Is your top management able to lead a digital transformation?
Without the COVID-19 pandemic, how long would it have taken your company to make home office possible for every employee? 1 year? Or maybe 2 or 3 years? The pandemic has significantly accelerated the pace of digital transformation. A study by Twilio found that companies' digital communications strategies, for instance, were sped up by an average of 6 years.
We often emphasize the importance of training and educating all employees for a successful and long-lasting digital transformation. This also necessarily includes the top management.
When looking for a top executive, technological and digital skills must have the same importance as financial literacy and general business knowledge. It is not enough to have a CIO and CTO with advanced digital skills. Every top manager needs to keep up with current and future digital developments. Currently more than a third of surveyed boards of directors struggle to stay on top of risk and security issues as well as new technologies.
Long-held processes and norms for selecting top executives are notoriously slow to change. We must change hiring and promotion processes to ensure we have the right people with the right skills at the right place. Transformation starts at the top, so let’s start hiring accordingly.