More CEOs join 'Great Resignation' amid COVID-19 burnout
Added 01-24-22 12:03:02pm EST - “The "Great Resignation" isn't just for rank-and-file workers. Corporate CEOs are quitting their jobs in significant numbers amid the coronavirus pandemic, employment watchers say.” - Washingtontimes.com
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The “Great Resignation” isn’t just for rank-and-file workers. Corporate CEOs are quitting their jobs in significant numbers amid the coronavirus pandemic, employment watchers say.
The executive outplacement firm Challenger, Gray & Christmas reports that the number of chief executive officers who left their jobs in the fourth quarter of 2021 was 16% higher than 2020’s figure. A total of 106 CEOs left their jobs in December and 142 in October in 2021, the second-highest year on record.
Maurice Cayer, who teaches industrial and organizational psychology at the University of New Haven, said the trend is dominated by older executives who are doing well financially and want to trade in their COVID-19 stress for lower-pressure roles or retirement.
“They are making a lot of bucks, and many are baby boomers choosing to cash in,” Mr. Cayer said. “Some retire and get off the racetrack, but many start up their own businesses or join venture capital firms, where there’s less pressure and great opportunities to continue growing their wealth and status.”
What’s more, boards of directors are “nervous” about the pandemic economy and human resources departments are “scrambling to offer attractive stay-pay packages to keep leaders and stop the hemorrhage,” the management professor said.
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