Emerging Executive Roles For The New World
The world is changing and so is the C-Suite. Technological and social disruption have re-shaped everything from consumer needs to how businesses operate. New roles have been developed to not only respond to change, but create it. Below are 6 emerging executive roles redefining the C-Suite and why companies need them.
Chief Digital Officer (CDO)
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The primary role of a Chief Digital Officer is to direct the development of digital operations and transformation. Their goal is to create new revenue streams, enhance customer experiences, and improve operations through digital processes.
There can be some overlap between the Chief Digital Officer and the Chief Information Officer (CIO). However the key distinction is that a CIO is focused on optimizing the efficiency of existing processes and business models, whereas the CDO is responsible for transforming them.
WHY COMPANIES NEED THIS ROLE
As more and more companies are born digital, it may seem that the CDO role should be decreasing in popularity and held only in companies of traditional industries that need overhauls of their business models. However, if the pandemic has taught us anything, it’s that you’re never at the finish line of digital excellence. Technology and consumer expectations and needs are constantly being disrupted. Forward-thinking companies know that they need best-in-class leadership to anticipate and respond to these changes with competitive and innovative digital solutions. As such, it’s no surprise that we have seen search and hiring demand for CDOs increase significantly year over year, and we expect this trend to continue.
Chief Innovation Officer (CINO)
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As one of the newer C-Suite positions, this role is still going through its defining stages and tends to vary by industry. However, ultimately a CINO is responsible for leading the identification and development of new business capabilities, products and business models in a way that differentiates the company.
Similar to CDOs, CINOs are key change leaders and visionaries within the organization and are more focused on the future than perfecting what exists. CINOs come from a variety of backgrounds, including digital, engineering, research, design, product development and marketing. The CINOs scope can be wide, having them champion innovation across many departments, or focus where the company needs it most - for example in product design or customer experience.
It’s important to note that Chief Innovation Officers are not responsible for all of the innovation ideas within a company, and hiring one with that expectation is a sure sign of future struggle. The reality is, almost every person at an organization has a responsibility to innovate what they do in their role and contribute to the overarching innovation of the company. CINOs create the processes that source, mobilize and enable the ideas of others to unlock the highest potential of innovation within a company and break down its barriers.
WHY COMPANIES NEED THIS ROLE
COVID-19 unveiled serious gaps in executive teams, with companies falling short of innovation and execution speed in a way that stunted business growth and in some cases put brands on a path to obsolescence. There has never been a time where a business’ ability to innovate has been more critical. Many businesses are now identifying the need to re-invent themselves and create a sustainable competitive advantage through constant innovation. It goes without saying that the role of CINOs were built for this and their value will continue to parallel the increasing speed and volume of disruption.
Chief Data Officer (CDO)
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Data has become one of the most valuable assets a company can have. Over the years, CIOs have had their hands full with managing technology, networks and system issues surrounding data. What has been missing is the leadership role that would help companies harness the power of data and accelerate digital transformation. And thus, the role of Chief Data Officer was born.
Chief Data Officers are responsible for leading the organization's data strategy and prioritizing data-driven initiatives. They are essential in creating a data culture and literacy, advancing the use of data, and improving data quality. They empower teams across the organization to make data-inspired leaps of faith while also reducing risk.
WHY COMPANIES NEED THIS ROLE
The amount of data is increasing exponentially. Businesses that do not prioritize the strategic gathering and use of data can quickly find themselves outpaced by competitors who do. One of the biggest barriers to digital transformation is the resistance to change from leaders clinging to historical success models. A strong Chief Data Officer can refresh the C-Suite by fueling top level strategy with both the data and communication skills needed to change traditional mindsets. The role of CDO is one that both spearheads and inspires innovation across the organization.
Chief Experience Officer (CXO)
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Chief Experience Officers are charged with continuously improving the holistic customer journey and making the customer experience (CX) a staple consideration in boardroom strategies. They are also responsible for motivating employees to provide outstanding CX by encouraging customer empathy and giving volume to employee perspectives. Through research, analytics and feedback loops, CXOs aim to understand the end user as best they can.
CXOs are as much champions of customer and employee feedback as they are designers of the solution. They see every problem as an opportunity to be better and actively build new ways of listening to and identifying issues.
WHY COMPANIES NEED THIS ROLE
Many of the notable startups in recent history - such as Airbnb, YouTube, Instagram, Etsy, and Kickstarter - were founded by designers who disrupted their industries with a focus on customer experience. Their innovative approaches to CX have irreversibly changed what people thought was possible, and as a result, customer expectations.
This ongoing disruption can either be one of your competitive advantages or biggest threats. CXOs step in not only lead the innovation around CX, but break down silos to create common veins of customer empathy and experience standards across the organization. Companies who hire CXOs have made the strategic decision to prioritize CX and attempt to lead the disruption in our new experience economy.
Chief People Officer
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Chief People Officer? Sounds a lot like Chief Human Resources Officer (CHRO)... So what’s the difference?
There can be overlapping responsibilities between a CPO and CHRO, but typically a CPO is much more focused on the culture, talent and workforce strategy whereas a CHRO is focused on policy and processes.
The Chief People Officer leads the strategy for attracting and retaining top talent. They are both consultants and hands-on leaders in the execution of hiring, training, performance management and employee development. A CPO works to constantly improve employee engagement while creating people-centric and data-focused strategies that maximize employee potential.
WHY DO COMPANIES NEED THIS ROLE
The talent you have today can make or break a company, regardless of historical success. To attract transformational people, you need to provide a unique employee experience and a culture that rewards their innovation. CPOs work to see the business from the eyes of the employee and candidate to create highly effective acquisition, engagement and retention strategies.
COVID-19 has accelerated remote work and changed employee needs. All the in-office perks of free snacks, ping pong tournaments, and parties that some companies used to pillar their work culture are gone, at least temporarily. The question for many businesses is this - how will you continue to engage and retain your workforce in this new world of remote work? Chief People Officers ensure your talent strategy matches your business strategy and continuously innovate your businesses’ value proposition to attract the people you need to grow.
The New Chief Marketing Officer (CMO)
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Yes, the CMO. Chief Marketing Officer is not a new title, but it’s definitely a new role.
Traditionally, CMOs have been focused on brand marketing strategy and execution. While this isn’t going away, the modern CMOs need to transform their skill sets to adapt to the digital world. Marketing decisions that took months to make are being made in real time - or even automatically - with marketing technology and analytics. Marketing channels have shifted primarily to digital, and the CMO’s department has as many data scientists and technical specialists as they do creatives.
The new Chief Marketing Officers are omni-channel marketers, technologists, and data analysts. They prioritize the customer journey and often absorb the responsibilities of optimizing it in absence of a Chief Experience Officer (CXO). Today’s CMOs now focus on aligning the business with consumer needs, driving growth, and leading data-driven marketing strategies.
WHY COMPANIES NEED THIS ROLE
The new CMOs help companies create meaningful connections and experiences with consumers while generating competitive efficiencies in marketing execution. The pandemic has shown us they need to be agile and nimble. Large brands can no longer ride the coattails of past brand equity. Customers are switching to whichever brand offers a better product and experience, welcoming competitors and startups to take market share. Hiring a traditional Chief Marketing Officer isn’t enough. Companies need new-age CMOs to turn the challenges of declining brand loyalty, technological disruption and changing consumer needs into opportunities to innovate and grow.
There’s a re-invention of the C-Suite happening. These new roles are bringing innovation and people to the forefront of strategy. Still, it is important to highlight that innovation is a team sport. Injecting these future-focused executives into the C-Suite can move your organization forward faster. However, their full potential will only be met if the entire organization and leadership team is willing to embody the new qualities and priorities these roles represent.
If you’re looking to inject critical talent into your leadership team, we can help. Connect with us to get a free 1 hour consultation.