Nearly two-thirds (63%) of UK C-level executives say that leading their organisations through COVID-19 has been the most challenging experience of their career, according to new research from LinkedIn, the world’s largest professional network. Many have had to make difficult decisions regarding the future of their business and workforce, with 62% furloughing workers, 34% making employees redundant, and 36% asking workers to take a pay cut.
LinkedIn surveyed 700+ C-level executives across Europe, including 250+ leaders in the UK, from companies with more than 1,000 employees and annual turnover of £250+ million, to understand their experience of being at the helms of their organisations during this turbulent time.
Leading during COVID-19
One of the biggest challenges the majority (75%) of UK leaders have struggled with is not having all the answers, with nearly two-fifths (39%) at times doubting their ability to lead. Nearly a third (32%) say they have had to rely on gut instinct to make decisions, and 67% have had to put on a positive face even though they do not feel optimistic about business performance. Nearly half (49%) have also found leading virtually challenging.
The weight of responsibility
LinkedIn’s latest Workforce Confidence Index highlights the impact that COVID-19 is having on the stress levels of employees, and leaders are feeling it too. Over half (52%) of leaders say the global pandemic has had a negative impact on their mental health, with 46% finding it more difficult to switch off from work, and 41% experiencing higher levels of stress. Over a quarter (27%) of leaders say they have experienced imposter syndrome during this period.
Soft skills have been essential
More than three-quarters (76%) of leaders say that COVID-19 has given them the opportunity to reflect on their leadership style, and 62% believe it will have a lasting impact. More than half (53%) have had to focus on demonstrating essential soft skills, such as empathy, compassion and emotional intelligence. Over a quarter (27%) have turned to online learning to help enhance their personal leadership, while 32% have turned to their professional network and 15% have sought help from an executive coach.
COVID-19 drives surge in employee engagement
COVID-19 has given the majority (65%) of leaders the opportunity to build closer relationships with their employees, with almost half (48%) communicating with their workforce more regularly than before the pandemic to instil a sense of community. Three-quarters say that employees now expect greater transparency from leadership as a result. Interestingly, 69% of leaders noted that employees have become kinder and more considerate towards each other during the crisis.
Future workforce priorities
Over the next six months, leaders are focused on helping their employees return to physical workplaces safely, but in the meantime recognise the need to keep those who are still working remotely motivated. Furthermore, 63% of leaders are considering restructuring their organisations in order to reduce costs. Longer term, nearly two-thirds (63%) say that creating a fairer and more equitable workplace is important, 38% want to improve the diversity of their workforce, and 41% want to introduce flexible hours to better support working parents and those with dependents.
Jon Addison, Vice President of EMEA at LinkedIn, said: “Leaders have undoubtedly had the most challenging experience of their careers leading their organisations through the COVID-19 crisis. While many 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. There is now an opportunity for leaders to consider the type of businesses they want to rebuild. 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.”
Steve Ingham, Chief Executive Officer at PageGroup, said: “This pandemic has further reinforced the importance of visible leaders who can offer their employees clear direction and reassurance during uncertain times. However, as we’ve seen from this research, we are often learning key lessons in real time, which can make it challenging. The leaders who can effectively adapt to the constantly evolving challenges are the ones who are most likely to thrive. Leaders should also focus on remaining calm and keeping communications simple, focussing on a handful of key messages. Employees are likely to be receiving information from multiple sources, so this is important to avoid confusion.”
Dr Daniel Beunza, Associate Professor of Management at The Business School (formerly Cass), said: “Seeing that leaders have built closer relationships with their employees as a result of the global pandemic 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 organisation. By forcing companies to communicate more and trust their people, this crisis might paradoxically have improved organisations. I expect the leading companies in each industry will find ways to leverage this temporary increase in engagement into new forms of work that are more flexible and innovative than before.”
Catherine Devitt, CEO at executive coaching and coach development firm, Meyler Campbell, said: “We’ve seen 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. 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. 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.”
Pinky Lilani, Founder of Women of the Future, said: “The data from LinkedIn demonstrates the significant challenges business leaders have faced due to the pandemic and yet it has also given many a unique opportunity to reflect on their leadership style. Against a backdrop of uncertainty and rapid change, we’ve seen kindness move to centre stage with more leaders and industries recognising the impact compassionate leadership has when it comes to building trust, confidence and loyalty.”
Methodology
LinkedIn commissioned YouGov to survey 700+ C-level executives in the UK, Germany, Netherlands and Ireland at organisations with over 1,000 employees and annual turnover of £250+ million during August 2020. In the UK, 250+ C-level executives were surveyed. Interviews were conducted online.
