KORN/FERRY LEADERSHIP
Asia Pacific - The lack of trust executives feel towards company leaders could be the reason why a third of employed executives say they are dissatisfied with their current jobs.
According to a recent Executive Quiz by The Korn/Ferry Institute, 35% of 159 executives say they are either somewhat or very dissatisfied with their current position. The low morale among executives may be linked to the lack of trust they feel towards company leaders, says the report, as 33% of 125 respondents surveyed say they do not trust their boss.
This lack of trust in corporate leaders is an issue to be concerned about, says Indranil Roy, managing director for Leadership and Talent Consulting, Asia Pacific for Korn/Ferry. Because trust in leaders (not just the CEO) has been the primary casualty of the economic crisis, Roy says such trust has to be rebuilt again, starting from the top.
However, factors such as a high level of uncertainty in the environment makes it difficult for leaders to predict the future and the company's subsequent course of action.
Secondly, because of the high degree of discretion leaders need to maintain, many avoid making too many promises to employees that the organisation may not be able to deliver upon. "The result is either lack of communication or meaningless messages that make leaders seem fake and disingenuous. Over time, this erodes trust and engagement," Roy adds.
Finally, leadership actions that do not match the communication messages also erode the trust of employees. "Leaders who try to appear optimistic and gung-ho in the face of difficult business conditions often end up losing trust more quickly than others."
However, there are ways to rebuild trust among employees. Citing one major investment bank in Asia that has embarked on a process of rebuilding trust among its key executives, Roy says the process of rebuilding trust involves open and honest feedback, grounded conversations on where the bank is headed, acknowledgment of mistakes made and articulating a mutual commitment to a better future.
"The entire process is deeply personal and requires incredible emotional intelligence from leaders. The payback, however, is immense. Companies must start to move along this road quickly to build back the confidence needed to recover lost ground," Roy adds.
Despite the low levels of trust in their CEO, more than 80% of the respondents gave their bosses favourable performance ratings. When asked if their current CEO is the best person for the job, 30% of the employees said "absolutely" while 27% responded "somewhat".
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