COVID-19 has dramatically accelerated digital transformation efforts, and C-level roles are being affected by these efforts, according to a March 12 Harvard Business Review report.
The authors analyzed candidate search specifications for C-level positions in Fortune 1,000 companies posted between June 2016 and June 2020.
Here are five things to know about the study findings:
- One-hundred percent of desired qualifications analyzed for chief information officers, chief marketing officers and chief technology officers involved technological or digital skills.
- In comparison, 40 to 60 percent of roles for CEOs, board directors and chief financial officers sought those same skills.
- Most companies focus a subset of job roles on digital transformation, where other roles have not had a major shift toward digital responsibilities.
- In a global survey of board directors the authors conducted, more than a third said they personally struggle to stay on top of new technologies and risk and security issues.
- Thirteen percent of board members sought technological expertise during their most recent search for a director.
- Financial literacy is a baseline qualification for any executive, and digital literacy is needed in the same way, the article said.
"Companies can't afford to have an executive who might confuse discussions about the cloud with small talk about the weather," the researchers said.
To read the full list of findings and recommendations, click here.
More articles on leadership and management:
How 2 health systems are bringing their remote employees back to workFormer Kentucky hospital CEO Hank Wagner dead at 78; 'put Jewish Hospital on the world map'
Mercy Health-Youngstown to open COVID-19 memorial