CCO turnover reaches five-year low
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Chief communications officers are staying in their roles longer due to the stagnant job market, economic uncertainty and a slowdown in CEO turnover.
Why it matters: It's creating a bottleneck for up-and-coming communications talent.
By the numbers: In 2021 and 2022, turnover among CCOs was two times the rate of that in 2023, representing a five-year low, according to a new report from executive search firm Patino Associates.
Zoom in: This goes for CEOs too. Typically, chief executives average about seven years in their roles, but turnover has slowed, which has created a ripple effect across the C-suite.
- CCOs are typically linked to the CEO, and when there's a CEO transition, communications and finance leadership are often the first to go, the report states.
The big picture: Americans are staying in the workforce longer. The number of people who work past the age of 65 has quadrupled since the 1980s, according to a Pew study.
- Meanwhile, job openings are at their lowest level in three years as Gen Z enters the workforce at higher rates.
Between the lines: The lack of turnover is limiting the opportunities for up-and-coming talent, as well as former CCOs who are currently on the sidelines.
- Demand for outstanding communications and corporate affairs is not waning in the C-suite but competition is steep, says Patino Associates CEO Michael Patino.
- Many senior- and mid-level communicators are having difficulty making the jump given the lack of opportunities. In response, in flux comms leaders are serving in fractional roles, launching their own firms or consulting full time.
What they're saying: Communication leaders have been more risk averse over the past year, given the economic uncertainty and reduced executive-level job inventory, says Jessica Bayer, DHR Global's managing partner for corporate affairs and communications.
- "As the economy gets better and IPO and merger and acquisition activity increases, we expect to see a rise in newly created opportunities for communication talent. When this happens, senior leaders tend to move around more freely, which in turn provides more opportunities for rising talent."
💠Our thought bubble: Staying in a role longer isn't necessarily bad. The trick is not to let longevity be misconstrued as complacency — which is the enemy of comms given the current AI transformation, evolving media landscape and ever-changing stakeholder demands.
Go deeper: The fractional CCO takes shape
