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Biz News Korea(Eng)
Heir or heiress in Korean chaebol earn executive title in just four years: study
- Collected
- 2017.09.06
- Distributed
- 2017.09.07
- Source
- Go Direct
More than one out of 10 entered the company already crowned with an executive title. The favoritism practice is blunter among smaller-scale conglomerate, according to a survey on family-run businesses ranked in the top 100 scale.
It took 4.2 years on average for the 185 princelings and heiresses on the payroll of 77 groups to earn an executive title, said CEO Score, a Korea-based watch site on corporate management.
They joined the company at the age of 29.7 on average and got promoted to an executive position by 33.7. A salaried worker on average reached that position by the age of 51.4.
Twenty-two, or 11.9 percent, went straight to the top office upon joining the company despite having no experience.
While the earlier generation got into the company at the age of 30.1 on average and got promoted to an executive 4.7 years later, today’s generation joined the family business at the age of 29.9 and became an executive at 33.0.
The earlier generation became a president at the age of 43.3, or 13.5 years upon joining the company. The process has been shortened for the younger generation to the age of 40.4, or in just 12.5 years.
By Hwang Hyung-gyu
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]