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CIOs, get ready for C-suite 3.0, where corporate chiefs will have to break out of their silos to future-proof the enterprise.
CAMBRIDGE, Mass. -- The rapid advances in technology are not only affecting the platforms or the size of the data...
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stores used to get work done, they're also affecting how employees from across the organization work together. The C-suite has been slow to feel the effects -- until now.
Deloitte Consulting LLC believes the future of work depends on
making a significant transformation -- one that breaks company chiefs out of their management silos to more easily collaborate with colleagues on
"When we took a step back and thought about the evolution of the executive ranks in both government and corporate America, we think about it in three chapters," Janet Foutty, chairman and CEO at Deloitte Consulting, said at the recent
. "I believe we're entering the third chapter today, which is the symphonic C-suite."
Foutty referred to the C-suite's traditional structure as being all about command and control, with clear direction and dictation from the CEO. A leader's geographic location was often paramount for his involvement in C-suite 1.0: The closer to the CEO, the better.
C-suite 2.0, where most C-suites are today, focuses on functional expertise and depth of knowledge. Those hired into leadership roles of CIO, CFO, CMO and so on were seen as "the best and brightest in their domain," Foutty said.
It is this unforgiving focus on expertise that triggered the still ongoing
(CDO) as an example. As companies start to develop a digital business strategy, they are sometimes prone to establish a CDO role to lead the charge.
But the role of the CDO is a Band-Aid for a bigger trend that will affect the future of work, in Deloitte's view. Technology -- be it digital,
-- is no longer a back-office modernization or an upgrade. It's changing how companies compete for customers and for employees.
"This is bigger than technology," Erica Volini, U.S. human capital leader at Deloitte, said onstage at EmTech Next. "It has significant workforce impact that needs to be managed, and it can't be relegated to one title or one person."
That's where C-suite 3.0 comes in. In this model, the leadership team has shared accountability across all domains and comes together as needed to tackle the kinds of challenges that businesses face today. Volini said key players include the head of HR, finance, risk and, "without question," IT, which is needed to help develop a competency about the effects technology can have on the business across the C-suite.
Together, the corporate chiefs can establish a culture and an org structure needed to
, manage risk, launch new business models or overhaul hiring and retention practices.
Indeed, the future of work will require new skills, and Deloitte believes the
should find ways to provide their employees with continuous learning opportunities. "Formal training and learning doesn't stop at any point in your career, and the ability to continuously reinvent yourself is absolutely key," Foutty said.
Initiatives like these are often thought of as an HR responsibility,
Initiatives like these are often thought of as an HR responsibility Ripple Effect Synonym , financial resources and credibility if they're going to succeed.
Foutty, for one, said she's pushing for her team to become "tech-savvy." It's a companywide initiative involving employees from across the technology spectrum, from IT practitioners with deep expertise who need to become generalists to nontechnology employees who need to become technology-conversant.
Indeed, companies and their boards that are able to think about the intersection of
, rather than see the two as discrete topics, may be on the verge of a competitive advantage -- even if they're slow to adopt cutting-edge technologies.
Foutty and Volini described it as a potential tortoise-and-hare story. Fast adopters may be too focused on the newest technology and too quick to declare success that they fail to see the ripple effects the technology is having on talent and culture.
"Our clients are trying to figure out how to bring those two together -- to fundamentally rethink the manner with which they handle all dimensions of their business as it relates to talent, which is a broad aperture, in light of disruption and enabling technologies," Foutty said. "That is the secret sauce."
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With the intense focus on internal activities and technology, it seems to me that many firms are forgetting that their markets are the primary determiners of success and growth.
The mantra goes; "just collect lots of data on customer behavior and you can ignore the real dynamics of the marketplace."
Customers are human, even in huge markets, and they must be appealed to on that basis. Fail and they will go elsewhere, never being quite sure why and never responding to your analytics with coherent directions.
I like to think that we perhaps need a little less analytics and a little more judgment.
I've noticed in the last 8 months the pace has really been picking up for hybrids - people that understand both business and data. Only a matter of time before the tipping point is reached and these people get to the C-level. The current siloed approach won't work. Decision architecture and business process need to be reconfigured to take full advantage of machine intelligence. Something most legacy leadership is completely out of touch on. Money doesn't solve it, behavior & mental change does.
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