Business has always known that change is inevitable. It is the speed at which change is now occurring that challenges businesses and executives alike. Competitors that did not exist a few short years ago have successfully forced companies to close their doors after decades of service. The root cause of this speed and disruption is the digital revolution.
Whether technology and the internet are used as a threat to the business or a catalyst for change is a most pressing question before Boards and CEOs. Great leaders who build great leadership teams, which in turn, build great employee teams, have the distinctive edge in not only surviving, but thriving in this fast- paced environment.
The digital talent gap.
As innovations continue to saturate all aspects of our society, companies race to gain a competitive edge by utilising digital platforms at a rapid pace. Digital companies born on the internet continue to flourish and grow at market setting rates. ‘Traditional’ businesses utilise technology to enable greater efficiencies throughout the enterprise, resulting in faster, cheaper, more intuitive, and personalised services. This accelerated need has created a talent gap for top digital-related leadership.
As successful, early-stage internet companies grow, they seek mature executive leaders who can nurture innovation while managing scale and complexity. Companies undergoing digital transformation and growth look for leaders who can challenge the company norms and inspire new ideas and thought leadership. Gone are the days that the key requirement for executives was twenty years’ experience in a dedicated industry. Now businesses must look for leaders who not only have the right competencies and experiences, but also the right traits and leadership drivers. With the needs of these internet start-up and bricks and mortar businesses colliding, it is imperative that a Talent Management firm has a deep understanding and global reach of the broader digital market to guide clients to top talent throughout every market sector and across all functions.
Expertise in digital transformation.
As companies deploy more progressive strategies, the need to hire digital leaders outside of their primary markets becomes a necessity. While this strategy certainly brings more advanced thought leadership and market savvy, it comes with potential risks. Best-in-class digital leaders bring a track record of success and market credibility with them, but also require support from the Board of Directors and CEO, specific organisational structure and governance and most likely a higher level of compensation. Korn Ferry’s Digital Team has successfully guided clients from every industry through this digital transformation as we leverage our vast market intelligence to expedite our strategy and overall process.
Partnering with leading digital innovators.
Chrysalis’s Digital Team has supported some of the most innovative and successful digital disruptors. Digital companies drive rapid growth and innovation while trying to incorporate operational excellence and best practices. Our executive search and leadership consulting professionals recruit top digital leaders and also align our client’s talent and business strategy initiatives allowing us to offer our clients a customised end-to-end talent management solution.
Ensuring success: aligning culture and skills.
As companies invest heavily in digital growth, finding and attracting top digital leadership is only part of the challenge. Quite often companies spend a considerable amount of time and money in hiring top digital talent, only to realise that despite their best efforts, cultural and strategic differences result in a poor hire. The cost of getting this wrong can set an organisation back years.
As business teams are developed to address the competitive issues driven by this digital revolution, their collective ability to make data-driven decisions, to pro-actively set the organisation on the right course, and to mobilise employees will be the determining factor to their success. There is a reason that over 40 percent of executives hired fail. Poor alignment between business strategy and cultural fit disrupts the organisation that often takes years to recover from.