If you look around at executives and notice they may be a bit older than leadership in the past, you’re right. A new study shows that their age is on the rise. Perhaps we can attribute that to a delayed retirement courtesy of the recession.
According to The Wall Street Journal, research from the University of Pennsylvania’s Wharton School and Madrid’s IE Business School shows executives’ ages are on the rise. Not only that, the time spent in each role is also increasing as they’re staying longer in their current roles.
In previous years, it was a little known fact that execs at the top rung of the corporate ladder bounced around from one company to the next. Well, they also experienced the impact of the recession by seeing their own movement being stalled.
Although they were probably at the helm calling mass layoffs for their teams if they weren’t already pink slipped themselves, executives who remained in their roles weren’t immune to the economic downturn. And as they delay retirement in order to continue working, they’re not exactly vacating seats for others to move up the ranks.
For the study, biographies were analyzed of top leaders from 100 companies dating back to 1980. The first part of their study analyzed big wigs through 2001 and the latter part focused on research through 2011.
The good news, says co-author Peter Cappelli, is that movement will pick up more by next year. He explains in the piece, “People wear out their welcome and even the people who are welcome don’t want to stay any longer.”