Commentary

630 Thousand Execs Control 2/3 of the US Workforce

630 Thousand Execs Control 2/3 of the US Workforce

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According to a new survey carried out by Ipsos Media, America's senior executives, CEOs and other C-suite officers from mid- to large-size companies have a ferocious appetite for quality business information.

The survey shows the average American business leader is male, aged 51, earns $408,000 per year, and has a personal net worth of $1.7 million. As a group, they garner a total combined annual income of $246 billion with combined personal net worth valued at over $1 trillion. A significantly powerful and affluent group, these individuals are highly educated, motivated, and are eager to acquire new knowledge and quality information. Interestingly, more than half said money was not their key motivation, showing quality of life is a high priority amongst the business elite.

The survey shows that America's 630,000 senior business executives represent over 72,000 companies, responsible for over $1.7 trillion in annual expenditures, a figure greater than the gross domestic product of Italy, or that of Russia and Australia combined, and look after the interests of 144 million employees, approximately two thirds of the US workforce, or half the nation's adult population.

Hugh White, Director of Ipsos Media in the US, says "We... peek into the minds of corner office America and understand the way they consume and use media..."

The report says that the internet is becoming a major source of information, with over two thirds spending more time reading business information on the web than in the past. Although executives view the internet as being a particularly good source for business news updates, only 7% are willing to pay for online business news.

Over three quarters of the "business elite" surveyed claim a website is an important part of a business publication's overall offering, while only a third claim that a website is an important part of a TV channel's overall offering.

Other top level findings from the survey uncovered that:

  • Nine in ten have read the last issue of any print media
  • Seven in ten have watched any Network TV channel in the previous day
  • Six in ten have watched any Cable TV channel in the previous day
  • Just over half went online in the previous day
  • Seven in ten have received a daily email alert or newsletter in the last month
  • Nearly half have streamed or watched a broadband video from computer in the last month
  • A third have read a blog in the last month, but only 5% have actually contributed.
  • Nearly a quarter have downloaded a podcast in the last month

The American Executive claims that their attitude toward business is one of sound management with a willingness to take calculated risks if they feel they have good, trustworthy information. More key findings include:

  • Nine out of ten say they like to keep up with the news.
  • Eight out of ten say they are not afraid to take business risks.
  • Seven out of ten agree that return on investment is a key factor in their business decisions.
  • Eight in ten claim their most senior managers play a major role in business purchasing decisions.
  • Nine in ten will only do business with companies with a favorable brand image, with five out of ten claiming those brands need to be well known.
  • Nine out of ten also say they are prepared to pay more for quality.
  • Eight out of ten claim to have good relationships with suppliers but are cautious when engaging in a relationship with a new supplier.

The complete release for review may be found here.

 

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