Pity the bosses, who have to contend with all sorts of dilemmas as they figure out how to budget their time. On one hand, as CEO you’re also basically the company’s top spokesperson and therefore expected to be on social media. But creating thoughtful content requires a substantial time investment, and let’s be frank: that four-martini lunch is not going to drink itself.
Presented with these conflicting demands, most CEOs are choosing to just skip the whole thing, judging by a new study by business management software provider Domo, which checked up on the bosses of all the Fortune 500 companies and found that just 39% have a presence on any of the six big social networks (Facebook, Twitter, Instagram, LinkedIn, YouTube, and Google+). That figure is up 7% from last year’s “Social CEO Report.”
Furthermore, among CEOs who are on social media, the majority – 70% – are using just one network. Crunching the numbers, 61% of CEOs don’t use social media at all, and 27% use only one social network, leaving a mere 13% using more than one network. There is no Fortune 500 CEO active on all six of the major platforms.
Then there’s the question of frequency of usage. Here, it turns out many of the CEOs who are on social media are barely active. For example, 38% of the CEOs who have an account on Twitter haven’t tweeted anything in the last 100 days, a figure that’s actually up from 33% last year, while 32% have tweeted fewer than 25 times altogether since joining. Even active CEOs tweet on average about once every five days, down from last year’s average of once every two days.
Unsurprisingly, LinkedIn is the most popular social network for CEOs, with 32% on board, up 7% from last year. Just 11% of CEOs have Facebook accounts, up around 3% from last year.
Clearly, Fortune 500 CEOs are not setting the social media world on fire. However, Domo pointed out that this will change in coming years as younger execs, who are already been active on social media, are elevated to the top position.