A third of senior decision makers plan career change in the next five years, says research
New research released today by McDonald’s UK revealed that almost a third (29%) of senior decision makers are likely to consider a career change in the next five years, with 43% of Managing Directors thinking about a second career.
The research, celebrating 30 years since McDonald’s franchised its first restaurant in the UK, found that a quarter (25%) of senior company executives over 40 are likely to want to follow a new career path – evidence that career restlessness often associated with the young, is being echoed amongst the more experienced in business.
The key triggers for senior decision makers planning a second career are:
- Frustration with company decisions such as frequent strategy changes (50%)
- Unfulfilled personal ambitions (49%)
- Lack of time with friends and family (40%)
- Insecurity due to constant corporate reorganisations (34%)
- Travel demands (30%)
Over half (53%) of senior decision makers polled stated that they would consider a new role to establish a better work / life balance (52%), take more personal control over their working life (44%), or maximise their skills and expertise in a way that isn’t possible in their current role (34%).
Due to a feeling of lack of business control, almost a fifth (17%) of respondents would consider changing career to become a franchisee. Benefits amongst senior decision makers include having a proven business model (58%), it being lower risk than setting up a new business (49%), getting to own your own business (38%) and having access to training and support (41%).
This research was backed by evidence from leading life-coaching business Career Balance. Career coach, Diana Norris said: "We are seeing a growing trend among senior executives who are keen to begin second careers and are seeking our advice - high achievers who don’t necessarily want more, just something different. Despite the uncertainty of heading down a different career path, high achievers want a chance to create success on their own terms, fulfil their entrepreneurial ambitions, and take control of their own future.”
Commenting for McDonald's Franchising, VP for Franchising, Jason Clark said: "Unsurprisingly, at a time when certain macroeconomic trends are causing uncertainty in business, many senior executives are finding themselves wanting a change in direction – a second career. Many of our franchisees were already operating successful businesses before they came to us, whilst others have come from prominent careers in the private and public sectors.
“Our franchisees come from all walks of life, but the main thing they have in common is a passion for success. They were drawn to McDonald’s by the challenge and opportunity - giving people with broad senior management experience and entrepreneurial ambitions the chance to build their own business. With much of our future growth based on increased franchising, the opportunities are potentially life-changing; opening up new ways of working for experienced corporate leaders."
