|
The fastest route up the corporate ladder today is through the marketing department, according to a year-long survey of global executives conducted by The Economist Intelligence Unit. Respondents from corporations in Europe, Asia, Latin American and North America are unanimous in their selection of marketing as the fast track for top corporate jobs.
"The influence of the highly competitive global economy is being felt in the executive suite," says Windle Priem, CEO and president of Korn/Ferry International. "The fight for worldwide market share is heating up and corporations are turning to proven marketing leaders to protect and expand their competitive positions," he adds.
The global economy also is pushing international experience to the forefront; it ranks second to marketing as the fastest route to the top. Finance, which had long dominated as the top career path for senior executives, falls into third place.
Marketing is favored by 37 percent of the overall sample, and by 42 percent of executives in Latin America. International experience is a close second in valued career paths, selected by 29 percent of North Americans and Europeans surveyed and 26 percent of respondents from Latin America. Asian executives identify marketing and international experience as equal in importance: Each was ranked number one by 36 percent of responding executives.
International assignments are considered essential for progressing up the ladder, Mr. Priem comments. "At one time, international assignments were viewed as the ‘kiss of death’ since sustaining a career path after repatriation was quite difficult. Now, executives are vying for these spots."
International assignments are particularly valued at industrial manufacturing companies, where international exposure was selected as critical by 38 percent of responding executives -- far ahead of R&D, finance and systems experience at 8 percent.
"Executives from every part of the world are consistent in their perception of the best routes to the top," says Mr. Priem. "This is in sharp contrast to a similar survey we did in 1989 and seems strong evidence that global competition is tending to create companies and management who think more alike, despite different cultures."
The Road To the CEO:
Remarkably Consistent Perspectives |
| |
Sample |
N.A. |
Europe |
Asia |
| Marketing |
37% |
35% |
39% |
36% |
| International Experience |
30% |
29% |
29% |
36% |
| Finance |
14% |
15% |
15% |
14% | |
The survey also identifies a well-defined menu of essential tools for developing leadership. First-ranked is providing high-potential employers with various functional and international experiences. Explains Mr. Priem, "Rotating potential leaders into varying functions and overseas assignments is becoming more and more prevalent. Companies are focusing on building future leadership through varied exposure to different key aspects of the corporation." Fast-tracking, succession planning and recruitment are also cited by respondents.
About the Study
Developing Leadership for the 21st Century explores what it will take to be a future leader and what companies are doing to develop that leadership. The research, which included a detailed questionnaire completed by over 160 international companies and in-depth interviews with over 75 senior executives from corporations around the world in a broad range of industries, has implications for executive development and recruitment planning at companies in all industries. explores what it will take to be a future leader and what companies are doing to develop that leadership. The research, which included a detailed questionnaire completed by over 160 international companies and in-depth interviews with over 75 senior executives from corporations around the world in a broad range of industries, has implications for executive development and recruitment planning at companies in all industries.
|
