Were things different back in the day? Maybe, due to certain structural differences. There were pensions, which tied employees to the long term futures of their companies. There was investment in training new recruits. There was promotion from within. Today, by and large none of those things exist. Companies, even ones who have the resources and should no better, are more interested in finding someone already trained (and griping about how they can't find them) than investing in training new people (and of course they fail to realize the correlation between the two phenomenon). They prefer to bring outside people into management/executive functions instead of promoting from within.