In 2023, what set the ball rolling for the year in tech was the layoff surge. In 2024, however, it’s a trend of CEOs resigning, or so it seems. Or better put, it seems the tide of tech trends has shifted to leaders across all levels.
A few layoffs though…
FrontDesk, a US startup reportedly laid off 100% of its workforce this January due to its inability to raise capital. Co-founder and CEO Jesse DePinto was said to have communicated the decision to employees over a Google Meet call that lasted only two minutes. The company hasn't shut down, but all services are currently suspended.
Perhaps, Google calls are the new platform for announcing layoffs, as e-commerce companies, Wasoko and MaxAB have also announced on a Google Meet call, that 10% of their combined workforce will be laid off, following a merger between both companies. The merger was announced in December 2023 and affected roles most likely stem from redundancy in the workforce overlap between both companies.
However, major trending stories have been around the executive cadre, closing out 2023 and starting 2024.
Flashback to late 2023...
Towards the end of 2023, a series of stories came out, revealing leadership scandals across industries. In December 2023, a former Facebook executive, Barbara Furlow-Smiles pleaded guilty to stealing over $4 Million while she served as the company's lead strategist, global head of employee resource groups, and diversity engagement, to "fund a luxurious lifestyle".
Earlier, Flutterwave had hired six new executives after three announced their exits. Interestingly, amid several scandals the company faced between 2022 and 2023, there was no layoff news until the three executive exits from the company's CFO, Oneal Bhambani, the Global Head of Strategic Finance and FP&A, Oscar Lan, and Controller, Rebecca Mendel. Although there's no direct link, their exits came weeks after investigative journalist David Hundeyin shared documents revealing Flutterwave's founders were investigated for fraud in 2017.
Starting 2024
Akshay Grover is stepping down as Group CEO of Cellulant, one of Africa’s leading payment companies, later this month, to be replaced by Peter O’Toole, the company’s CFO who has been named Acting CEO.
His journey at Cellulant started in January 2021 when he joined as CFO, was named Acting CEO in May of that same year, and was confirmed CEO in July of the same year. Now, three years after leading the company through post-pandemic trends, including a series of layoffs last year (link), Grover will be stepping down as CEO to "focus on personal matters."
Peter Njonjo, the CEO and co-founder of Twiga, has resigned as CEO and from the company board in a dramatic playout of events. Per TechCabal's report, while Njonjo says he's stepping down as he can only add "very little value" to the company in the future, earlier reports claim that he was forced out as CEO last year.
However, Peter Njonjo is not the only one to leave. In December, Yebeltal Getachew, who led the company’s East Africa business, left, while Daniel Ngungi, the startup’s head of legal and administration also announced his exit via a LinkedIn post on the 8th of January.
Thankfully, not all these leaders' troped stories are overtly scandalous. But it could be a clarion call to leaders that workplace conversations during this period might revolve around them; their individual careers and how they lead their teams.
And for the rest of the year, what responsibilities are leaders to expect?
Lately, it seems like more and more companies are starting to realize just how crucial diversity is in the workplace.
Companies are catching on to the fact that having a mix of different backgrounds and experiences brings a wide range of perspectives and ideas, which leads to innovation and better decision-making.
In 2024, workplace culture will place an even stronger emphasis on employee-centred strategies. Businesses will strive to create a work environment where everyone feels valued and included, regardless of their race, sexuality, gender, or background. This will not only attract and retain top talent but also foster a collaborative work environment.
How leaders can position themselves to adapt to these trends.
Invest in Employee Well-being and Diversity, Equity, and Inclusion (DEI) Initiatives :
While 2023 saw a layoff spree and hiring freeze, a couple of top companies have announced that 2024 will be different as they will be hiring for many roles. There could be several resignations as employees will look to position themselves for these opportunities. Hence, there may also be a rise in the level of competition in the labor market for leaders and employers. And as one, your best bet would be to make your workplace as welcoming and employee-centered as possible to mitigate the competition.
Companies with strong company cultures saw a 4x increase in their revenue growth, so by practically adapting to the changing workplace culture, you are in line for a revenue boost.
Prioritize your employees' well-being by offering mental health support, wellness programs, and resources to help them maintain a healthy work-life balance. Develop and implement DEI strategies, including diversity training, transparent hiring processes, and diverse leadership development programs. Provide opportunities for ongoing learning, reskilling, and upskilling to ensure your employees remain relevant in a changing job market.
2. The spotlight is on leaders now:
It’s not only about your employees but also about you; not what you do for the company but your own career. Recent stories have shown that you might be making the headlines this season. And you might want to take your personal branding a bit more seriously. So, it’s not just about how you lead your team, but how you evolve and maintain a reputable and vibrant leadership image.
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