Chance Events in Executives' Careers: Positive & Negative Events, Expected & Unexpected Outcomes

Abstract

We study chance events and their impact on the careers of executives. Current literature focuses on factors that explain career success, but mostly ignores the role of chance events and the way they are perceived and utilized by individuals. The literature does not distinguish between different combinations of chance events and their outcomes. We employ a mixed method research design with responses from 682 executives. More than 60% had experienced a significant chance event that influenced their career. While the majority (nearly 75%) reported positive events that led to positive career outcomes, substantial numbers reported other scenarios of event-impact cases. Qualitative analysis revealed specific attributes of the four- quadrants framework, whereas quantitative analysis compared the groups regarding career-related constructs and psychological characteristics. Significant and substantial differences across the groups were identified, some of them counterintuitive. In general, those who reported a chance event and those who had experienced the negative event/positive impact scenario scored highest in career- related factors and psychological capital. We discuss implications, such as the need for resilience in both individuals and organizations, to help people overcome negative chance events. Our study makes a unique and original contribution to the literature by uncovering the role of chance events in careers.