September 07, 2017 13:20
It has taken the offspring of Korea's top tycoons just four years to advance to an executive position in the companies their families founded, whether they are qualified or not and regardless whether the conglomerate is publicly traded.
Industry tracker CEO Score surveyed the promotions of 185 members of chaebol families who are currently executives in the "family company."
The average time it took them to become an executive was just 4.2 years, joining the company at 29.7 and becoming an executive at 33.9.
Considering that the average age of an ordinary employee who worked their way up to executive level is 51.4, the chaebol scions benefit from a fast track that saves them 17.5 years.
The trend is even more pronounced in smaller conglomerates. While it took scions of the top 30 company founders five years to get to the top, it took those of the next 70 down the ranks just 3.4 years.
Twenty-two of the people surveyed became executives as soon as they joined the company, without any relevant experience.
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