CEOs working harder due to skills shortage

Entrepreneurs are personally feeling the skills shortage and are having to work longer hours, reveals the latest survey of chief executives from TEC.

Confidence is high, with the number of CEOs who say the economy is in better shape today than a year ago increasing to 46%, from 27% last year. Most also believe sales and profits will increase, and 55% expect to increase their staff levels.

However only 18% believe the economy will be better this time next year.

It’s no surprise at Christmas, but networking has overtaken financial management as the least enjoyable part of the job, followed by people management.

And the major issues they face in 2008 are staff development (33%) and skills shortage management (30%). Meanwhile team building has become the most important leadership quality (41%, up from 34% last year).

Mike O’Neill, TEC chief executive, says most chief executives are so time-poor, working more than 50 hours a week, and people management and networking are very time consuming. Arrogance still rates as the worst leadership trait evident in chief executives followed by ignorance of staff issues, lack of delegation and procrastination. Corporate governance also received some attention this year with 57% saying they have changed their approach mainly through the implementation of new policies and requirements.

The report also found that business growth is the reason half of the chief executives go to work in the morning, up from 29% last year. About 17% go to work to make a difference and 13% are motivated by personal wealth.

As for holidays, chief executives took fewer of them. In SA, 48% took two weeks or less, while in WA 60% took off three weeks.