ExecuNet’s analysis of more than 2,100 self-assessments of executive networks reveals that presidents and chief executives perceive their connections to be of the highest quality and greatest strength compared to those in other levels.
Nearly 3-in-10 presidents/CEOs considered their network quality to be excellent or very good, followed by 23 percent of CxOs. However, 81 percent of CxOs assessed their network quality as excellent, very good or good, compared to 72 percent of the president/CEO respondents.
Presidents/CEOs rated their relationships the strongest with roughly 40 percent reporting them to be excellent or very good, but when “good” is added to the assessment of relationship strength, CxOs, directors and vice presidents surpass the top officers. The large majority of all levels rated their network relationship as excellent, very good or good.
All levels had a high perception of whether their networks were mutually beneficial, with CxOs holding a slight edge over their president/CEO counterparts. At the lowest end of the range, 81 percent of managers rated their network reciprocity as excellent, very good or good compared to 86 percent of CxOs who had the same regard.
Overall, managers perceived their networks to be of the weakest quality and strength and less mutually beneficial than the levels above them, suggesting two possible reasons: 1) the time spent in management is directly related to how effectively you can build your network; or 2) those with the weakest networks don’t have the necessary support to move up in organizations.
“It could be that those who have a lesser amount of business responsibility the managers may still be thinking about networking as ‘What’s in it for me?’” noted Lauryn Franzoni, vice president of ExecuNet’s Executive Career Management and Networking Services. “Outward focus and willingness to give first deepens with success.”
What do college students have in common with senior-level executives? No, not an affinity for Facebook. They are both committing to short stays in their jobs.
The majority of the 247 college students surveyed by Right Management expect to remain with their first employers for fewer than three years, while ExecuNet-surveyed senior executives are actually staying in their jobs for around the same length of time.
61% of college students expect to remain with their first employers for less than 3 years
16% anticipate continuing to change jobs as quickly throughout their careers
34% said they plan to change jobs every 3 to 4 years
50% expect to switch employers every 5 years or longer
In response to ExecuNet’s 15th annual Executive Job Market Intelligence survey, senior-level executives routinely change jobs, companies and industries over their career-span, matching the movement that the college students anticipate. The two survey groups diverge at the expectation point: despite their experiences, executives are still casting loyalty as the ideal, with high hopes of remaining twice as long in jobs and organizations than they currently are.
The respective survey results suggest that college students have few loyalty behaviors to model, having seen parents voluntarily and involuntarily change jobs and companies with regularity. With the next generation entering the workforce with this transient mindset, it becomes more incumbent upon senior leaders to inspire managerial loyalty, in the absence of organizational loyalty.
ExecuNet’s surveys frequently find compensation fairly low on the list of reasons executives are dissatisfied at work, but age analysis indicates money is of the greatest importance to executives over 61-years-old, and job security only appears on the top five concerns for executives above the age of 51.
Respondents to ExecuNet’s surveys on age discrimination indicate that those who are in good health and have adequate finances expect to retire around age 66. However, compensation is driving many to stay employed as the large majority report that they are not financially prepared for retirement and they expect to keep working to remain financially secure.
The good news for organizations already agonizing over the knowledge management issues expected to accompany the senior-executive exodus is that more than 80 percent of executives plan to remain employed at least part time even if they are financially able to retire. In these part-time roles, executives can be the conduit for explicit and implicit organizational information for the next generation of leaders.