Corporate promotions take 2.5 years on average: StandOut CV study

LONDON, UNITED KINGDOM — A new study by StandOut CV revealed that employees at major corporations wait an average of 30.4 months or two and a half years for a promotion. 

The research analyzed the career histories of over 19,000 employees from the largest companies by market cap in the United Kingdom and the United States, using data from LinkedIn profiles.

Tesla leads in rapid career advancement

The study found significant variations in promotion timelines across different companies. 

Tesla emerged as the leader in rapid career advancement, with employees receiving promotions in an average of 10.4 months. This is nearly 20 months faster than the norm for large companies in the study.

JPMorgan and Diageo followed closely, with promotion times of 15.2 and 15.5 months respectively. Microsoft came in fourth with 16-month wait time for promotion, while HSBC has 17.2 months.

On the other hand, Rio Tinto, the world’s second-largest metals and mining corporation, had the longest wait time for promotions at 98 months or over 8 years). Chemical company Linde and information analytics firm RELX also ranked among the slowest to promote, with wait times of 60.5 and 53 months, respectively.

Internal mobility and loyalty in corporate culture

The StandOut CV study also examined the percentage of employees promoted from within each company. On average, 39.8% of employees across all companies studied had been promoted to their current position internally.

Linde topped the list with a 57.2% internal promotion rate despite its long wait time for promotions. Unilever and Eli Lilly followed with rates of 54% and 52%, respectively. 

In contrast, tech giants Meta and Google had the lowest promotion rates at 23% each. NVIDIA (28)% and Apple (37.4%) closely followed.

Industry-specific promotion trends

The research also revealed variations in promotion practices across different industries:

• Tech Industry: Faster-paced with an average promotion time of 24.9 months but lower internal promotion rates (35.2% average).
• Pharmaceuticals & Biotech: Average promotion time of 31.4 months with a higher internal promotion rate of 47.4%.
• Energy & Chemicals: Wide range in promotion times (22 to 98 months) with an average internal promotion rate of 47.9%.
• Financial Services: HSBC and JP Morgan stood out with quick promotion times (an average of 16.2 months) and high internal promotion rates (an average of 47.2%).

Implications for job seekers and employees

This study highlights the importance of understanding a company’s promotion practices when considering career opportunities in large corporations. 

While some organizations offer quicker paths to advancement, others may require more patience or have different approaches to filling senior roles.