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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
NewslettersFortune CHRO

Managers are overwhelmed as they toil under bigger workloads and 50% say their well-being has deteriorated

By
Azure Gilman
Azure Gilman
and
Emma Burleigh
Emma Burleigh
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By
Azure Gilman
Azure Gilman
and
Emma Burleigh
Emma Burleigh
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October 17, 2024, 8:19 AM ET
A stressed out manager.
Bosses are struggling under heavier workloads without the support they need.skynesher—Getty Images
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The managers are not alright. While rank and file employees certainly have their own struggles, managers are feeling all the same stresses, along with more responsibilities and less support.

Workloads have increased for around 71% of managers since last year, according to the 2024 Workforce Trends Report from Leapsome, a performance and engagement platform. Around 60% of managers report feeling more overwhelmed than they did a year ago, and 50% say that their mental health is deteriorating. 

The latest report backs up a growing pile of data about the plight of managers, which often affects middle-aged workers in particular. And it’s a problem that bosses can’t afford to overlook any longer. Managers have an outsized impact on an entire organization because of their influence on direct reports, and they’re wildly powerful when it comes to things like employee engagement.

So why are managers feeling the pinch so much right now? Layoffs within the higher ranks of the corporate world are forcing managers to do more with less, according to the report. Around 39% of director and senior management roles have been affected by layoffs, compared to around 24% of non-managerial roles. Those purges are creating “leadership gaps,” and piling work and pressure onto the bosses that remain. 

“Layoffs and hiring freezes have left many managers overseeing larger teams and shouldering heavier workloads,” the report reads. “This increased strain makes it challenging for them to offer the support and guidance their teams need to thrive.”

There’s no perfect formula to help managers navigate tougher times, but the managers themselves have some ideas. Around 44% say they need more efficient tools and systems, 45% say they need flexible work arrangements, and 42% say they need leadership skills training, according to the report. And it goes without saying that lighter workloads are in order.

So its up to each workplace and its CHRO to figure out what it takes to keep managers happy—and act before it’s too late.

Azure Gilman
azure.gilman@fortune.com

Around the Table

A round-up of the most important HR headlines.

European aircraft manufacturer Airbus announced it would lay off 2,500 workers as a part of an effort to revamp its sluggish defense and space division. AP

USPS has been accused of retaliating against a longtime employee who alleges she encountered racism at work and was harrassed after complaining about the incident. The Guardian 

Harvard researchers analyzed the effects of a program drawing remote workers to Tulsa, and found that people saved an average of $25,000 on annual housing costs while potentially “reversing brain drain.” New York Times

Watercooler

Everything you need to know from Fortune.

Backtracking. The gender pay gap in 2023 widened for the first time in two decades, according to a U.S. Census Bureau report, reflecting wage setbacks from women losing or leaving their jobs during COVID. —Alexandra Olson, Claire Savage, AP  

Relief. California’s lowest-paid healthcare workers are about to get a salary bump—full-time employees at large hospitals will get at least $23 an hour, while those at rural facilities will make a minimum of $18 hourly. —Sophie Austin, AP 

New money. At least one teenager at every U.S. high school is making $10,000 or more each year thanks to accessible side hustles on apps like TikTok, Depop, and Twitch. —Orianna Rosa Royle

Missing out. Leaders at Google, Indeed, and IBM contend that blanket degree requirements are holding businesses back from diverse talent and stifling profits. —Jane Thier

This is the web version of Fortune CHRO, a newsletter focusing on helping HR executives navigate the needs of the workplace. Sign up to get it delivered free to your inbox.
About the Authors
By Azure GilmanDeputy Leadership Editor
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Azure Gilman is the former deputy editor for the Leadership desk at Fortune, assigning and editing stories about the workplace and the C-suite.

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Emma Burleigh
By Emma BurleighReporter, Success

Emma Burleigh is a reporter at Fortune, covering success, careers, entrepreneurship, and personal finance. Before joining the Success desk, she co-authored Fortune’s CHRO Daily newsletter, extensively covering the workplace and the future of jobs. Emma has also written for publications including the Observer and The China Project, publishing long-form stories on culture, entertainment, and geopolitics. She has a joint-master’s degree from New York University in Global Journalism and East Asian Studies.

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