CEO tenures are generally short, and every CEO must recognize when it is their time to pass the title on or move to a new company. Here are three ways to know if it is time to step down, according to a March 2 column by Jim Schleckser, head of the Inc. CEO Project, published in Inc.
Mr. Schleckser works with CEOs of high-growth companies and authored the book Great CEOs Are Lazy. With the average tenure for a CEO at just five years, according to a 2019 PricewaterhouseCoopers study, he says that there comes a time for every CEO to move on.
Here are three things Mr. Schleckser said to consider:
1. Your ideas have flatlined.
The influx of ideas when someone starts a new job typically flattens after five years, Mr. Schleckser said. If you're out of ideas, it may be best to allow someone new to come in. Moving to a new company could inspire a flow of ideas and restore motivation.
2. You're not excited to go to work
Energy can flatline as well. The excitement of a new environment and new people can wane. If you dislike your job, it can drain all your energy and keep you from being excited to go to work each day. This kind of energy can be felt by colleagues and be toxic. Mr. Schleckser suggests checking your own energy level and seeing how you feel about your job.
3. Your pay is too low.
Money is not the only motivator when it comes to work, but if you're investing your soul into a job and you're not properly compensated, it can be demotivating. In these situations, it might be time to move on to another job where the compensation matches the effort.
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