The C-Suite in the digital age
In today’s digital day and age, senior executive roles continue to shift and shape, undergoing radical transformation. New and changing executive roles are testament to the impact of digitalization across enterprises, with a 180-degree mind-set change required to succeed in the digital world. Senior leaders will continue to face trial by fire – refining leadership and empowering a new generation of creative thinkers through the power of data.
As CEOs continue to strengthen and normalize their leadership teams, temporal roles will either fall out of fashion or be calibrated to drive the key digital, data analytics and customer programmes in 2017. It will be no surprise if traditional and functional roles such as the Chief Marketing Officer and Chief Financial Officer evolve, and new customer and business-centric functions emerge.
The keys to effective acquisition, management, development and retention of the right talent in the organisation are simple. Here are some top tips for business leaders to deliver business value to their organizations using data:
A License to Innovate: Data Driven Decisions throughout Organizations
Organizations must tap into their greatest assets – their employees – to win in a customer-led and digital-centric market. A data-driven mindset and collaboration through the entire organization is the key to success. Insights from one department can be used to shape another, as case in point. Customer patterns, employee lifecycle, turnover rate can be used to co-relate with employee benefits and incentives from the finance team. For instance, using data gleaned from sales performance, we have learnt that sales compensation needs to be tied to attainable metrics of success every quarter, to ensure a consistent level of business delivery, employee satisfaction and engagement.
To achieve this, we have redefined what performance management should look like at Commvault. Performance reviews and ratings have been dropped, while an unlocking potential process has been introduced. We focus on strengths and how you can identify and leverage them in more ways, instead of the traditional approach of focusing existing gaps in skills.
Upskilling and Development: Preparing Leaders for the Future
When organizations continue to invest in employees, development of new skills that allows them to cope with the transformation of roles and job scopes is also crucial. Workshops, skill development programmes, and grassroots initiatives are all important in boosting morale, also allowing businesses to reduce turnover and build a strong company culture.
At Commvault, we recognise that there is tangible value in diversifying the enterprise by bridging gender differences. Our Women in IT initiative is a great example of this. This initiative came from employees themselves, stemming from their enthusiasm and beliefs that there should be a level playing field, regardless of gender. We now have chapters in each market, recognizing women’s contributions and appointing women to key leadership positions over the past year. Women are encouraged to active steps in their careers early on, so the pipeline remains rich with female candidates. While the initiative is still being rolled out, we have started to see a revitalized work culture across the organization.
To achieve similar growth in your organization, look beyond gender differences and listen to employees. Start by asking them what skills they wish to acquire to make them feel more competent or help them boost their performance today?
Go Your Own Way: Build Your Own Talent Acquisition Capabilities
Another key to success is finding your own talent. Most organizations rely on agencies and recruitment managers to find talent, but using data internally could yield better results. Building your own talent acquisition capability is a viable solution, using data-centric tools to start building a proactive sourcing engine which can identify and cultivate talent ahead of an opening, instead of always running behind.
This is particularly crucial in a period of hyper growth, where it is extremely important to have a strict process in place to ensure there is consistent cultural measurement. In such times, there is always a temptation to hire rapidly, but it is important to screen candidates for culture fit, have them embedded in the company culture so as to become meaningful contributors to it.
These are just three of the strategies that executives can implement in an organization to accommodate to the digital disruption that all industries are forced to face today. The road to success is long but clear – it all begins in the boardroom. C-suite executives must embrace the digital age, be clear on steering an organization through the world of big data and capitalize on data to face disruptive forces and stay relevant in the future.