Top Executives are Failing to Invest in Their Careers

LONDON - 26% of Highly Paid Executives Spend Absolutely Nothing on Improving
Personal Performance

- Yet Experts Say Top Executives Should be Investing GBP6,000 Per Annum
on Being a Better Boss

TheLadders.co.uk (www.theladders.co.uk), the site for
GBP50K plus executives and jobs, has found that Britain’s top brass are
failing to invest in their careers in spite of more pressure and tougher
competition for jobs.

In a study of 1439 of Britain’s top executives, 26% say that
they spend nothing on services such as coaching, training, career guidance,
whilst 35% spend less than GBP500 per year. Yet experts say that at this
level, executives should be re-investing over GBP6,000 per annum to make
themselves a better leader and business contributor.

77.8% of those surveyed(i) said they invest less than GBP1,000
per annum on improving their skills and prospects. 12.9% spend GBP1,000 to
GBP3,000 and 4.7% spend GBP3,000 to GBP5,000. Just 4.2% of Britain’s highest
paid managers invest GBP5,000 or more; the amount that experts in personal
development recommend for a top executive.

The results show that in spite of increased pressure and
competition, very few senior executives consider it a personal obligation to
update or develop new skills and working practices.

“As companies scrutinise value for money from their highest
paid staff, and senior candidates face unprecedented competition for jobs,
having a strong portfolio of skills and personal credentials are more
important than ever,” says Derek Pilcher, Managing Director of
TheLadders.co.uk.

The list of career spending recommended by experts for top executives
includes:

Career Service Recommended
investment per
annum

Executive coaching (how to be a better boss / employee) GBP2,000.00
@ bi-monthly sessions.

Training (skills and talents necessary for the GBP1,600.00
industry / market) @ two courses per annum.

Appearance (styling, grooming) @ annual style overhaul GBP1,800.00
and regular grooming

Personal branding and marketing (networking, CV, GBP1,000.00
profiling)

When asked how much they spend in career enhancement, 75% said
they had never used a career coach and whilst 78% of those surveyed had taken
training courses, 34% had spent less than GBP500 on them.

However, the shaky job market is focusing executives’
attention on sharpening their skills. 56.5% of executives plan to invest in
training in 2009, whilst 42% said they’d be updating their work wardrobe and
30% plan to have their CV rewritten.

(i) Statistic includes 26% who spend 0 and 35% who spend less than £500

Source: TheLadders.co.uk

rebecca.oatley at cherishpr.com, Tel: +44(0)20-8996-9543