The report comes at a time when the UK is facing the worst cost-of-living crisis for 30 years, with business leaders and employees feeling more pressure than ever to perform at work.
The report with the catchy title “From Burnout to Earnout”, found that nearly a third of Brits were suffering from imposter syndrome, which is hindering their ability to run their businesses effectively.
For those who don’t know the lingo imposter syndrome is when people believe they don’t deserve their achievements. Trachet’s study found it to be more common among Millennials, as 40 percent state they have feelings of imposter syndrome in the workplace compared to a significantly lower 18 percent amongst Generation X.
According to the Harvard Business Review, imposter syndrome can result in a lack of honest conversation, silo thinking and lack of ownership, which can lead to isolation.
The study commissioned by Trachet found that 34 percent of business leaders find that in running their business, they have no one to support them, they do all key tasks alone and that disconnects them from their passion.
Through their overwhelming body of data, Trachet’s report also suggests that self-doubt can be one of the major factors leading to “burnout” – an occupational phenomenon found to be experienced by 62 percent of all business leaders in the UK.
Research published in the Academy of Management Journal found that employees with imposter syndrome were rated as having better interpersonal skills than more confident peers and were considered just as competent.
Although it may help to keep egos in the workplace in check and aid some people in building relationships, findings from Trachet’s study clearly show it to be a predominantly negative phenomenon.
Claire Trachet CEO and Founder of Trachet said this can harm business scaling.
“The issue with impostor syndrome is that it gives way to reduced self-esteem – and ultimately to failure. Having trouble internalising competence and talent has caused many to sabotage success. Start-up founders and entrepreneurs – as expected so early on – are heavily invested in the day-to-day operations of their business, they, therefore, tend to isolate themselves while trying to resolve issues, creating a situation where it becomes increasingly difficult to be transparent with their stakeholders, ultimately leading to burnout.
“Burnout is a significant barrier that inhibits businesses from growing effectively. With proper support and guidance this can be corrected by redirecting imposter syndrome as a way to challenge oneself and keep egos in check, whilst preserving the mental health of the leaders of the business and their teams.”