Gear gets lighter and lighter. With the lightening, comes occasionally compromised function. Ice axes fall solidly into this category. The lightest axes available now are at least half the weight of equivalent tools 10 years ago. Mainly, this is ok. In most climbing and ski mountaineering settings, we carry an axe to arrest a fall and balance ourselves on steep terrain. A short, 8 oz axe is all one needs. When the terrain is mellow, we use ski poles. When the terrain is steeper and firmer, we add crampons and a rope and more technical tools.
Occasionally, however, we want to ask a little more of our lightweight ice axe. When chopping steps, digging bollards or t-slot anchors, or even when constructing a platform for sleeping on, swinging these little tiny ice axes is problematic. I've found a simple fix that at least makes the tool easier to hold on to. Simply wrap a stretchy, rubberized ski strap around the shaft near the spike. (You are carrying these ski straps, right? What can't you fix with it? Heck, even on our weight-obsessed winter Palisade Traverse we carried one to rig the Jetboil hanging kit.) This gives you a handle that offers surprisingly better ergonomics. I suppose you could also strap one nearer the head to give a little more "swing weight".