The competition for the Chief Executive Officer's chair is less fierce than it once was. In fact, a lot of top executives say the high-flying "corner office" salary isn't really worth the bother.
This is the result of a recent survey by the public relations company Burson-Marsteller and the Economist Intelligence Unit, who interviewed what are called business influentials around the world. On average, 54 per cent said they would not want the CEO position if given the choice.
For a fellow who started work selling donuts door to door at age 12, this lack of motivation to get to the top is perplexing. Though on a small scale, with only 100 employees, I much prefer the CEO title in my company than I would the alternative.
But what if I worked in a large organization, a publicly held company that had thousands of employees and was stretched across the world. What if I had to meet the demands of a market that was watched closely by my shareholders every day.
What if I knew that the average CEO lasted less than two years before being bounced out or taking on an even more challenging position? Worldwide, a Fortune 1000 CEO leaves his position every two days.
The 2005 CEO Capital Survey conducted by B-M and the Economist Intelligence Unit is one of a series of research initiatives conducted annually. Over the years, the survey has been ahead of the curve in measuring trends.
The highest levels of CEO disillusionment are found in North America and Europe (64 percent and 60 percent would decline a CEO offer, respectively). Asia/Pacific business influentials (51 percent) are divided about seeking the CEO role, and Latin Americans are the least negative - only 27 percent do not want to be CEO.
For the first time, global business influentials were asked their reasons for wanting or not wanting to be CEO. The overriding factor in choosing not to be CEO is the absence of a positive work/life balance.
More than six out of 10 respondents (64 percent) cite this reason as the leading obstacle to pursuing the corner office. Other barriers cited are the tyranny of quarterly earnings, persistent stress and intense public scrutiny.
Interestingly, global business influentials are less likely to cite the actual pressures of running a business - regulatory oversight, cost-cutting, talent development, stakeholder demands and critical media - as leading reasons for turning down the CEO position if offered.
"CEOs today are increasingly challenged by time zones, global markets, unpredictable crises and an expanding portfolio of stakeholders demanding attention," said Dr. Leslie Gaines-Ross, Burson-Marsteller's Chief Knowledge & Research Officer Worldwide and the study's architect. "Not until companies train the next generation of leaders to better balance work/life pressures will executives clamor for the top job."
Although generous compensation, perks and prestige dominate headlines worldwide, they are among the least compelling reasons given by global business influentials for wanting to be a CEO.
The top three reasons for wanting to be CEO are the opportunity for complex problem solving (56 percent), the ability to have a personal impact on the business (43 percent) and the satisfaction of having one's ideas implemented (36 percent).
A sizeable number of global business influentials also cite helping a company go from "good to great" (33 percent) and building a company that lasts (26 percent) as primary reasons for seeking the corner office.
In my view, these statistics argue heavily for what I have termed the 24-hour workday, a concept that recognizes the demands of globalized service and at the same time recognizes that CEOs and their executive teams need a balanced life.
This concept takes into consideration that there are many facets of a businessperson's career, and they can be balanced better if considered in terms of a 24-hour workday, where intellectual work can be anytime, but so can family and other personal time.
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