The path to the C-Suite is not for
everyone. That is where people
with titles like CEO, CFO, COO, CIO, etc. work and serve as the leadership team
in an organization. For those who make it, it can represent the quintessential
career path of success. To get
there, it may require one to be well educated, business savvy, a sound decision
maker, a leader, intelligent and much more. From the outside, it may appear the requirements above are
replaced by corporate politics.
Even though politics may play a role, the C-Level executive of the 21st
Century will have to meet demands that may not have
been mandatory 20+ years
ago. That has forced many on the
path to the C-Suite to refocus their efforts.
In the past, many executives relied
solely on their formal education.
I have heard a CFO say he learned everything he needed to know in
college. That may assume knowledge
of the past will handle everything in the future. In another case, a CEO once told me that one of his C-Level
executives believed everything would return to normal after the 2008
recession. That executive thought
it would be a matter of time before the dust settled.
In the case of the executive waiting
for the dust to settle, he was fired. The CEO needed someone who would be prepared for a new
normal. The CFO who learned it all
in college has remained with the company and has hindered growth. He has obstructed progress in areas
where technology was needed. And
his behavior has helped shape a culture of under performance.
In both cases, the executives held
on to old ways of doing business.
That mindset can be a major impediment to the enterprise and career
growth. And those committed to
becoming a C-Level executive should be prepared for constantly developing
themselves professionally.
Why?
If you observe, technology by itself
has changed the functions of many C-Level executives. For example, the CIO, Chief Information Officer, of the
past, may have been an excellent IT person. He or she may have had deep knowledge of specific
technology. That person could
easily be hands-on when necessary.
And he or she would have felt competent in their job.
While the proliferation of
technology, digital media and e-commerce has transformed the role of all
C-Level executives, being too much of a specialist can be a hindrance. The CEO needs a CIO who can see the big
picture and strategically assess what technologies will support which business
functions. That requires strategic
thinking and leadership. In fact,
it would be wise for a person committed to being a CIO to take on
non-technology leadership roles as they climb the corporate ladder. That way they will have greater insight
into the functions of divisions, instead of being limited to the technological
aspects of business. It would also
help them develop leadership skills, how to hire smart non-tech people and
delegate.
Furthermore, with globalization,
there is increased competition.
Therefore, executives will need to be able to understand competitive
analysis, return on investment, cost of losing talent, global finance,
technology, etc. Depending on the
cost and return of a competitive advantage, executives need to help the CEO develop
and make strategic decisions for how and when to go to market and the resources
required.
For those who are not developing
themselves to serve in this way, the path to the C-Suite may appear
insurmountable. Your deep intimate
knowledge in accounting, IT or marketing could work against you. That expertise can serve as a trap door
that impedes future career growth.
At some point, it becomes imperative to focus less on your technical
expertise and make a transition to develop yourself as a leader and a big
picture strategic thinker.
What do you
think? I would love to hear your feedback. And I’m open to ideas. Or if you
want to write me about a specific topic, connect through my blog www.turnaroundip.blogspot.com.
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