Digital is the present. Not the future. India is seeing unprecedented activity in tech-enabled businesses and digital transformation of existing businesses. This has changed the rules of the game necessitating corporate leaders to adapt or perish.
The following will shape the hiring trends for C-level executives in the near future.
1. Technology orientation – technology as enabler or driver of business
Technology has changed the course of the business world and taken it all together to a new level. It has not only brought in new solutions but also new challenges. Companies today, want their Executive Leaders to be technological experts with a better insight to incorporating that technology with their existing business model. Dig out the transitional problems and make sure the amalgamation of the technology and business bring about an optimum change in the company. Automation is the keyword for the companies that were already reliant on technology, in order to keep up with the fast growing Asian manufacturing companies. This is why companies are deliberately looking for the C-suite equipped with tech innovation ideas and new growth concepts. However, it seems like a herculean task to find a perfect combination of experienced and technologically innovative Executive, but this change is inevitable.
2. Data Analysis – Information is the new gold
What was completely out of the picture a decade ago has now made its way in every organization’s portfolio in a dominating way. Data Analysis and its impeccable implications in business growth and success have created altogether a new vertical in the industry. A new department segregated from the finance department was the need of the hour because companies need detailed data for predictive analysis and forecasting in every segment of the business, right from the sales growth prospects and marketing strategies to organizations internal churnings. Organizations are hiring Chief Data Officers to work together with the rest C-suite to grow the business with data-powered strategy and accurate predictive analysis. The recent introduction of Big Data Science in the industry has created a tectonic shift in the financial strongholds and the need for Executives with expert data analytics has come up to its apex.
3. Innovation in Business Models – disruption of markets
Business models have gone from gaining larger economic value compared to their rivals to completely displacing the market by creating a disruption in the market creating their own business model.
The growth of BitCoin shows what traditional banks have lacked over the decades even with the help of technology. BitCoin, with their BlockChain technology has not only disrupted he market but also created new growth opportunities for companies operating in different companies. Same can be said about Uber, AirBNB, OYO Rooms and many other modern day asset light companies. They primarily depend on technological expertise and creating their own market by spending more on customer acquisition than any of the traditional companies. This has helped boost many medium scale companies to operate pan India quicker than traditional economic value based companies. These innovative companies have made large movements in top level management to ensure rapid growth.
4. Navigating complex business environment – larger global players, government regulations
With FDI being allowed as much as 100% with automatic entry points, it has been the best possible route for Multi National Companies to come to India and gain market share. Entry of Walmart into Indian market via acquisition of our very own billion dollar baby Flipkart, shows that MNCs are ready to watch the local companies fight it out amongst their own from the sidelines and avoid the initial struggles and risks that a foreign company may face in newer markets. The merger of Vodafone and Idea is one such example of navigating complex business situations.
5. Catering to rapid changes in consumer behavior
Millennials finally reaching the stage where they have a say in the market has brought in new challenges for every company. They now have the buying power which makes them influence the market in their favor. The needs of the traditional buyers remain the same as the bulk of spending power still remains with them. Catering to both the generations is one the biggest challenges that a company has to face. Only the innovation of products and enhancing the buying experience can help the companies bridge the gap between generations and build a sustainable business model. With the growing trend of online buying the war between the Online and Offline sellers has been beneficial for the buyers, this has led to companies aggressively changing the leadership team in order to find the right balance of age and ideas in the organization.