How much is a CEO’s time worth?
One of the benefits of training with a professional provider is like-minded professionals will be in attendance, augmenting the value of the course through networking opportunities and a professional learning environment. As this is the case, recently in one of our training courses in Las Vegas a great question by a student, Victor Berber, was brought up concerning CEO time as it relates to their pay – how much is their time worth?
According to Equilar, a leading provider of data for executive compensation and shareholder packages, the average pay and benefits for the top 350 CEOs in the US in 2016 was $15.6M per year. However those numbers may be misleading as the average among the top 10 of that group averages out to $50.9M per year.
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Looking at this from an ‘added value’ standpoint (facilitating schedules and minimizing downtime, etc.) we can incorporate data from a recent Harvard study which says CEOs average a 62.5 hour work-week.
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Applying this data, the top 350 CEOs make $80 per minute ($4,800 per hour) and the top 10 make about $260 per minute.($15.7K per hour) As astonishing as those numbers are, imagine the overall cost associated with downtime of a CEO as it pertains to what it costs the company. (not what their time is worth to them, but what it is worth to the company)
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“I can buy anything I want, but I can’t buy time.” – Warren Buffett
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To put that in perspective, according to PayScale an IT Professional earns an average salary of $59,072 per year, or $0.49 per minute. ($29.50 per hour), but if we look at the overall impact; according to Gartner, a leading research and advisory company for critical services, IT downtime costs the company an average of $5,600 per minute. ($336K per hour) or roughly 11,430 times what is costs the individual per their salary.
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Interesting, huh? As we saw among the over 60 professionals who attended last weeks courses in Las Vegas, having professional attendees leads to great questions, discussion, and the overall environment of the course. We hope to train with you soon.
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See our training schedule HERE
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Joseph M. LaSorsa, CPP® is currently a senior partner managing and conducting: Protective Operations Training Courses, Executive Protection & Bodyguard Services, Risk Management Consultations & Seminars, Security Expert Witness Testimony, Workplace Violence Prevention Seminars & Intervention Services, Security Consultations & Seminars, Private Investigations and Technical Surveillance Counter-Measures with LaSorsa & Associates – an International Protection, Investigations & Consulting Firm.
https://www.linkedin.com/in/josephmlasorsa
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