The research most certainly supports this assertion, with around three-quarters (74 percent) of leaders agreeing that COVID-19 has allowed them to reflect on their leadership style, and 67 percent believe it will have a lasting impact. With uncertainty around COVID-19, causing fear and worry amongst employees, 44 percent noted having to demonstrate more essential soft skills, such as empathy, compassion, and emotional intelligence. To enhance their leadership, executives turned to online learning (29 percent), management consultants (25 percent), and executive coaches (23 percent) for help.
Leaders who can effectively adapt to the continually evolving challenges are the ones who are most ... [+]
There is no doubt this pandemic has further reinforced the importance of visible leaders who can offer their employees clear direction and reassurance during uncertain times. However, according to Steve Ingham, Chief Executive Officer at PageGroup, “as we’ve seen from this research, we are offering real-time key lessons in real time, which can make it challenging.” He believes the leaders who can effectively adapt to the continually evolving challenges are the ones who are most likely to thrive. Leaders should also focus on remaining calm and keeping communications simple, concentrating on a handful of key messages. “Employees are likely to be receiving information from multiple sources, so this is important to avoid confusion.”
The study concludes that COVID-19 has allowed the majority (69 percent) of leaders to build closer ... [+]
Interestingly, the study concludes that COVID-19 has allowed the majority (69 percent) of leaders to build closer relationships with their employees, with almost half (45 percent) communicating with their workforce more regularly than before the pandemic to instil a sense of community. Around three-quarters (74 percent) say that employees now expect greater transparency from leadership as a result. 72 percent of leaders noted that employees have become kinder and more considerate towards each other during the crisis. Dr Daniel Beunza, Associate Professor of Management at The Business School (formerly Cass), believes this is a wonderful outcome and positive for anyone who believes in good management. “Undoubtedly, the quality of the employee-supervisor relationship is the central pillar of any organization. By forcing companies to communicate more and trust their people, this crisis might paradoxically have improved organizations.” He now expects the leading companies in each industry to find ways to leverage this temporary increase in engagement into new forms of work that are more flexible and innovative than before.
Over the next six months, leaders are focused on helping their employees return to physical ... [+]
Indeed, over the next six months, leaders are focused on helping their employees return to physical workplaces safely, but in the meantime, recognize the need to keep those who are still working remotely motivated. Furthermore, 60 percent of leaders are considering restructuring their organizations to reduce costs. Longer-term, nearly two-thirds (64 percent) say that creating a fairer and more equitable workplace is essential, 32 percent want to improve the diversity of their workforce, and 39 percent are considering introducing flexible hours to support working parents and those with dependents better.
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