A new study shows that bosses in the UK’s largest companies – many of which are vastly technology-based – are getting younger. Leeds Hacks looked at the average ages of the board of directors for all the FTSE100 companies, and compared the stats for established industries to those of digital industries, which have either been revolutionised by or are heavily reliant on technology.
Industries such as computer software, telecommunications, and electrical equipment, are all completely and utterly dependent on technology, and they all have a significantly lower average age among their board of directors than that of more traditional industries like banking, tobacco, or pharmaceuticals.
An even bigger indicator of this trend can be seen when looking at the industries which have considerably refashioned or impacted by technological advancements in recent years. Industries that would qualify for this would be media, real estate, or insurance. All of these particular sectors have gone through some sort of shift due to the rise of the internet, social media, or other technology.
Placing focus on the media sector, every minor detail of the media has been affected in some way by new technologies, and the stats are showing that this has caused a shift in who holds the top places in these sectors.
But what do all these statistics mean? With a clear correlation between younger board of directors, and technology-based industries, it seems reasonable to assume that the older generations are being left behind. Perhaps they can’t keep up with the technology which is moving so fast ahead of them. As a result of this, the younger generations are stepping up to the plate.
Younger people are more likely to start up tech companies too and, as a result, appear in the FTSE 100 once those companies are successful.
This could well be a big indicator of what’s to come for other industries too. It’s only a matter of time before other sectors begin to be revamped by technological advancements, and that will mean that those who can’t keep up with the times, will be brutally forced out.
By George Webb