A majority of U.S. CEOs admit to experiencing imposter syndrome: 'It's a crisis of confidence'

Despite their positions of power and achievement, individuals at the top of the corporate ladder often struggle with feelings of inadequacy and self-doubt.

Nearly three-quarters of U.S. CEOs report experiencing imposter syndrome, as per a recent Korn Ferry survey of approximately 400 executives.

Despite being four years since the outbreak of the Covid-19 pandemic, C-suite executives continue to grapple with the profound changes it brought to the workplace.

Executives are grappling with numerous firsts, driven by the pandemic, including the rapid adoption of AI and automation, employee reluctance to return to the office, and, for some, struggling economies, according to Mark Arian, CEO of Korn Ferry Consulting, in an interview with CNBC Make It.

Arian stated that CEOs in the past may have experienced one or two significant changes to the business environment during their leadership, but "never this many, and never all at once," adds Arian. This puts immense pressure on the leader of the organization.

Despite the elusive "return to normal" amid high inflation and an uncertain economic climate, some CEOs are still waiting.

Arian believes that leading an organization to success is nearly impossible due to the combination of consumer anxiety and geopolitical pressures.

Bigger challenges, bigger paycheck

Amid the pandemic, CEOs took a more hands-on approach to managing operational matters, including establishing work-from-home guidelines and redesigning office spaces to encourage employee attendance.

The burdensome workload and the fast-paced business environment have put pressure on leaders.

The number of CEOs resigning is at an all-time high. In the first quarter of 2024, there were 51 departures and 68 new appointments among companies listed in global stock indices such as the S&P 500, FTSE 100, and others, according to Russell Reynolds Associates, a leadership advisory firm.

In early 2024, outgoing CEOs who were considered "failed appointments," or those who lasted less than two years, made up 15% of the total.

Turnover rates are worse for women in the C-suite.

According to RRA data from 2018 to present, 24% of women CEOs leave their post within two years, which is more than twice the 10% of men who leave their job in that time frame.

The reasons behind the mass exodus of women from the C-suite include microaggressions, unequal promotions, and the responsibility of driving diversity and inclusion efforts, among other difficulties.

Both male and female CEOs experience feelings of self-doubt and inadequacy to a similar extent, contrary to the common belief that imposter syndrome primarily affects women and minorities.

"Arian claims that the job of a CEO has become increasingly complex, resulting in a crisis of confidence. He believes that people do not fully comprehend the challenges involved. According to him, the situation is a combination of various problems."

Nearly 200 times the typical worker's wages, the median CEO pay in 2023 hit $16.3 million, according to data analyzed for The Associated Press by Equilar. Roughly two dozen chief executives in the survey saw a pay bump of 50% or more.

A harsher spotlight on the C-suite

Adding to the stress, more CEOs are getting drawn into social issues.

Business leaders are increasingly expected to publicly address contentious political and social matters.

More than 70% of U.S. workers anticipate CEOs to publicly address immigration, while 74% expect them to discuss climate change, according to a 2022 Edelman survey involving over 1,000 individuals.

During the pandemic, CEOs have become trusted voices of leadership as people's faith in media and government leaders declined, but not all executives are comfortable with this responsibility.

""Our government leaders have lost people's confidence, prompting them to look to CEOs as role models for good values, culture, and leadership. As a CEO, the consequences of your mistakes and actions are more visible," Arian explains."

To be successful, leaders must adapt quickly to changing employee demands and consumer behavior, Arian emphasizes. "You can't just keep the wheels on the bus," he says. "You need to be able to handle change from all directions."

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