Self-Care in Top Management Teams: The Importance of Mental Health in our Leadership

Introduction

The concept of self-care has significance in both the individual and organizational context. Self-care at an individual level is grounded in Conservation of Resources Theory, which argues that individuals need to engage in activities or accumulate resources that help them maintain their strength and vitality. At the organizational level, the resource-based view of the firm suggests that competitive advantage can be gained by accumulating and deploying valuable resources. Additionally, top management teams (TMTs) play a critical role in shaping the direction and performance of firms. The demands and stresses of this role can negatively impact the well-being of TMT members, leading to burnout and decreased performance. Self-care has gained increasing attention as a means to mitigate the adverse effects of stress and promote well-being among individuals. The argument of this thesis is that TMT self-care is a potential resource that can be used as an advantage for organizations. Specifically, it is proposed that TMT self-care can enhance TMT climate or cohesion, which in turn can improve TMT performance. Additionally, it is hypothesized that TMT cohesion/climate will mediate the relationship between TMT self-care and performance, and that the moderating effect of stakeholder self-care values on this relationship will be significant.

General Background

This study draws two main theories: Conservation of Resources Theory and the resource-based view of the firm. Conservation of Resources (COR) Theory suggests that individuals need to engage in activities or accumulate resources that help them maintain their strength and vitality. The resource-based view (RBV) of the firm suggests that competitive advantage can be gained by accumulating and deploying valuable resources. In this study, it is argued that TMT self-care can be a valuable resource for organizations.

Conservation of Resources Theory

COR is a psychological theory that proposes that individuals are motivated to protect and build their resources to maintain their well-being and reduce stress. In this theory, resources refer to any object, personal characteristic, condition, or energy that an individual values and could potentially lose (Halbeslebon et al., 2014). According to COR theory, individuals strive to protect their resources and acquire new ones to maintain their well-being. This is because resource loss can lead to negative emotions, stress, and burnout, which can undermine performance and well-being. Therefore, individuals need to engage in activities or accumulate resources that help them maintain their strength and vitality, such as social support, autonomy, positive emotions, and physical exercise.

Self-care practices are considered one way of protecting and building personal resources (Lee & Miller, 2013). Self-care can refer to any deliberate activity that an individual engages in to improve their physical, mental, or emotional well-being. Examples of self-care practices include exercise, meditation, sleep hygiene, healthy eating, and hobbies. By engaging in self-care practices, individuals can replenish their personal resources, reduce stress, and maintain their well-being.

Resource-Based View of the Firm Theory

The RBV of the firm is a management theory that emphasizes the importance of a firm's resources and capabilities in determining its competitive advantage and success. According to this theory, a firm's resources can be categorized as tangible or intangible, and can include physical assets, intellectual property, human resources, and organizational culture, among others.

The RBV argues that a firm's competitive advantage is determined by its unique set of resources and capabilities, which are difficult for competitors to imitate or replicate. These resources can provide a firm with sustained competitive advantage over time, leading to long-term profitability and success.

The RBV also emphasizes the importance of a firm's internal resources and capabilities as opposed to external factors such as market conditions or industry structure. It suggests that firms should focus on building and leveraging their internal resources in order to achieve sustainable competitive advantage.

Furthermore, the RBV posits that a firm's resources and capabilities are interdependent and should be managed holistically in order to achieve optimal performance. This means that a firm's resources should be aligned with its strategic goals and objectives, and that the firm should continuously invest in and develop its resources to maintain its competitive advantage over time.

RBV of the firm provides a lens for analyzing the role of resources and capabilities in creating competitive advantage. According to this theory, firms can achieve sustainable competitive advantage by possessing and leveraging unique and valuable resources and capabilities that are difficult to imitate or substitute (Barney, 1991, p. 100). Amit and Schoemaker (1993) build on Barney's VRIN framework and argue that a firm's resources can generate "organizational rent" when they are used to create value for stakeholders (p. 34). Wernerfelt (1984) argues that a firm's resources can be thought of as a "bundle" that is unique to the firm and difficult for competitors to replicate (p. 172). The self-care practices of TMTs may be viewed as a valuable resource that can enhance the firm's ability to manage stress and make better decisions, which may lead to improved firm performance.

Challenges Faced by TMT: Stress and How to Deal with It

The demands and pressures faced by top management teams (TMTs) have increased significantly in recent years. Organizations are downsizing and restructuring, and as a result, TMTs are required to work with fewer resources and support. This often leads to increased stress levels and a sense of overwhelm, making it challenging for TMTs to manage their workload effectively.

The need to manage stress and time effectively is not new to TMTs. For many years, TMTs have been required to navigate complex and rapidly changing business environments, and as a result, have developed coping strategies to manage stress and maintain productivity. However, with the increasing demands placed on TMTs in recent years, effective stress and time management have become...

This highlights the widespread nature of stress and the need for effective stress management strategies in the workplace. TMTs are no exception to this trend, and it is crucial for organizations to recognize the importance of providing resources and support to help TMTs manage their stress and time effectively.

Effective stress and time management can have a significant impact on the performance and well-being of TMTs. When TMTs are equipped with the tools and resources to manage their workload effectively, they are better able to make sound decisions, communicate effectively, and lead their teams towards success. This can lead to improved organizational outcomes, including increased productivity, profitability, and employee satisfaction.

The concept of eustress was introduced by Selye (1974), who defined it as "positive stress." Eustress is a type of stress that motivates individuals to take action, and it is typically associated with feelings of excitement, fulfillment, meaning, satisfaction, and well-being. In contrast to distress, which is the negative type of stress that is associated with anxiety, fear, and other negative emotions, eustress is seen as a beneficial form of stress that can help individuals grow and achieve their goals.

TMTs have acknowledged that deadlines can create a sense of urgency to complete projects, and this can be helpful in increasing motivation and productivity. When deadlines are met, TMT members can experience a sense of accomplishment and fulfillment, which can contribute to their overall well-being.

Furthermore, research has suggested that stress can have positive effects on health outcomes. For instance, studies have found that stress can lower the chances of developing breast cancer due to the suppression of estrogen levels in the body (Weaver, 2006). This suggests that stress can have both positive and negative effects on health and well-being, depending on how it is experienced and managed.

Eustress can be relevant to the topic of self-care in a few ways. First, eustress can be a motivator for individuals to engage in self-care activities. For example, if an individual recognizes that stress is a natural part of their work or daily life, they may use self-care practices to manage that stress and channel it into productive outcomes, such as improved focus or enhanced creativity. By recognizing the benefits of eustress, individuals may be more likely to prioritize self-care practices that help them maintain their well-being.

Second, engaging in self-care activities can help individuals turn distress into eustress. When individuals take proactive steps to care for their physical and emotional health, they may be better equipped to handle stressors...

…performance measures, such as financial data and productivity metrics, and subjective ratings from TMT members and stakeholders.

Hypothesis 3:

TMT Self-care: This variable will be measured using the same scale as in Hypothesis 1.

TMT Climate/Cohesion: This variable will be measured using the same scale as in Hypothesis 1.

TMT Performance: This variable will be measured using the same approach as in Hypothesis 2.

Hypothesis 4:

TMT Self-care: This variable will be measured using the same scale as in Hypothesis 1.

TMT Climate/Cohesion: This variable will be measured using the same scale as in Hypothesis 1.

Stakeholder Self-care Values: This variable will be measured using a scale that asks stakeholders to rate the importance they place on self-care activities for themselves and for others.

Firm Performance: This variable will be measured using the same approach as in Hypothesis 2.

TMT Self-Care

The scale for this variable could be the Self-Care Agency Scale (SCAS) (Sousa et al., 2010), which assesses individuals' engagement in self-care activities such as exercise, meditation, and healthy eating. TMT members will rate their engagement in various self-care activities on a 5-point Likert scale, ranging from 1 (never) to 5 (always).

TMT Climate/Cohesion

This variable will be measured using the Team Climate Inventory (TCI) of Anderson and West (1998), which assesses the perceptions of team members regarding the team's climate and cohesion (Tseng et al., 2009). TMT members will rate their perceptions of the team's climate and cohesion on a 5-point Likert scale, ranging from 1 (strongly disagree) to 5 (strongly agree).

TMT Performance

This variable will be measured using a modified version of the Performance Scale (PS) (Selden & Sowa, 2004), which assesses team performance based on team objectives, goals, and otcomes. TMT members will rate their perceptions of team performance on a 5-point Likert scale, ranging from 1 (very poor) to 5 (excellent).

Stakeholder Self-Care Values

This variable will be measured using a modified version of the Value Survey Module (VSM) (Schwartz, 1992), which assesses individuals' values and beliefs (Lindeman & Verkasalo, 2005). Stakeholders will rate their agreement with statements related to self-care values on a 5-point Likert scale, ranging from 1 (strongly disagree) to 5 (strongly agree).

Expected Outcomes

Based on the four hypotheses, several expected outcomes can be predicted: If Hypothesis 1 is supported, it is expected that TMT members who engage in self-care activities will report feeling more positive emotions, have a greater sense of well-being, and experience stronger TMT cohesion or climate.

If Hypothesis 2 is supported, it is expected that TMT members who experience a positive TMT climate or cohesion will report feeling more supported, motivated, and committed, which can lead to higher levels of TMT performance.

If Hypothesis 3 is supported, it is expected that TMT self-care positively influences TMT cohesion/climate, which in turn enhances TMT performance. This outcome would suggest that TMT self-care can be considered a valuable resource for enhancing team cohesion, which ultimately leads to improved performance.

If Hypothesis 4 is supported, it is expected that the moderating effect of stakeholder self-care values on the relationship between TMT self-care and TMT cohesion/climate is significant. This outcome would suggest that stakeholders who value self-care are more likely to support TMT members who engage in self-care activities, leading to stronger TMT cohesion/climate. Conversely, stakeholders who do not value self-care may view TMT members who engage in self-care activities as less committed or less productive, which can undermine TMT cohesion/climate.

Overall, the expected outcomes of this study will provide valuable insights into the relationship between TMT self-care, TMT cohesion/climate, and TMT performance, and how stakeholder perceptions of self-care can influence these relationships. The results of this study may have important implications for organizations seeking to improve team performance and well-being.

Conclusion

In conclusion, self-care is a vital concept that holds significance both at the individual and organizational levels. The demands and stresses of top management team roles can lead to burnout and decreased performance, making self-care even more crucial. TMT self-care can serve as a potential resource that can be utilized as an advantage for organizations. This study will contribute to the growing literature on self-care in TMTs and its implications for firm performance. The findings will have important implications for TMT members, stakeholders,…