What Do Today's Leaders Really Want?

What if the next rung on the corporate ladder was a step too far? For many of today’s senior leaders, that’s exactly the case.

What if the next rung on the corporate ladder was a step too far? For many of today’s senior leaders, that’s exactly the case.

A striking finding from Page Executive’s Talent Trends 2024 survey reveals that nearly half (48%) of senior leaders would prioritise their personal wellbeing over a promotion. This challenges old ideas about career success and highlights a seismic shift in what executives care about.

Digging deeper into the data, we find that this trend isn’t uniform across industries. In life sciences, for example, a full 69% would say “thanks, but no thanks” to a promotion that might upset their work-life balance. Not-for-profit (58%) and business services (55%) aren’t far behind. At the other end of the scale, only 26% in media and agency would make the same choice. 

Job functions tell a similar story. Customer service (66%), sustainability and ESG (57%), and health and life sciences (53%) top the list of those prioritising wellbeing. On the flip side, hospitality and leisure (38%) and secretarial and business support (10%) are less likely to turn down a promotion.

Interestingly, respondents who identified as LGBTQIA+ were significantly more likely to choose wellbeing over advancement (57% vs 46% for non-LGBTQIA+ respondents). Gender is another dividing line. Women at the top who are ready to turn down a promotion if it might upset their work-life balance outnumber their male peers by 54% to 47%.

These figures suggest a complex executive landscape where industry culture, job function and personal identity all play roles in shaping career decisions. While we can’t draw firm conclusions, it’s clear that for many leaders, “having it all” is being redefined.

Wellbeing vs. Advancement: A Global Perspective

When it comes to work culture, we sometimes paint countries and regions with broad strokes. The Anglosphere is typically seen as “hard-driving”, while Mediterranean countries are thought to enjoy a more leisurely pace. Our Talent Trends data, however, reveals a more complex picture. 

Take Europe. Continent-wide, 57% of leaders would turn down a promotion for the sake of wellbeing. Zoom in, however, and things get more interesting. In Germany, a substantial 61% of executives put personal wellbeing first. Yet in Italy, only 26% share this view, upending stereotypes about Mediterranean work culture.

The variation within English-speaking countries is equally striking. A substantial 68% of leaders in both the U.K. and Australia put wellbeing first. In contrast, only 42% of their U.S. counterparts would make the same choice, suggesting that career progression is still at the heart of the “American Dream.” Meanwhile, India, with its rapidly growing economy, sits in the middle. A slight majority (52%) of Indian respondents prefer wellbeing to a promotion, hinting at shifting priorities as this all-important market evolves.

The whole focus on wellbeing isn’t a fleeting trend. We’re seeing a real shift in what it means to be successful in business. Companies that fail to recognise and adapt to this change risk losing their top talent to organisations that genuinely care about the wellbeing and happiness of their leaders.

Caroline van Gellrich – van Brakel
Senior Partner and Head of Page Executive Germany & CEE 

Want to know how these changing priorities play into diversity, equity and inclusion? Discover more in our companion article on DE&I findings. 

From Paycheck to Purpose: What Else Do Leaders Value?

Salary remains the make-or-break factor for job seekers when considering a role, whether they’re a CFO or an entry-level accountant. However, our survey reveals that leadership talent has distinct priorities beyond compensation that set them apart from the wider workforce.

While employees at all levels value flexible work arrangements and office location, executives tend to focus more on a company’s leadership team, culture and values when contemplating a move. 

Company culture is a top priority, with 40% of senior leaders ranking it critical when considering a new role. The quality of the leadership team also plays a vital role in attracting top talent, with 38% of executives highlighting this as a major factor. It’s clear that senior professionals want to work alongside capable, inspiring colleagues who can drive the organisation forward.

Finally, a sense of purpose in one’s role or within the company is another key draw for 32% of leaders. Relatedly, more than 20% of survey respondents chose “Believe in the company’s leadership team” or “Clear set of company values” among the top three aspects of company culture most important to their job satisfaction. However, only 6% placed “Company ESG (Environmental, social and governance) policies)” in this category, suggesting that companies have significant work to do in effectively communicating their ESG initiatives and demonstrating their tangible impact.

In today’s market, a big paycheck is no longer enough to keep top performers loyal and engaged. Executives and leaders are looking for roles where they can make a meaningful impact while feeling valued and supported.

Carly Yau
Senior Partner Hong Kong

5 Ways to Attract and Retain Top Leadership Talent

The world of work is changing, and with it, the expectations of senior leaders. Here are five practical approaches to help you win and keep the best leadership talent based on our survey findings:

1. Build a culture where everyone’s a cheerleader:  Our data shows an interesting twist: leaders feel more appreciated by their peers (78%) and customers (76%) than by senior management (73%). Why not tap into this? Create opportunities for team members to celebrate each other’s successes. Consider a platform where customer praise can be shared widely. When recognition comes from all directions, it creates a more satisfying work environment for everyone.
2. Be upfront about pay: While 35% of senior executives aren’t happy with their salary, it’s not always about the headline figure. Openness about how pay is decided can go a long way. Think about introducing transparent salary ranges and bonus structures. When leaders understand the “why” behind their compensation, it can boost trust and satisfaction.
3. Keep the learning curve exciting: Our survey reveals that 18% of leaders rank training and development as a top priority when eyeing a new role. Invest in programmes that help your leaders grow. This could be anything from mentoring schemes to projects that push them out of their comfort zone. The goal? Keep your top executive talent curious and engaged.
4. Rethink what flexibility means: Yes, 50% of senior executives work in hybrid setups, but flexibility isn’t just about where you work. It could mean flexible hours, sabbaticals or even job-sharing at the leadership level. This approach speaks to the 48% of leaders who’d choose wellbeing over a promotion.
5. Walk the talk on company values: A striking 37% of leaders say company ethics and values are essential when job hunting. Furthermore, 58% place it in the top 5 most important aspects of their current job, second only to work-life balance. A snappy mission statement is insufficient — your company’s actions must match its words. Involve your leadership team in decisions that reflect company values. When executives see integrity in action, they’re likely to stick around. 

Implementing these strategies may require time and resources your in-house team lacks. That’s where Page Executive comes in. With their expertise and nuanced understanding of global markets, our principals and partners are ready to help you attract and keep the leaders who will drive your success.
 

Leadership Talent: Cracking the New Code

Today’s leaders want more than just a competitive salary. They’re looking for roles that offer purpose, support wellbeing and provide growth. It’s a balancing act, and what works for one executive might not suit another.

At Page Executive, we get it. We know how to match top talent with companies that tick all the right boxes. Ready to build a leadership team that’s fit for the future? Let’s start a conversation today.