Good morning. Executive leadership often relies on managers to translate company culture to their teams—a process that includes explaining how corporate values enter into daily work and decision-making. In recent times, though, many managers have themselves felt detached from company culture, but that could be changing.
New research by Gallup finds that despite facing a steady decline from 2021 to the start of 2024, managers’ connection to culture is up four percentage points from its lowest point in recent years.
The reality is that managers have been struggling since the pandemic. Many feel burned out or are even looking for a new job, and feel their company doesn’t care about their wellbeing. The report’s findings highlight an opportunity for leaders to build on positive momentum, according to Gallup.
Leaders understand that culture is critical, but it starts at the top. “When leaders are consistent about their culture, living it out in words and actions, employees are more likely to feel connected to that culture and more likely to think that culture is excellent,” Gallup states in the report.
Managers need clear expectations when it comes to culture. That means leaders must intentionally incorporate cultural values into communications, meetings, and even employee recognition, the research finds.
Cultural values also need to resonate with employees during critical times. For example, as the Nov. 5 presidential election draws near, political uncertainty is a top concern for business leaders.
And the risk of politics disrupting the workplace is not hypothetical. A Gartner, Inc. survey released in February 2020 found that 78% of employees reported discussing politics at work, and 47% reported that the U.S. 2020 presidential election had impacted their ability to get work done.
When it comes to politics: “Unfortunately, what we are seeing is a trickle down into our homes and our workplace, where a large swath of Americans, recently, within the last couple of years, feel alienated from someone else,” according to Peter T. Coleman, a professor of psychology and education at Columbia University.
How will C-suite leaders and managers need to work together to handle potential conflict? You can learn more about what Coleman and other experts have to say here.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
Upcoming event: The 2024 Fortune Global Forum, the premier gathering of CEOs and leaders of the world’s largest multinational companies, alongside policymakers, thought leaders, and investors, will take place Nov. 11-12, in New York City at Jazz at Lincoln Center. This year’s theme is “Business at the Speed of Change.” Guest speakers include seven-time NFL World Champion Tom Brady. View an agenda for the 2024 Fortune Global Forum. You can request an invitation here.
The following sections of CFO Daily were curated by Greg McKenna
Leaderboard
Tracy Kennedy was appointed permanent CFO of Air T (Nasdaq: AIRT), an air freight and logistics company. She succeeds Brian Ochocki, who left the company for another opportunity in September.
Lau Mei Suen was appointed CFO of Primega Group Holdings (Nasdaq: PGHL), a Hong Kong-based construction and transportation company, effective immediately. He succeeds Man Wing Pong, who has resigned due to personal reasons, the company said.
Tom Egan was appointed CFO of Hometap, a fintech company that provides a loan alternative known as home equity investment. He succeeds Eugene Wong, who left the company in August, according to his LinkedIn.
Bhavna Kamalia was promoted to CFO of Shiftkey, a healthcare software company, effective immediately. She succeeds Brian Scott, who left the company last August, according to his LinkedIn.
Shawn Cross was named CFO at Pacira BioSciences, Inc. (Nasdaq: PCRX), a non-opioid pain therapy provider. Cross brings more than 25 years of experience. Before Pacira, he served at Applied Molecular Transport, Inc. (AMT), a biopharmaceutical company.
Michael Fitzmaurice was named CFO at Rexford Industrial Realty, Inc. (NYSE: REXR), a real estate investment trust, effective Nov. 18. Fitzmaurice succeeds Laura Clark, who was promoted to the role of chief operating officer.
Mary Meixelsperger will retire as CFO of vehicle service chain Valvoline (NYSE: VVV), continuing in the role until a successor is named, the company said. Meixelsperger joined the company in 2016, just prior to its IPO and spin-off from Ashland Global Holdings.
Jan De Raeymaeker was appointed CFO of British budget airline easyJet (LSE: EZJ), effective Jan. 20. He will succeed current CFO Kenton Jarvis, who is being promoted to CEO.
Big Deal
Women are driving recent labor market gains, according to a new report from the Bank of America Institute. Three sectors historically overrepresented by women—leisure and hospitality, education and health, and government—account for over 75% of all job growth in the last 12 months, the report said.
The median annual income for women is still yet to catch up to the average for men in 2019, suggesting more than a five-year lag in pay parity. There are signs the gap is narrowing, however. When women change jobs, their pay hikes are growing faster than when men get new positions, according to the report.
Nonetheless, the report found rising childcare costs could reduce women’s labor force participation and put increased financial pressure on families. Women with younger children traditionally work less than their peers. Since April 2023, the number of households who pay for childcare and have more than one person working has consistently declined.
Going deeper
“Kalshi points to a Trump win. Its 28-year-old CEO says the betting market is more reliable than polling,” by Leo Schwartz
“Inside CVS and Walgreens’ downturn: How misguided M&A damaged America’s drugstores,” by Phil Wahba
“As activist Starboard engages constructively, here’s a potent prescription for Pfizer’s future success under Dr. Bourla’s watch,” by Jeffrey Sonnenfeld and Steven Tian
“Exclusive: Ireland’s housing crisis is making a third of residents consider moving to a more affordable country,” by Ryan Hogg
Overheard
“While the likes of Volvo, Volkswagen and General Motors battle to sell cars, Tesla sells chutzpah—and investors are still buying.”
— John Sinclair Foley, a columnist for the Financial Times, wrote in an opinion piece after Tesla’s third-quarter earnings caused the stock to rise over 20%.
