Like the idea of working for a company that offers fast career progression? Well, electric car manufacturer Tesla is the quickest around in terms of the speed in which it gives its workers a promotion, according to a new study.
Staff at Tesla only have to wait an average of 10.4 months before they can expect to be promoted to a better role. That’s compared to the slowest in the study, mining corporation Rio Tinto, where the average wait time is more than eight years.
Jobs at Microsoft, financial institution JPMorgan, and drinks company Diageo also feature towards the top of the list. While German chemical company Linde has the highest promotion rate, with 57.2% of its workforce having come to their current position via an internal promotion.
Future Promotions Are Sustainable
The research – which was carried out by CV creation company StandOut CV – found that the average waiting time for a promotion across companies is 30.4 months; that puts Tesla one year and eight months ahead of the curve.
Tesla also boasts a promotion rate (i.e. the amount of employees sampled who had reached their current position via a promotion) of 47.1%, which is ahead of the industry average of 43.1%.
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JPMorgan (15.2 months), Diageo (15.5), Microsoft (16) and HSBC (17.2) place next on the leaderboard of companies offering the fastest average promotion time, with Rio Tinto (98), Linde (60.5), analytics company RELIX (53) and pharmaceutical company Eli Lilly (47.1) at the other end of that list.
While not necessarily promoting with speed, Linde tops the promotion rate chart at 57.2%, followed by Unilever (54%), Eli Lilly (52%) and infrastructure corporation Broadcom (51.7%). But getting a job at Google offers least chance of progression, coming in at just a 23% promotion rate.
“Most employees are due a promotion: on average, employees have worked in their current role for 48.6 months – 18.2 months longer than in their previous position at the company.” – StandOut CV
Get Ahead with Tech
Tech companies generally have the edge over other industries when it comes to the speed with which they promote people. Amazon (18.8 months) and NVIDIA (19.9), for example, performed admirably by this metric.
“On average, it took just over two years to be promoted in a tech company – 6 months quicker than the study average.”
That compares to favorably to pharmaceuticals/biotech and energy/chemicals companies, who are slower than that mean of 30.4 months to promote their staff.
World’s Largest Companies Surveyed
To come up with their data, StandOut CV appraised 20 of the biggest companies in the US and UK according to companiesmaketcap.com.
From there, they looked at the job profiles of 19,363 employees (between 944-999 per company) on LinkedIn in both territories, specifically looking at the last three listed employment titles on each employee’s job history.
They then calculated whether the employee’s most recent job change was a promotion, and what percentage of current employees at each company had been promoted from another position in the same company.
