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Contact: Mark M. Anderson, President & Chief Economist Mark.Anderson@ExecuNet.com
203-750-1030, ext. 126
Average Executive Tenure Less Than Four Years
www.execunet.com June 15, 2005 005 — Amid increased scrutiny of corporate executives and growing shareholder impatience with poor financial performance, a recent survey conducted by ExecuNet, the executive job search and recruiting network, reveals the revolving door at the top of corporations is spinning fast.
According to the survey of 1,498 executives, corporate leaders are changing companies every 3.6 years – down from 4.1 years in 2002. Despite this increase in turnover, many executives are optimistic about what lies ahead – expecting to remain in their next job 5.4 years.
"Given the executive employment market's growth in the first quarter, recruiters have good reason to be bullish," says Mark Anderson, President of ExecuNet. "Looking ahead, the employment market should be significantly more active this summer than it has been during the last four years."
"Long gone are the days of gold watches and lifetime employment," says Dave Opton, CEO and Founder of ExecuNet. "Executives need to be continuously focused on implementing their company's corporate strategy and their own personal career development strategy – in today's market, both are of equal importance."
A separate survey of 223 recruiters reveals 18% of executives do not survive their first year in a new job.
To help executives succeed in a new job, ExecuNet offers the following guidelines:
1. Forget The Honeymoon
In the first ninety days in a new job, many executives make the mistake of getting caught up in minor details at the expense of building momentum and advancing broader goals. Given increased demands for immediate results, executives are no longer given a "grace period" to learn the ins and outs of the organization. In fact, what you can (and cannot) achieve during the first three months of a new job often determines whether you'll ultimately succeed or fail.
2. Balance People With Process
Balancing interactions with transactions will help you integrate into a new organization faster. Don't overlook the importance of interpersonal activities that build relationships. Getting to know your boss, peers, and subordinates as soon as possible will help you learn the company's culture and gain buy-in on critical decisions that require change.
3. Build Your Team
Evaluate each member of your team individually to determine whether or not they're able to meet the demands of the situation. Be prepared to make difficult personnel calls early in order to build the strongest possible support cast. The people you surround yourself with in the first three months can make or break your transition.
ExecuNet, a career management and recruiting network for executives and recruiters, is a recognized authority in executive hiring and recruiting trends. ExecuNet helps members identify career opportunities and attain professional success by providing exclusive job postings, opportunities and tactics designed to expand personal and professional networks, and career advancement strategies.
Founded in 1988, ExecuNet also serves recruiters and corporations as a leading source of top-tier executive talent and proprietary research. For more information on ExecuNet visit www.execunet.com
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