C-suite turnover is accelerating, with more than half (56%) of senior executives likely or extremely likely to leave their roles within the next two years, according to new research from Gartner, Inc. The October 2024 survey, which gathered insights from 200 CxOs, excluding CHROs, also revealed that 27% of executives are contemplating an exit within the next six months.

The study highlighted key stressors contributing to this executive exodus. Compared to two years ago:

• 67% of CxOs report they are being asked to do more in their roles.
• 58% say their organization relies more heavily on their function or business unit.
• 44% acknowledge experiencing higher levels of stress due to work responsibilities.

“Heightened executive turnover is a challenge for organizations as a less-tenured executive team typically means lower enterprise growth, which is the most important metric organizations rely on to track enterprise performance,” said Alexander Kirss, Senior Principal in Gartner’s HR practice. “Compounding the issue, more tenured executives are more likely to leave within the next two years than executives who are newer in their roles.”

The research found that organizations with executive teams averaging five years or more in tenure tend to outperform those with shorter-tenured leadership on key business metrics, including revenue growth and customer experience.

Given the high stakes, CHROs have a pivotal role to play in mitigating CxO attrition. However, the study also reveals a significant gap in their perceived effectiveness. Fewer than 25% of CxOs believe their CHRO is effective at strengthening team cohesion within the C-suite, and only 23% see their CHRO as adept at managing tensions among executives.

Despite these challenges, CHROs can implement key strategies to help retain top executives and ensure leadership stability:

1. Acting as a Career Coach

CHROs can position themselves as career advisors for CxOs, collaborating with CEOs on workforce development and succession planning. By facilitating tailored leadership development opportunities and connecting executives with relevant resources, CHROs can help leaders see a long-term career path within the organization rather than seeking opportunities elsewhere.

2. Building Trust and Strengthening CEO Relationships

A critical function of CHROs is fostering strong, trust-based relationships between CxOs and the CEO. Ensuring executives have a clear understanding of the CEO’s priorities and providing platforms to showcase their expertise can boost engagement and alignment. Additionally, CHROs should share best practices with fellow executives on strengthening their connection with the CEO, ultimately fostering a more cohesive leadership team.

3. Supporting Mental Health and Work-Life Balance

With stress and burnout cited as key drivers of executive departures, CHROs must champion mental health initiatives at the highest levels. They can help executives identify stressors, promote healthy work-life balance practices, and provide coaching on managing workload effectively. By openly discussing their own efforts to maintain well-being, CHROs can destigmatize conversations around mental health and encourage their peers to prioritize self-care.

As organizations grapple with the growing risk of C-suite turnover, CHROs must take proactive steps to address executive concerns, strengthen leadership cohesion, and create an environment that retains top talent. In doing so, they can safeguard enterprise performance and ensure long-term organizational stability.