While data analytics and machine learning are transforming business operations, global executive search thought leader John Hodge says connectedness is having the most direct impact on how C-suite leaders run their organizations.
Executives need to “take advantage of these new opportunities” to build a sustainable team that drives lasting success, says Hodge, managing partner of the Americas for Miramar Global. One key to winning the talent war is in assembling and onboarding the best possible C-Suite.
Bringing in the right leaders is critical because they become the steward of culture and must embody a company’s core values, he explains, and therefore will have a more dramatic effect on organizational operational effectiveness than other hires. “Any variance that they may have could shift the organization in a completely different direction,” Hodge cautions.
C-suite turnover in a tight labor market is shaping the leadership landscape at the start of the new decade. Chief marketing officers are the most likely of all C-Suite executives to leave a company, according to a 2019 analysis by Engage Talent. As many as 17% of CMOs were found to be interested or extremely interested in changing jobs compared to 9% apiece of COOs and CFOs, and just 4% of CEOs.
However, there also appears to be an exodus afoot in the corner office. A 13% rise in CEO departures in the U.S. at 1,160 was seen in the first nine months of 2019 vs. the same period in 2018, noted Challenger, Gray, & Christmas. It was the highest such turnover through the first three quarters of a year since the global outplacement and career transitioning firm began tracking CEO departures in 2002.
Hodge has identified five technology trends for better onboarding practices in 2020 that can help employers brace for C-Suite change and thrive across the organization. They include:
Connected enterprise technology increases communication and collaboration: Chat and progress tracking apps can strengthen work product and personal bonds, especially with new hires. The technology’s collaborative nature also helps flag problems or mistakes more quickly, with further direction given if needed.
Technology aids recruiting, hiring and onboarding: New platforms and programs allow C-suites to better standardize organizational expectations throughout the entire process to find candidates who are the best fit for skill and culture.
Automation improves employee experience and training: Connected enterprise technology makes it easier for new hires to access critical information from employee manuals and training programs, allowing more time to highlight culture and operations.
Data analytics hone performance management: Such information will likely have an impact on key performance indicators, meaning employees and managers alike could be personally affected by a transformation that’s critical to the company. Clarifying expectations and goals will help new executives address growth with confidence.
Shared ownership of output: Helping the entire workforce understand new technology and cultural initiatives will help them feel more engaged and likely to perform at their peak. Effective onboarding processes and connected enterprise tools make information more available, encouraging employees to develop more thorough analytics and adapt for better solutions.
This article featured in the Employee Benefit Advisor journal.