Many people go into tech wanting to work in a fast-paced, innovative field, and holding a senior position or C-suite title may seem like an enviable position.
But Silicon Valley and the tech industry has hit choppy waters recently, with a long list of layoffs and executives talking about battening down of the hatches amid concerns of an economic downturn.
Meanwhile, recent research suggests that many leaders working in tech are turning to alcohol and substances to cope with the high stress and uncertainty of their jobs.
All Points North, an addiction treatment center in Colorado, published a report examining the findings of a survey conducted by Censuswide among 501 tech executives working in firms with over 1,000 employees. The survey, titled "2023 Mental Health in Tech Report," was taken between April 27, 2023 and May 15, 2023. The results showed high rates of heavy alcohol use or alcohol use disorder, substance use and misuse, and poor mental health among tech executives.
Many tech leaders also reported being worried about the future of their careers — and whether or not they will have a job. Layoffs and the rise of artificial intelligence make some executives feel insecure in their positions, according to the survey. APN's report showed 77% of executives saying that layoffs have negatively impacted their mental health, and 74% worry that improvements in AI will render their positions obsolete.
Along with long-term fears of job loss, some tech executives reported struggling day to day. Long hours and high stress levels cause executives to turn to substance use. 45% of executives surveyed reported using painkillers like Codeine, Oxytocin, and Vicodin, according to the survey. The use of stimulants and sleeping pills is also common, at 34% and 35% respectively, according to the report's findings.
Along with controlled substances, heavy alcohol use was reported by tech executives. Half of APN's respondents self-identified as heavy drinkers, or those that consume between three and seven alcoholic drinks a day. 51% of respondents report smoking cigarettes or nicotine vapes within the last three months.
During the pandemic, CEOs saw high turnover rates due to burnout, Insider reported in July 2022. During the first quarter of 2022, CEO turnover rose to 29%. This high rate has continued into 2023. According to APN's report, 1 in 3 C-suite level tech executives say they are looking for new jobs.
If you are struggling with substance use disorder, help is available. Call the Substance Abuse and Mental Health Services Administration's national helpline at 1-800-662-4357 for free, confidential help.
