45 years old and married. Sleep seven hours a night, work nine hours a day. Spend an hour each day in the traffic in their Audi. Sometimes take work home. Have regular checkups. Even if they are not very interested in exercising, nor do they not take any at all. Go on vacation twice a year. Most prefer the Sunset restaurant for business meals. Begin to make plans for their retirement in their 40s. Dream of retiring when they are 65. Dream of taking a long holiday as soon as they retire. These characteristics are taken from a profile of CEOs in Turkey... The “CEO Lifestyle and Retirement” survey, which Capital conducted together with Anadolu Hayat Emeklilik, provides insights into the lives of high level executives.
155 CEOs from the largest companies in Turkey participated in the “CEO Lifestyle and Retirement” survey, which Capital conducted together with Anadolu Hayat Emeklilik. The survey showed that the average age of a CEO has declined and that it is no longer necessary to be over 50 to reach the highest level. 30.4 percent of the CEOs who participated in the survey were aged 40-45 and 21.5 percent were 46-50. There was a striking decrease in the number of CEOs who were more than 50. A total of 15.2 percent of CEOs were aged 51-55, while 3.8 percent were 61-65 and just 2.5 percent were over 65 and still serving as CEO. In terms of marital status, 83.5 percent of CEOs were married.
CEOs were particularly sensitive on the issue of health and 73.4 percent said that they had regular checkups. 44.3 percent said that they sometimes exercised. Most of them spend their non-working time with their families. In time not spent with their families they write books or their memoirs. They go to the theatre, ballet or concerts and have hobbies. The CEOs who participated in the survey were very average in terms of vacations. One in every three CEO took a vacation twice a year.
The Pace Of Work Has Recently Increased CEOs do not spend much more of their day working than ordinary employees. 36.7 percent said that they worked nine hours a day. 15.2 percent said that they worked 11 hours a day. 13.9 percent said that they worked 12 hours or more a day. 40.5 percent of the CEOs who participated in the survey confessed that recently they had worked more. 54.4 percent admitted that they took work home. 19 percent thought that it was natural always to take work home. One in four CEOs said that they never took work home.
Audi Is The Favourite Car When it came to the car that they drove in their private lives, the highest proportion said that they had an Audi. One in five of the CEOs who participated in the survey drove an Audi. 15.6 percent had a BMW. The other brands preferred by high level executives were Mercedes, Porsche, Volvo, Toyota, Alfa Romeo and Volkswagen. Sunset headed the list of their favourite restaurants for business meals. 16.6 of CEOs said that they go to Sunset for business meals. The other restaurants in the top five for business meals were Papermoon, Vogue, Ulus 29 and Borsa.
Retirement Is Not Not Working Retirement is one of the most important subjects on the CEOs’ personal agendas. They begin to make retirement plans when they are between 40 and 49 years old. 55.7 percent of CEOs say that they will work when they are retired. 40.5 percent say that will work in a low paced job. The results of the survey showed that private retirement plans are now beginning to become popular with CEOs. One in every two CEOs has joined a private pension plan. Long vacations head the list of CEOs’ dreams for retirement. 21.5 percent are thinking of going on a world tour and 14.1 percent on a tour of Turkey.
“Our Social Relations Have Increased Together With Our Salaries”
Tuncay Özilhan/Anadolu Group Ceo
Our Generation Is Better Off As the managerial generation changes, then inevitably so do the conditions and possibilities. Today we are a lot better off in terms of earnings compared with the previous generation of executives. The reason for this is the development of the country’s economy and the growth of companies.
Executives’ Salaries Have Increased As companies have grown, so have the possibilities, and they are competing in a more global environment. Foreign investments have had a positive impact on the situation. Foreign investment has resulted in an increase in the salaries paid to Turkish executives. Moreover, Turkish executives have more, not less, going for them than foreign executives.
They Give Importance To Exercise And Vacations Social relations increase with a rise in earnings. The growth in social and cultural associations increases these social relations. A rise in earnings affects many things. People pay attention to their health. There has recently been an increase in those who exercise and take vacations regularly.
“Vehbi Koç Believed That All Of One’s Time Belonged To Work” Can Kiraç/Former Ceo Of Koç Holding
“He Didn’t Want Us To Have Interests” Vehbi Koç did not want those who served in executive positions in the holding to have interests outside work. Because he believed that employees should devote all of their time to work. Despite this rule, I created a social circle by joining a Mason’s Lodge. I was one of the founders of the Izmir Rotary Club. And I succeeded in preserving the balance between my private life and my job right through to the end of my business career.
The Modern Business Environment Is Very Different Today’s high level executives work in a very different environment to the previous generation. The competitive conditions resulting from the introduction of a free market economy have changed the dimensions of needs, produced more active social lives and resulted in unethical offers during the transfer of executives.
Executives Should Avoid Going Too Far In such an environment, the annual salaries of high level executives are determined according to this new climate and rise to very high levels. I believe that today’s executives need to avoid getting carried away and take responsibility in their social lives.