SHIFT – January 2023

SHIFT - January 2023
Our January issue of SHIFT examines what’s important to today’s C-suite; uncovers optimism about the future among business leaders; tracks job cuts in corporate America; and reviews a recent book on managing workplace burnout.

What’s important to the C-suite – how leaders are turning strategy in action in 2023

Today’s executives face an unprecedented level of economic and geopolitical volatility. Despite concerns about the impact of these macroeconomic conditions on their businesses, many remain confident they can achieve their growth goals, according to a recent study conducted by PwC. It will take an agile, collaborative approach to do so, it concludes, based not on traditional three-year plans, but as financial circumstances evolve over the next 12 to 18 months.

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Business leaders optimistic about the future

A survey conducted by Chase also found that businesses are remarkably optimistic. Decision makers were polled at more than 1,000 businesses with annual revenues spanning $100,000 to $20 million across key industries, including restaurant, retail, construction and professional services. Results of the survey reveal that businesses feel more resilient as they march forward into 2023. Their confidence, in large part, is based on the realization that committed employees and supportive communities are critical to their survival in difficult social and economic times.

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Tech firms, Wall Street lead job cuts in corporate America

Despite optimism about the future, big tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn, according to an article published by Reuters. Rapid interest rate hikes, weak consumer demand and an economic slowdown in China have forced firms such as Amazon, Walt Disney, Facebook-owner Meta and American banks to trim their workforces.

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Dealing with workplace stress and burnout

A recently published book called The Burnout Challenge by Christina Maslach, co-creator of the widely used metric the Maslach Burnout Inventory, and organizational psychologist and consultant Michael P. Leiter advises on how to manage people’s relationships with their jobs. One of the authors’ key messages is that burnout should not be seen as a personal issue to be overcome by the individual through such means as obtaining therapy, engaging in relaxation techniques or changing jobs. Instead, they say that it is a workplace issue that needs to be managed like anything else.

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The Burnout Challenge