In my personal tête-à-têtes with leaders and CXOs, they’ve acknowledged that their personal 'relevance' is their biggest challenge today. They fear feeling like dinosaurs and are worried about keeping pace, having the skills and style that will help them stay as effective. It has created a very healthy debate, because the residual discomfort of obsolescence is getting them to search for answers, shirk the complacency, become open to diverse thinking and take risks.
Most of the CXO roles are anchored to drive transformation, digital and analytics. This is owing to the threat companies face from market disruptions and competitors. These new CXOs have raised the visibility of strategic priorities and provided a platform for building new capabilities. In today’s world, knowledge or information is not the differentiator, but creating a bionetwork to predict accurately is. Ability and agility to use data to drive decision-making is becoming the ultimate way forward. To anticipate the speed of digitization much faster than we perceive it in our organization and industry is elemental. As the CXO roles are fast evolving, the typical businesses as they were, are also undergoing a paradigm shift. Companies are trying to step up and keep pace with this change by keeping their quintessential values intact and at the same time, balancing agility with consistency. Profitability is one of the critical levers that firms are focusing on. Driving innovation within, acquiring capabilities and merging synergies is something that companies are doing to fuel business performance. Similar to CXO roles, digital organizations are no more those who just invest heavily in technology, but that are more into building a digital workforce and enabling a digital mindset.
We also recently concluded our inaugural and one-of-a-kind ‘Performance Pulse of India Inc.’ study wherein 154 organizations participated across various industry sectors. Apart from the views of top CHROs on performance management trends, this research answers some really pertinent questions on the relevance of bell curve, role of technology and transparent communication in performance management, etc. The 22nd Salary Increase Survey focused heavily on the relevance of critical talent and projected an average salary increase of 9.4% for 2018, which is just 0.1% more than that of 2017, highlighting the increasing prudence and maturity being displayed by companies while finalizing pay budgets.
We always try to adapt to the changing landscape and strive to be passionate, authentic and client-centric. Your feedback helps us deliver advisory aimed at empowering economic and human possibility and delivering sustainable businesses impact.
Chief Executive Officer,
Aon Hewitt Consulting India