Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
Conclusion 05: Tenure and Direction
For CIOs, reporting to the CEO doesn't just provide prestigeit correlates with greater longevity and perhaps company loyalty. These CIOs have held their job longer but spent fewer years as CIO at other companies. CIOs typically log more than 15 years in the IT department and, despite saying the job is getting tougher, seem eager to remain CIOs.
The old myth that CIOs last just 18 months in their jobs is just thata myth. The mean tenure in their current role is 4.3 years, increasing slightly for those reporting to the CEO to 4.9 years. And the mean time spent in their current role, be it at their current company or another, is 7.1 years. Seen another way, 65% of those who report to the CEO have been in their job three years or more, but only 47% of those who don't report to the CEO can make the same claim.
CIOs reporting to the CEO have spent fewer years being a CIO at other companies than those who don't2.1 years versus 3.5 years.
Most CIOs want to stay CIOs. Staying put rates 42%, while becoming CIO at another company rated 14%. Only 6% want to start their own company, 4% want to be a CEO, and a mere 2% want to be a consultant.
Only 31% of CIOs have a written succession plan for themselves.
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