What ails our technology sector? They did well during the pandemic, what ails them now?
Came across this report about a tech company. The name of the company is not important, the problem is:
- When it comes to senior leadership at #firm, it is becoming a game of musical chairs.
- 17/18 senior executives listed in the 2019 annual report have moved out of the #firm.
- “First, should have hired the best people. Once you join, you realize that there is still no firm strategic direction. The only option is to leave and join another company when the market is still doing well”, a former executive. (This ‘former’ executive perhaps was a wrong hire in the first place? We don’t hire people with that attitude — you, should have, market, leave)
Earlier reports about the same organization:
- ‘The firm spent $ 1 billion additionally to arrest attrition — CEO (6 Apr 2022)
- ‘The #firm does not have enough headcount to fulfill its potential’ (28 Oct 2021)
- ‘The #firm emerges as ‘new CEO factory’ (5 Aug 2020)
Deliberately keeping it to “the firm” as our focus is on the problem, beyond the symptom. If the resignation of executives is the symptom, what is the problem?
An exodus of leadership has a larger impact as it not only impacts client relationships but leads to further instability in the senior management team.
What is the root cause? A sector that was relatively untouched by the pandemic is now facing great resignation, at all levels. It is not just one #firm, but widespread in the tech sector.
Is this the problem of only the tech sector? The other sector is also facing similar issues. I personally know how some of our clients have complained about various elements of this problem playing out. It is clearly not just the tech industry problem. What is the real problem?
It is a leadership crisis, at all levels. We ignore the need to create real leaders, enduring leadership. That will happen where normal L&D ends, where token-mentoring fails, and when leaders ride the wave of market demand.
The solution is not easy. After all, ‘ we can not try to solve a problem from the same consciousness that created it.’ And this crisis is as widespread as the pandemic.
The solution may lie in transformational leadership. Building a culture of coaching. Exposing senior leaders to professional coaching. Getting all leaders to coach, as professional coaches do, by training them as LeadersAsCoaches. No shortcuts.
Leadership Coaching — Coach Training & certification — Leader As Coach — Healing with #RegalUnlimited
Originally published at https://www.linkedin.com.
