Why are executives ‘quick quitting’ at alarming rates?

Executives from across the corporate spectrum are summoning their inner Jerry Maguires and quitting their jobs at rates far quicker than historical averages, according to new data from LinkedIn. Should you worry about your SVP of sales going berserk and shouting “Who’s coming with me?” in a room of dumbfounded colleagues? Maybe: 2022 has seen a sharp increase in VPs, managers, and directors who have quit in less than a year on the job.

LinkedIn refers to the phenomenon as “quick quitting”—sigh—and attributes it to a few factors, some of which are directly related to the pandemic’s seismic disruptions of hiring and workplace organization.

The data might give HR teams pause when thinking about how to fill vacant roles at the top of the org chart. Ash Athawale, senior managing director of executive search at Robert Half, told HR Brew that while the pandemic certainly upset traditional hiring dynamics, the rise in executive quick quits is attributable to companies scrambling to get new suits in the door as soon as some of the pandemic dust settled. To avoid this kind of shortsighted approach, he advised teams to make sure they are “expediting it, but not rushing” as they search for executive talent.

What does the data say? The quick quitting rate for managers was highest between February 2021 and 2022, when it increased by 20%, according to LinkedIn. The rate for VPs reached 13% in August 2022.

Those numbers make sense to Athawale, who explained that companies were excited to get new executives into the fold once Covid restrictions lessened. But the excitement gave way to some poor decisions by both companies and candidates.

“In 2021, things started picking up again, and there was this rush to hire people. So, when that rush happened, some companies went and rushed to hire an executive that they weren’t really quite sure about.”

What happened next was a sort of buyer’s remorse, experienced mutually by employer and executive. “It’s post-employment cognitive dissonance. You’re unhappy with your decision, because what has happened is [that] you rushed into making the decision, [or] companies have pressured you into making a decision,” he said.

Then, before a year elapsed, both parties decided to part ways.

Take the time. HR teams might need to crank up the SOS Band to find the inspiration, as it’s imperative to take enough time to find the right fit. But Athawale advised against making the hiring process a procession of endless handshakes. To that end, HR pros should have a plan for who they want a prospective executive to meet.

“Don’t have the candidate meet every single employee in the company…[For a CEO] the key people who have to meet this person [is] going to be a couple of the board of directors, the CEO, an owner of the company, the head of HR.”

Moreover, outline a plan of placement when it comes to recruitment, Athawale advised. In other words, know who’s out there and strategize their respective level of importance to the hunt. “If these six people are not available, these are the two backups. Have that decided before you go to the market.”

A regimented recruitment approach might help an executive stay put for longer than a year.—SB

Do you work in HR or have information about your HR department we should know? Email [email protected] or DM @SammBlum on Twitter. For completely confidential conversations, ask Sam for his number on Signal.