With automation, and enterprises rapidly adapting to the ‘digital world’, the role for experienced tech hires is seeing a surge in the job market. The pandemic has changed the way in which industries operate. From FMCG brands embracing technology in their online retail stores to the service industry going digital in its offerings, the need for an organization to strengthen its technology framework has become a pressing need. This has translated into the need to hire experienced ‘C’ level tech executives. As tech leader facilitators for leading companies, Purple Quarter in the last couple of years has continually witnessed a sharp upswing in C-Suite Tech Head requirements. Today every 3rd company is either in the process of onboarding a CTO, CTPO or vertical tech heads if they don’t have one on board already. The steep demand has resulted in a competitive landscape. Since Q2 2020, the base compensation structure of C-level Tech heads has jumped manifold in conjunction with the increased mandates for leadership roles.
Here’s looking at the trends that are driving the demand for ‘C’ level tech hires across sectors:
Increased Adoption of Digitization by Firms
Technology adoption has led to more use cases now as most companies have shown exponential growth adopting the tech-first approach. We are witnessing a surge of high-growth companies that are making their competitors irrelevant through value innovation. As a part of value innovation, these companies are building on the powerful commonalities in the features that customers value.
Rising Cyber Threats
With work from home being the norm, workers and companies are prone to the risk of cyber threats. There is an increased awareness by companies to protect customer data and implement measures to prevent fraud and data theft. According to the 2022 SonicWall Cyber Threat Report, Cybercrime has evolved, making it harder for defenders to protect against, detect and stop attacks from entering their networks. With the ever-increasing stride of cyberattacks, the ways threat breach and infiltrate systems continues to become more targeted and evasive. Thus, the need for an organization to bring on experienced tech leadership continues to remain crucial.
The Increasing Number of Unicorns & Soonicorns
Startups have become the catalysts of change in the Indian economy. From bringing in innovative solutions in healthcare and digitalizing traditional business such as the humble kirana stores and the education sector, these startups have scaled rapidly and have attracted funding and guidance from the industry, thus making them unicorns & soonicorns. Serious push to B2B businesses like Edtech, Healthtech and Fintech due to the pandemic is creating more tech leadership trends. So far in 2021, about 850 start-ups have attracted a whopping $26 billion in funding. Almost 80% of these firms have been in the space of e-commerce, marketplaces, consumer services, fintech, EdTech and logistics.
Governments’ Push for a ‘Digital India’
While the government is actively implementing initiatives towards ‘digital India’ adoption, the sentiments were echoed collectively by the domestic tech industry. In a recently published pre-budget release, Experts feel that the Union Budget 2022-23 must look at accelerating the growth of the digital economy. They also agree that the government needs to make policies that incentivize technology product exports and encourage startups to ‘make in India’. This calls for organizations and startups alike to strengthen their tech teams that will be led by experienced ‘C’ level leaders. This will also ensure the firms’ ability to influence the stakeholders on aspects pertaining to incentivizing tech adoption.
The Rising Popularity of Digital Currency
The rise of ‘cryptocurrencies’, talks about decentralizing finance and the recent announcement by the Union Government of India to introduce the digital rupee, all pointing towards a change in viewing currency through a digital lens. The successful adoption of this will depend upon many factors such as adopting blockchain technology to ensure safe transactions, increasing the customer base of digital transactions among others. This trend is yet another influencing factor for organizations to hire C-level tech leaders and drive this change.
Technology Induced Consumer Behavior
People cannot resort to older ways of buying. And it’s not just the pandemic driving this trend. The rapid adoption of mobile and the internet has resulted in technology-induced behavior which is another central point in driving the C suite trends. Customer preferences, ease of access and convenience, lead to the need for better products and an overall push to the technology ecosystem. For instance, people are increasingly preferring traveling by uber than purchasing their own vehicles. From a banking perspective, people don’t go to traditional physical entities for loans. Companies like Navi offer hassle-free documentation at the click of a button. Even healthcare is witnessing a paradigm shift in remote-patient care. With consumers from different walks of life taking to digital, it becomes imperative for an organization to prioritize its C-suite tech leadership and be prepared to take on the wave.