There are more C-suite job titles in the executive team than ever before. Positions like Chief User Experience Officer, Chief Data Officer, and Chief Compliance Officer simply didn’t exist 20 years ago. They’re now considered top positions in a corporation, created out of a changing industry and evolving business models.
In the last 20 years, the C-suite definition has gone from three core members (CFO, CEO and COO) to a CEO leading a team of experts. It’s clear that being prepared, flexible and open-minded about executive job roles will ultimately help your business obtain better, faster growth.
Our Executive Search team advise on how to identify when the creation of a new C-suite title is necessary, how to assess the skills these new roles require, what an attractive salary looks like and reveal some of the newer C-suite level executive titles.
Where have these new C-suite roles come from?
Business environments have come a long way in the last 20 years. They now need to evolve quickly to match the complex challenges of global market expansion and industry disruption. Employee welfare and workplace happiness is also taking precedence as businesses discover the value in championing wellbeing and satisfaction at work.
The only way to rise to the challenge is with the agility of a larger C-suite containing multiple niche skill sets.
PwC’s 18th Annual Global CEO Survey stated that using technology to gain the competitive advantage was also another cause of the expansion of C-suite roles and responsibilities. Data-driven decision-making, strict compliance guidelines and a need for DevOps methodologies will naturally require support from an executive level.
Reviewing your current list of C-suite titles
The process of determining whether new C-suite roles are needed within your company will depend heavily on your long-term business plan. Are you launching any new teams, implementing new technologies/processes or growing into areas which need more support?
Using your future business plan as a guide, you can begin to assess the skills which currently lie within your workforce. This is the best way to explore talent already in-house which can be upskilled and promoted, or whether the gaps are significant enough to warrant a new executive position.
Identifying skills and benchmarking C-suite level salaries
How do you identify a skill set for a role which has never existed within your organisation before? Working with an executive search firm is a good way to get a thorough overview of your current in-house talent and which skills will need honing to develop new roles for c-suite executives.
Because they have experience working with a wide range of companies within your industry, they have a far greater knowledge of where potential gaps might lie in your current C-suite and how to assess executive candidates. Top executive search firms will work exclusively with you, dedicating the time you need to make an informed decision for a good long-term fit.
To get an overview of the current hiring landscape, and the salaries, benefits and roles emerging without your industry, download our Robert Half 2020 Salary Guide.
New C-suite titles to consider
1) Chief Happiness Officer
Research into happiness at work has shown that happy employees are more loyal, productive, engaged and dedicated than those who are not satisfied at work. Some US companies are beginning to introduce new C-suite job roles dedicated to fostering and maintaining workplace happiness, with UK businesses soon to follow suit.
2) Chief Data Officer
The opportunities that big data presents to businesses are hard to ignore: better decision-making, smarter strategies and targeted marketing to name just a few. Gartner also revealed that 90% of major organisations will have a chief data officer (CDO) by 2019—will yours be one of them?
3) Chief Compliance Officer
PwC predict that in 2025, business ethics will take centre stage for many companies. The future of the CCO role is considered key in being accountable and responsible when taking business risks and in decision-making. The implementation of GDPR also means that new regulations will also make compliance a business necessity in the future.
Get in touch with our Executive Hiring team today and begin to expand your C-suite with new executives who can help grow your business.