Career Chaos

CEO PAY: OUT OF CONTROL?

Coaching executives on managing their careers, I hear from those who pledge their lives to their companies, working long hours for barely a six-figure income. I ask them, "Is it worth it?" And they reply," What else can I do?"

I couldn't believe my eyes when I recently read an article in Business 2.0, "Ending CEO Pay Envy." I had no idea that CEOs in the U.S. earn "more than 170 times the average worker's pay." In Great Britain, the article continued, "that multiplier is just 22." So what's up with that? (BTW, CEOs earned only 40 times more in the 1970s - only...)

More stats from the article:

• The median salary for CEOs of the 100 largest U.S. companies hit $17.9 million in 2005 - a 25% jump over 2004
• U.S. workers got a 3% raise in 2005

What's the author's solution to the problem? He advocates that everyone stops writing about it as it just fuels the fires. If not discussed, the CEO pay pendulum will stop swinging and move back to its balanced state. Really? No, seriously, really?

So, think about this picture as you fire up your laptop at your son's next Little League game. Do you think you can become one of the CEOs in the out-of-this-world income levels? How many times have you won the lottery lately?

CAREER CHANGE IN MIDLIFE

It seems this year that all the major news magazines are focused on Baby Boomers, retirement issues, and life after 50. Rightly so, since this age group is the largest demographic in the workforce.

The first of the boomers turn 60 next year and employers are starting to worry who's going to replace them. Boomers, on the other hand, are starting to think about new career choices to take them into their 90s and beyond.

A recent article on this topic appeared in the July 25 issue of Business Week. Some interesting ideas here, but are they practical? You be the judge.

FROM TECH VP TO TRUCKER

A lot of career changes are driven by unplanned circumstances called layoffs. Why is that? Why does it take such a major career event to happen before one realizes he isn't happy and wants to do something else? Or does the change happen because one is settling for something less since he can't get work doing what he did before?

Following his layoff, one tech exec chose to start his own trucking company as a way to change his pace of work. Perhaps it takes a life crisis to jar us out of complacency - to really examine what's most important - to make a commitment to do what's best for ME.

What do you think?

NEW CAREER FOR MOM

Some of my career coaching clients are mothers who left powerful careers to raise families and now seek their way back into the workplace. Since the "old" job may not be there anymore - what next? Here's one mother's career path reflecting her career changes - from sales and marketing to stay-at-home mom to .... drum roll - recipe development! She "works as a research chef consultant in the test kitchen cooking new recipes and reformulating old ones." Cool!

If you are a mom making a career change to reenter the workforce, please share your story here to inspire other moms who are trying to solve this dilemma. Thanks!

ANYTHING IS POSSIBLE

Did everyone see the Academy Awards show last night? Though not directly related to career change per se, I can't help but comment on Hilary Swank's best actress acceptance speech. Now a two-time Oscar winner, she remarked about being raised "in a trailer park" and look what she's achieved.

Sure, she's an actress, but that wasn't always the case. Maybe luck played a role in her career success, but if you take a deeper look at her career path, I'm sure you'd find a lot of hard work, perseverance and focused goals.

I think this just goes to show that anyone can achieve career success provided you know what you want and set out to get it. What do you think?

CREATIVE CAREER CHANGE OVER 50

What happens when you're over 50, have no degree and get laid off from a $198K per year job? Out of work 5 years with no access to free job search assistance, you live off your savings and wonder if you will ever work again. Read how a 59-year old man discovered a new career path with a Career Change Out of the Blue.

MAKING CHANGE HAPPEN

Bill and Kathy (two of my former clients) found ways to quit the corporate rat race and conquer change with the help of coaching. Read how they did it. (Available for limited time.)