1. They're not going anywhere
The key reason executives can get away with everything we've listed to this point is that companies have little choice but to keep them.
Their compensation packages are bulky, their contracts are locked tight and their employers are less prepared to jettison them than even their toughest critics might think. A survey conducted last year by IIC Partners revealed that one in every five executives surveyed couldn't be displaced in less than a year.
About 16% said their company didn't have a succession plan in place and that it would take up to three years to find their replacement. Another 4% said it would take a company even more time than that to come up with a suitable candidate for their job.
That situation becomes more acute for not-for profit firms -- 40% of which would have to take up to a year to replace an executive -- and is similarly trying for family-owned businesses. With that kind of security and just about no safety net for the companies employing them, why wouldn't executives just keep working with complete abandon?
-- Written by Jason Notte in Portland, Ore.
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