At the American financial institution Jefferies, leading executives were apprehensive each time CEO Rich Handler took his summer trip to Greece. Handler was aboard his yacht in Greece in 2007 when Wall Street started de-leveraging, a clear sign of the imminent financial crisis. He was there again in 2011 amidst the early tremors of the eurozone debt issue.
Fast forward to a decade later, he found himself on vacation in the Turks and Caicos Islands, receiving an anxious call from his equity trading head concerning a little-known family office, Archegos, and Jefferies’ risk exposure.
“I responded, ‘I’m going to grab a spicy margarita, and I’ll be back in a quarter hour,'” Handler recalls, “when I’m back, just tell me how much money we’ve lost. I expect everything wrapped up by the time I return.”
With a relatively minor loss of $40 million (£37 million), Jefferies managed to sidestep the devastating Archegos fallout while other banks were left shouldering losses running into billions.
“Occasionally, when you’re on holiday, you gain perspective…perhaps because you’re not engrossed in the situation,” remarks Handler. “Our squad did the heavy lifting, timely spotting the concern and escalating it. My only task was to assess the overall scenario and make the call.”
Corporate leaders and high-ranking directors will eye similar decision-making scope during their yearly leave. Some consultants insist that leaving tasks entirely in the hands of the team and disconnecting entirely paves the way for a refreshingly stress-free break. Others, however, maintain that some measure of work-related interaction and engagement is inevitable.
On the bright side, a well-deserved break has its obvious advantages: extensive research associates relaxation of the mind and body to enhanced creativity, heightened productivity, and an overall elevation of spirits. The gruelling nature of demanding work can incur psychophysiological tolls like stress, exhaustion, and irritability which if left unaddressed, can start hampering performance.
However, with remote working firmly ingrained in the lifestyle of many professionals, and constant connectivity being par for the course, it seems unrealistic to expect higher-level management to disconnect entirely.
There is a persistent perception that thinks, ‘My team is reliant on me’. Isn’t that an affront? Are we actually to believe you’ve employed people incapable of stepping into their roles?
Zena Everett, writer of The Crazy Busy Cure, argues that the idea of a high-ranking executive going entirely offline for two weeks is a naive assumption. While it’s not advocated for individuals to be perpetually glued to their devices, she supports the quick communication if it aids in detaching for the remainder of the day.
However, executive coach and writer Andy Brown holds a contrasting perspective. He believes that even the seemingly harmless swift glance at an email can be a source of annoyance, much like a pebble in a shoe.
Such behaviors and expectations are hugely influenced by societal norms. According to a recent study conducted by Expedia, a travel company, on “holiday deprivation,” it’s common for employees in France and Hong Kong to take nearly a month-long break during summer, whereas over half of Americans find it difficult to make use of even the basic 12 leave days assigned annually.
Brown reveals that corporate cultures often reflect these broader trends, but much is ultimately dependent on the individual. Bosses who consider themselves the ultimate problem solvers often find taking a break akin to neglecting their responsibilities.
James Howard-Vyse, the leader of a small creative agency in London named Wizzard, reveals that small business leaders are particularly susceptible to this. As an entrepreneur, one often holds the burden of the company’s success, so personal needs, including vacations, often get overlooked.
Various experts highlight that excessive empathy or guilt can further add to these barriers. According to executive coach and author Janet Harvey, behaviors such as participating in team calls or attending minor tasks during vacation are usually due to good intentions. However, this can be counterproductive. Not only does the executive miss out on the needed rest, but their constant interruption might make their teams feel micromanaged and untrusted.
Harvey also notes that the belief of “my team cannot operate without me” is a disrespectful assumption that undermines the capabilities of the employees. Leaders are encouraged to set a good example by taking their own leave and ensuring that staff doesn’t feel guilty about utilizing their annual leave.
Jörg Schnelle, Riverty’s senior commercial official from Germany, confesses his fondness for the sensation of perpetual accessibility and finds tranquillity in staying connected. He clarified that he doesn’t require constant phone usage, as evidenced by his survival over a few days in the Thai jungle sans connectivity. As such, he believes occasional check-ins are perfectly acceptable, provided they don’t elicit stress.
Amanda Arrowsmith, who directs people and transformation at the Chartered Institute of Personnel and Development, highlights the necessity of comprehensive planning in advance. Adaptation of schedules and work processes should be done beforehand, and it is crucial for managers to communicate straightforwardly about suitable times for team and employee contact.
The CIPD’s advice for leaders emphasises the importance of demonstrating good practices, such as taking leave personally, while avoiding inducing guilt in employees about annual leave.
Bruce Fecheyr-Lippens, who presides as chief people officer at SD Worx, a provider of human resources solutions, advises halting all alerts. He contends that cutting off notifications, be it on Teams, Outlook, or elsewhere, is critical to prevent being continually distracted, particularly if computers are used for leisure.
Additional recommendations include refraining from hasty email responses, activating out-of-office replies with comprehensive contact alternatives, and reserving a half-day upon return for inbox decluttering.
Porter Novelli’s Chief Executive, Jillian Janaczek, emphasises her intentional approach to maintaining her mental well-being. Her operating committee, comprised of nine members, manages a shared calendar detailing each person’s whereabouts. They have thus planned for contingencies.
Nevertheless, her first proper leave since she assumed the role about a year ago saw her juggling a companywide volunteer day and an essential morning conference call. However, she mitigated the impact by keeping her family updated regarding her work schedule in advance.
“My family is aware of my significant workload, however, they never feel neglected as I continuously strive to keep them updated about what I am doing and where I am”, she says.
As Wizzard’s Howard-Vyse prepares for his long overdue fortnight break this month, he plans to switch off his phone alerts and communicate his absence to his clients.
Setting up an out-of-office messaging system feels like a significant step to him, akin to an admission of defeat,” he remarks. “Yet, honestly indicating to clients that there are equally capable team members ready to assist them could arguably be beneficial.” – The Financial Times Limited 2024 Copyright.