consulting > insightsWhat Employees Want and Don’t Want in Their Leaders
The Herbers & Company 2022 Leadership Study reveals a cultural shift towards more compassionate, effective, and informed leadership.
The financial services industry has experienced considerable changes in recent years, leading to a shift in what employees value in their leaders. The Herbers & Company 2022 Leadership Study offers crucial insights into the leadership qualities that financial service employees seek—and those they tend to avoid.
About the Herbers & Company 2022 Leadership Study
The Herbers & Company 2022 Leadership Study surveyed 750 employees, aged 22 to 65, who worked in client service and professional roles within the financial services industry. All participants held at least a four-year college degree and had a household income of $50,000 or more. Each respondent had left a full-time job within the past year to pursue a new full-time position. Notably, 84% of these job changers expressed no regrets about their decision, indicating they would leave their previous job again if given the chance. Only 8% said they wouldn’t, and 9% were unsure. A significant 69% of respondents cited dissatisfaction with leadership as the primary reason for leaving their previous job.
What Qualities Do Employees Want in Their Leaders?
The survey results provide valuable insights into the specific qualities employees seek in their leaders. These qualities are not just desirable; they are essential in fostering a workplace where employees feel valued, understood, and motivated to perform at their best.
1. Empathy: The Most Desired Trait
Empathy, defined as the ability to understand and share the feelings of another, emerged as the most desired leadership quality among both men and women. In an era where the lines between personal and professional life are increasingly blurred, employees are seeking leaders who can connect with them on a human level. They want leaders who are not just focused on the bottom line but who also understand the challenges they face, both inside and outside the workplace.
Empathetic leaders are those who take the time to listen to their employees' concerns, acknowledge their efforts, and provide support when needed. This quality is particularly important in times of crisis or change, where employees may feel vulnerable or uncertain. An empathetic leader can help navigate these challenges by offering reassurance and demonstrating a genuine concern for their team's well-being.
2. Efficiency: A Close Second
While empathy is the most sought-after quality, efficiency closely follows as the second most desired trait. Employees want leaders who are effective in their roles—those who can make decisions quickly and confidently, manage resources wisely, and ensure that tasks are completed on time. An efficient leader is someone who can streamline processes, reduce unnecessary bureaucracy, and keep the team focused on achieving their goals.
Efficiency in leadership is not just about getting things done; it's about getting the right things done in the most effective way possible. Employees appreciate leaders who can prioritize tasks, delegate appropriately, and avoid wasting time on activities that do not add value.
3. Knowledge: The Foundation of Leadership
Knowledgeable leaders, who rank third on the list of desired qualities, are those who possess a deep understanding of their industry, their organization, and the challenges their team faces. Employees want to work for leaders who are well-informed and can provide guidance based on experience and expertise.
A knowledgeable leader is someone who can offer insights, provide direction, and make informed decisions that benefit the team and the organization as a whole. This quality is especially important in industries where innovation and adaptation are critical to staying competitive. Employees look to knowledgeable leaders for mentorship and professional growth, knowing that they can learn from their experience and wisdom.
What Employees Don't Want in Their Leaders
Just as important as knowing what employees want in a leader is understanding what they don’t want. The Herbers & Company study also sheds light on the traits that are less valued by employees, offering a clear picture of what to avoid in leadership, at least when it comes to employee management.
1. Delegating Authority: Less Important Than Expected
While delegation is often considered a crucial leadership skill, the survey respondents ranked it as one of the least important traits. This finding may seem counterintuitive, as delegation is essential for distributing workload and empowering team members. However, it suggests that employees may value other leadership qualities, such as empathy and efficiency, more highly.
One possible interpretation is that employees prefer leaders who are more hands-on and involved in the day-to-day operations, rather than those who simply delegate tasks and expect results. They may feel more supported and valued when their leaders work alongside them, rather than distancing themselves by delegating too much authority.
2. Resilience: Ranked Low on the List
Resilience, the ability to bounce back from setbacks and remain steadfast in the face of adversity, is another quality that ranked low on the list of desired traits. This may reflect a shift in employee expectations, where the focus is on empathy and understanding rather than toughness and perseverance.
In today's work environment, where mental health and well-being are increasingly prioritized, employees may prefer leaders who show vulnerability and acknowledge their own challenges, rather than those who appear unshakable. This doesn't mean that resilience is not important, but it may be less valued compared to other qualities that foster a more supportive and compassionate work culture.
3. Visionary Leadership: Less Emphasized
Visionary leadership, often celebrated as a hallmark of great leaders, was ranked third lowest by survey respondents. While having a clear vision is important, employees may be more concerned with how that vision translates into day-to-day actions and how it impacts their work lives.
Employees may value leaders who are practical and grounded, focusing on achievable goals and tangible results rather than grandiose visions that may seem out of reach. They want leaders who can articulate a vision but also connect it to their individual roles and contributions, making it relevant and attainable.
Conclusion: A New Era of Leadership
The findings from the Herbers & Company 2022 Leadership Study highlight a shift in what employees value in their leaders. In an era where the workforce is increasingly driven by a desire for fulfillment, well-being, and work-life balance, traditional leadership qualities such as delegation, resilience, and visionary thinking are taking a back seat to empathy, efficiency, and knowledge.
For organizations looking to attract and retain top talent, these insights offer a roadmap for developing leadership that resonates with the modern workforce. By prioritizing empathy, fostering efficiency, and cultivating knowledge, leaders can create a work environment where employees feel understood, valued, and motivated to contribute their best.
As the landscape of work continues to evolve, so too must our approach to leadership. The qualities that employees seek today reflect a broader cultural shift towards more compassionate, effective, and informed leadership. By embracing these qualities, leaders can not only meet the needs of their employees but also drive long-term success for their businesses.
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