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<p>In recent years the tech industry has provided a much-needed revolutionary boost to the economy worldwide. The rising R&D expenses, internet penetration, technology advancements and adoption have led the way to a tremendous increase in manpower leveraging this technology. Particularly C-Suite hiring has been the driving force behind the increased tech usage in our lives. From AI to machine learning, speech recognition to multilingual applications, technology has undoubtedly eased our day-to-day transactions. The job market for the tech industry has however been volatile since the onset of the pandemic. It has been shaky at the edges with many factors contributing to the turbulence. There was undoubtedly scale with diverse tech domains mushrooming soon after for the need for tech-driven convenience. As a C-Suite bespoke search firm for tech leaders, we at Purple Quarter have also witnessed a considerable drop in hiring across industries in the last quarter. What began as a boon during the covid epoch soon became the cause for change in the industry. Employees and the leaders were getting too comfortable with the hybrid work model which led to difficulty in sliding back to the old ways of work. This move inevitably led to willing resignations causing the Great Resignation or the Big Quit. Few others let go of their positions either due to unfavourable health conditions or to attend to their respective families. Post-covid workspace was a new identity. Favourably at that point, these voluntary resignations lead to an employment gap for <i>replacement.</i> These replacement roles were highly mistaken with new hiring which in reality meant no new positions were created rather old ones were calling for the right or next best fitment. Among various industries that are trying to keep themselves upbeat, the EdTech segment in particular has been going through a tough period of constant layoffs and challenging business times. This has deeply impacted the C-Suite hiring processes. The segment has become lethargic since the last quarter. On the other hand, Fintech has been on an upward trajectory promising more opportunities stemming from the requirement of necessary Tech leaders. With funding stagnation, hiring to a large extent has taken a backseat. As per recent stats, companies remain cautious about recruitment amid the rising risk of recession and high inflation in their key markets, information technology's share of India's white-collar jobs market dropped below 50% in October for the first time in three years. In October, 1,06,000 job openings were posted in the IT sector, a 12% decline compared with September's 1,21,000. In October, there were 225,000 active job openings in the white-collar employment market, up from 210,000 the previous month. White-collar jobs have historically been recruited primarily by the IT sector. It contributed more than 80% to the pandemic in its last year. The real question now is, whether new roles will come up? Experts and economists believe that the current scenario will prevail and the hiring scenario is likely to get better despite the fear of recession in the advanced economies of the West. The tech industries are already in surplus on the C-Suite bench. As global demand is being hit due to recession risk, the developed markets are hiring more on a need basis. We believe the mandates are already increasing this quarter. Where on one hand, investors are getting cautious, businesses are becoming more aware of their actions. With this prudent mindset, thoughtful hiring will transpire. Cautious funding will lead to cautious <a href="https://en.wikipedia.org/wiki/Leadership">business leaders</a> making strategic moves for the future. The market is already labouring on the replacement of those moving on as it opens new positions for seasoned tech hires. For as long as there is a promising business model, an interested investor, C-Suite tech leaders will be hired to drive the objective. <h3><strong>Authored by Richa</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>The FinTech segment has been on an upswing given the increasing interest of investors and VCs in the industry. From simple mobile payment applications to complex blockchain projects that encrypt transactions, FinTech today encompasses a gamut. <p>Various business areas have been transformed by the digital revolution, and financial technologies have played a significant role in the process. FinTech app development is now more popular among insurance companies, banks, and trading platforms to facilitate smoother communication with users. In the upcoming years, FinTech is expected to grow at an average rate of 12%, reaching 188 billion euros in revenue by 2024. </p><p>Chief Technology Officers (CTOs) until recently, were focused on building new systems and scaling existing ones quickly. But today, the CTO - <a href="https://www.purplequarter.com/cto-importance-for-corporate-success/leadership-advisory/">Chief Technology Officer and technical leader face newer challenges</a> including recruitment, compliance with regulations, venture capital funding, and cybersecurity.</p><h2><strong>What are the Challenges FinTech Chief Technology Officers (CTO) encounter on a regular basis? </strong></h2><h3><b>Innovation & Competition </b></h3><p>Immense scrutiny and competition have led to exorbitant demands and an incessant need for growth and innovation. These come from favourable facets such as financial inclusion, high internet usage, large consumer base, pandemic-induced factors and so on. Given the fierce competition, FinTech companies are striving hard to have a competitive edge.</p><p>Chief Technology Officers and other tech leaders have to take necessary steps to include innovative upgrades in the existing business model. While many are innovating and venturing into new projects, innovation requires extensive R&D and involves high costs. </p><h3><b>Industry Regulations</b></h3><p>Adhering to varied regulatory compliances has been a challenge for the FinTech industry. As a result of the 2008 financial crisis, earnings and credit losses are subject to an enormous increase in regulatory fees. Now, if an app is being developed, it has to be compliant with all the necessary government approvals. This could vary as per the region. The final product could end up experiencing resource pressure and may have a difficult time correlating data from different sources.</p><h3><b>Data Security & Localization </b></h3><p>With an exponential increase in digital transactions, data security is inevitably a concern. Experts have voiced that the FinTech segment is the most prone to cybercrime. </p><p>Digital payments are expected to reach $236.1 billion by 2028, growing at a CAGR of 19.4% from 2021. As systems evolve, more complexities and issues will spurt. Failure to maintain data security will result in grave repercussions. FinTech companies will need a more robust, transparent, and reliable infrastructure for storing user data. With consumers getting involved in understanding the data security of their transactions, companies will have to take privacy policies seriously.</p><p>The future by default is more consumer-focused than it has been in the past. Data infrastructure will be closely monitored by CTOs in the coming years. And the latest cybersecurity innovations will be embraced to improve data privacy and transparency in every aspect.</p><h3><b>Adoption & Use of New Technologies</b></h3><p>Although the FinTech sector has grown leaps and bounds, the adoption of new technologies and continuous tech upgrades is essential. Chief Technology Officers should include these technologies for the companies to stay updated in the market. Popular technologies like machine learning, artificial intelligence, blockchain integration and big data can help companies stay ahead of the curve and create new business opportunities.</p><h3><b>Hiring & Retaining Quality Talent </b></h3><p>The chief technology officers of FinTech companies forecast a challenging recruiting and retention landscape in 2022, particularly with the growing number of remote and fully distributed teams. Despite remote work expanding access to a global workforce, there is intense competition for talent. Especially for smaller companies competing with industry giants that offer better remuneration, flexibility, and opportunities. </p><p>There is a common concern here that smaller businesses are more likely to fail in retaining such talent without high pay. Similarly, startups on a limited budget are unable to afford high finances to hire and retain quality engineers and leaders. Many FinTech companies are relying on third-party consultants to source and recruit the right tech talent for the companies. </p><h3><b>Going Public & Public Relations</b></h3><p>FinTech companies are highly tech-savvy which means that the level of human interaction is the least. Hence, any technical glitch gets amplified manifold. FinTech companies in general face challenges in avoiding PR disasters caused by their tech. Here, FinTech Chief Technology Officers have to absolutely double-check their algorithms for human prejudice. It’s a unique pressure, and dealing with it requires a special kind of sensitivity. The FinTech industry becomes a cognitive dissonance for the Chief Technology Officers.</p><p>FinTech businesses usually witness high scalability, which implies that the Chief Technology Officer has to be on the top of his/her game and work around new challenges and opportunities. As important decision makers, tech leaders strategically devise plans to take the company to new heights such as going public. An IPO is a long and arduous process, where a Chief Technology Officer has to evaluate and anticipate the possibilities and take the necessary steps in supporting the leadership and the team while going public. One part of their role at this point may have to be public facing with a meticulous approach. </p><h3><b>Final Thoughts</b></h3><p>Irrespective of the challenges, the FinTech sector has seen numerous technological additions and upgrades to better serve the end consumers. As with any industry in its development stage, financial organizations may experience several challenges when crafting their offerings.</p><p>Every CTO can look up and learn about the opportunities and challenges of a FinTech Chief Technology Leader. Devising strategic or operational frameworks, today FinTech CTOs enjoy a competitive landscape rife with potential from advanced tech adoption.</p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<strong><em>Behavioural psychology paves the way!</em><p> Behavioural psychology and cognitive studies show that a leader’s personality determines what they excel in with additional skill sets that they adopt along the way. As the level of management rises, finding the right personality fit becomes extremely crucial. Purple Quarter has curated a scientifically proven model - BMM or the Behavioural Metrics Model to crack this. </p><h2>What is BMM - Behavioural Metrics Model?</h2><p> The <a href="https://www.purplequarter.com/our-approach/">Behavioural Metrics Model (BMM)</a> is a scientifically-devised phase-modulated approach that is unique to Purple Quarter. It helps in assessing the candidates’ right fitment for the role. BMM works on 83+ parameters that best define a candidate's personality, skill set, attributes and adaptability. Its two-phased approach comprehensively assesses the technology leaders based on two areas. One - the objective queries pertaining to their work nature & personal aspirations, and two - core competencies required to best perform the work/role. <img class="alignnone size-full wp-image-14557" src="https://admin.purplequarter.com/storage/posts/67fdd72750291-Two-Phases-1.png" alt="Behavioural Metrics Model" width="901" height="601"> </p><h2>Core competencies of BMM (a broad perspective)</h2><p> The Behavioural Metrics Model - BMM has helped many potential tech leaders find the right organisation of their calling and vice-versa. Broadly, there are six core competencies that the BMM framework is based on: </p><ul> <li>Intellectual Potential </li> <li style="font-weight: 400;" aria-level="1">People Potential </li> <li style="font-weight: 400;" aria-level="1">Change Potential</li> <li style="font-weight: 400;" aria-level="1">Motivational Potential</li> <li style="font-weight: 400;" aria-level="1">Technology Agility</li> <li style="font-weight: 400;" aria-level="1">Personal Attributes</li> </ul><h2>Candidate profiling:</h2><p> As a technologist, a tech leader dons one of the three profiles or sometimes, a combination of all. Being a leader comes with immense roles and responsibilities. If there was a way to figure out which technology leaders best suits what kind of a role, it would make everything so much simpler. At Purple Quarter we profile our candidates in three broad categories after a thorough understanding of their leadership styles, personality traits, personal interests & likings, approach toward business management, decision making and so on. For tech leaders, it has become important to possess a thorough understanding, if not the expertise of engineering, technology and product. With most companies and businesses adopting a “tech-first” approach, it is imperative for the management to have detailed knowledge, understanding and hands-on experience in the field. Read more about <a href="https://www.purplequarter.com/hiring-a-cto-what-should-a-startup-founder-look-for/leadership-advisory/">Hiring a CTO – What should a startup founder look for?</a> </p><h2>The Creator</h2><p> A creator is a tech leader who builds a business from the ground up. Someone who has an idea, zeal and an urge to create something new and something extraordinary. They would address untamed tech challenges with relevant business solutions. A tech leader as a creator has often a steady task ahead and opportunities to achieve numerous milestones along the way. A creator is one who takes the first step and strives to achieve the 1st phase of the business goals. In the world of technology, a creator is one who takes the entire team/ organization towards a new goal, or a new objective. When technology changes so rapidly, staying abreast of the changes is essential. An innovative tech leader is what a company seeks here. This undoubtedly makes the creator a well-experienced and knowledge-oriented individual. Someone who brings their prior experience in creating the next big thing. </p><h3>When does a company need a Creator?</h3><p> Most often in the nascent stage of existence. This is when companies/ <a href="https://en.wikipedia.org/wiki/Organization">organizations</a> need to onboard a leader who is a pioneer in the truest sense. It is at this stage that the company will be able to either harp on a blue ocean strategy or launch something novel that will likely create ripples and new avenues. With the help of BMM, Purple Quarter had identified creators for brands such as <a href="https://www.purplequarter.com/zolve-appoints-olas-former-chief-architect-as-their-new-head-of-engineering/press-release/">Zolve</a>, <a href="https://www.purplequarter.com/stanplus-partners-with-purple-quarter-to-appoint-suhas-kulkarni-as-the-ctpo/press-release/">StanPlus</a> and <a href="https://www.purplequarter.com/former-zestmoney-techie-prashant-bhadauria-joins-klub-as-senior-vp-purple-quarter-spearheads-the-leadership-search/press-release/">Klub</a> among others. </p><h2>The Nurturer</h2><p> When a business has made strides in the market, enjoys a good position among the consumers and is a preferred choice, then comes a nurturer. A leader as a nurturer is responsible for scaling, building and growing the present platform by plumbing the existing architecture with newer additions and innovations. A nurturer introduces new features and the latest technology to the existing business. Here, a tech leader is required to have seen scalability for products. It is also important to be a people person to improve the talent pool, nurture future talent, and aid the business’ growth. BMM helped find a nurturer leader for the likes of <a href="https://www.purplequarter.com/purple-quarter-finds-ex-goibibo-techie-for-gameskrafts-svp-of-engineering-role/press-release/">Gameskraft</a>, <a href="https://www.purplequarter.com/purple-quarter-assists-fintech-platform-progcap-with-the-appointment-of-ashish-gupta-as-the-cpto/press-release/">Progcap</a> and <a href="https://www.purplequarter.com/purple-quarter-assists-lendingkart-to-hire-their-new-chief-technology-officer/press-release/">Lendingkart</a> among others. </p><h3>When does a company need a Nurturer? </h3><p> When a company has achieved significant scalability of its business service or product. It becomes essential for companies to have in place a leader that nurtures growth. A <i>nurturer</i> tech leader will take the business to the next level by supporting and optimizing the existing service/ product/ technology or at times adding to the existing value proposition. A nurturer, however, looks at two aspects of a business, i.e, technology and people. As a nurturer, he/she looks after the people and team and moulds them to engineer the businesses of tomorrow. </p><h2>The Transformer</h2><p> A transformer is a leader who believes in re-creating the tech that will have a long-term impact on the business goals and objectives. A transformer more often is responsible for relooking at things from a different perspective to bring changes to the existing machinery. The leader’s primary goal is to scale the current business to take and achieve the next giant leap. Often, companies at this stage seek to re-create their existing model, penetrate new markets or introduce new products. As a tech visionary, finding the right technology fit with the business’ goal is essential from time to time. We found the transformer leaders for brands such as <a href="https://www.purplequarter.com/amazon-veteran-joins-upstox-as-the-new-cto-a-search-driven-by-purple-quarter/press-release/">Upstox</a>, <a href="https://www.purplequarter.com/purple-quarter-assists-acko-in-the-appointment-of-amol-wanjari-as-the-svp-of-engineering/press-release/">Acko</a> and <a href="https://www.purplequarter.com/dale-vaz-cto-shares-swiggys-time-management-of-orders-using-technology/industry-expert-narratives/">Swiggy</a> among others. </p><h3>When does a company need a Transformer?</h3><p> Any enterprise or business will reach a stage of a plateau, a point of stagnation where proven measures fail to give returns and necessary <i>transformation</i> becomes the need of the hour. This transformation can be brought by a visionary leader who looks at reinventing the service/ product by many folds if not an overall 360 degrees. As a transformer leader will be a visionary who will reshape the organization’s future trajectory. The company's technology landscape will be altered to best suit worldly changes. While assessing the tech leaders’ personalities to best suit the company's goals, BMM helps to understand that a tech leader will often play the role of a creator, nurturer and transformer from time to time. To achieve business objectives and scalability, many times a leader’s role overlaps that of a creator, nurturer and transformer. We’ve identified tech leaders who overlap as creator and a nurturer like we did for Pine Labs's acquired, fintech <a href="https://www.purplequarter.com/setu-appoints-gojek-veteran-irfan-shah-as-cto/press-release/">Setu</a>. Also read, <a href="https://www.purplequarter.com/what-makes-a-cto-so-important-for-corporate-success/leadership-advisory/">What makes a CTO so Important for Corporate Success?</a> </p><h2>How does BMM help companies?</h2><p> The Behavioural Metrics Model assesses tech leaders’ personalities to best suit companies who seek to grow from 0 to 10X, 10X to 100X and more. A tech leader fits into this equation based on his/her capability of taking the business to its desired next milestone. For a company that is at its nascent stage, a creator would be the ideal fit. Whereas, a nurturer would bring a company at par with the recent technologies of the market. When it comes to jumping the high tide, a transformer is no less than the captain of the ship. Different personalities and different mindsets, all work towards the same goal - creating a tech-first company to best serve the end consumers. And what is better than applying BMM to bridge the gap between technology leaders and tech companies? </p><h4>Ready to find your next tech leader? <a href="https://purplequarter.co">Connect with us</a></h4></strong>
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<p>Humans, irrespective of where they are and what they do, will interact with one another. It is only natural to have an empathetic outlook. Be it a casual setting or a professional one, a simple act of empathy — knowing why someone is reacting in a certain manner can go a long way. <h2>Why is empathy an essential quality in leaders?</h2><p>Leaders are natural communicators, they are responsible for the professional as well as personal well-being of their team members. Oftentimes, sympathy is confused with empathy and used interchangeably. However, sympathy focuses on <em>relating to the feeling</em><i>,</i> while empathy goes far below the surface to <em>understand that feeling</em>. It doesn't have to be an agreement with the view of another person, rather it is the willingness to appreciate what they are going through. </p><p><a href="https://www.purplequarter.com/who-is-a-true-blue-leader-the-multifarious-roles-of-leadership/leadership-advisory/">A leader plays multiple roles</a>, one of them being a mentor. As an empathetic leader, it is essential to have the ability to lead while being able to connect and relate with the team members. It is to inspire them and bring out the very best while having and showing a sense of compassion for their situation. By being an empathic leader, <em>one can help build trust and strengthen relationships. </em>Especially in today's time when employees are taking the path of "quiet quitting". It is all the more important for leaders to show empathy toward the challenges and issues faced by their team members. </p><h2>Is empathy acquired or learnt?</h2><p>If you were to talk to experts, they’d say that empathy is a learned behaviour although the ability for it is inborn. If looked at from a larger perspective, empathetic capacity needs to be developed. A deep level of understanding and concern is inevitably required to feel for others.</p><p>Psychologists call out the <em>secure attachment</em> from our childhood to be of paramount importance in determining the level of empathy. Notably, one’s capacity for empathy considerably varies from one person to another. Empathy isn't necessarily intuition, rather it is a well-understood analysis of another person’s situation. </p><h2>How can leaders build empathy?</h2><p>Leaders can build empathy in numerous ways. But it all begins with the very essence of having to put oneself in the shoes of another. Often, empathy is regarded as a <em>soft</em> leadership skill when compared to other management skills of a leader like technical prowess and authority. DDI research found that empathy is a <em>"critical driver of overall performance" </em>for management. And it was found that there is a high level of correlation between <em>key management skills</em> such as <i>coaching, engaging and decision making</i> with <em>listening & responding with empathy</em>. Despite all this, the study found that only 40% of frontline leaders dealt with empathy.</p><p>Given that the concept can be learnt, what are the best practices to learn and build empathy for leaders: </p><h3><strong>Practice self-reflection</strong></h3><p>In a state of self-awareness, individuals are most aware of their mindset and emotional well-being. It becomes easier to connect with and understand another individual state of mind. But if not, then one’s emotions (often left untapped) can project on another. </p><h3><strong>Listen first </strong></h3><p>As humans in general or even as leaders, it is our natural tendency to jump to conclusions while listening/ dealing with a problem. Thus, keeping an open mind about the same becomes difficult. When a teammate or another person discusses a topic of concern, hear them out. Give them the benefit of doubt and keep an open mind about their feelings. Listening will help dissect the problem manifolds rather than jumping to instantaneous conclusions. The willingness to help goes a long way even if there is no concrete solution to it. Often, people only wish to be heard.</p><h3><strong>Use empathy expressions</strong></h3><p>Listening is not enough unless regular confirmation and affirmation are given to the person in distress. Using empathy statements like “I understand what you are saying and feeling” can deliver a sense of understanding. It will further instil confidence in the mind of the speaker that he/she is being heard. </p><h3><strong>A concern for others</strong></h3><p>Empathy is seldom a surface-level concept. Understanding without being honest will not work. A genuine interest in understanding what others are saying and feeling is crucial. It doesn't have to be in an uncomfortable manner. Interest in the personal and professional life of a subordinate, co-worker or teammate will ingrain comfort and confidence. An honest interest can go a long way to building empathy in a leader. </p><h3><strong>Schedule one-on-one meetings</strong></h3><p>The best way to practice and show empathy is by having regular conversations and interactions. One-on-one regular meetings with leaders and team members will create avenues to openly talk about their issues and concerns. </p><p>You can, in fact, apply these pointers right here while reading this piece. Answer the following questions to understand where you are mentally and emotionally: </p><ol> <li style="font-weight: 400;" aria-level="1">Breathe in and check on yourself. How are you feeling at this moment? Do you feel relaxed or overwhelmed about yourself and your surroundings?</li> <li style="font-weight: 400;" aria-level="1">Based on what you are feeling right now. Is there anything you can change or implement that will alter your feelings? Or is there someone you can talk to about your feelings?</li> </ol><h2>Is empathy the way forward?</h2><p>Having empathy is one of the most important qualities for leaders of today, but it is still largely understated. Some individuals are naturally gifted at this, and they will have an advantage over others.</p><p>Leading empathically at work can create a sense of purpose for employees. Improve the overall work environment, create happier and healthier employees, increase productivity, and improve retention rates. If your company hasn’t started to instil empathy in its leaders, the time is now! The result will be far greater success in almost every aspect of your company.</p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>In any organization, the role of a Chief Technology Officer is considered to be the pinnacle of technology. CTO is the key decision-maker when it comes to technology including strategy, planning, implementation, and personnel. It's pretty evident why it's such a sought-after position. But in the new age, a tech executive should be cross-functional; be a skilled technologist as well as an effective leader, they need to have complementary skills in their respective areas. <strong>Evolution of the </strong><strong>Role of a</strong> <strong>Chief Technology Officer</strong> <strong>in the Present Digital age </strong> With digital transformation becoming a strategic priority for numerous companies, the role of a <strong>Chief Technology Officer</strong> has emerged as a key in the enterprise C-suite. Managing an organization’s research and development (R&D) as well as its technological needs is the CTO responsibility. The CTO is a lead senior executive who focuses on the technological modulations, opportunities, and defiance within the organization. It is simple to connect the booming importance of the CTO to the emergence of the Digital age wherein the world and the lives of people rely on technology. It is also evident that technology has come to be a pedigree of driving supremacy for corporates and businesses. Certainly, from being at a place that oversees the rollout of hardware and aspects of software development, the Chief Technology Officer is currently a pivotal tactical thinker and a backseat driver to the Chief Executive Officer (CEO) on matters concerning the across-the-board strategic direction that the corporate and the industries must take. Throughout the company’s life cycle, the CTO responsibilities and roles change at every stage. The CTO defines success as follows: <b>Pre-Seed Stage</b> During this stage, the role of a Chief Technology Officer is to validate the technical feasibility of a business plan when an idea for a business has taken root. At this point, the CTO also serves as a co-founder, working without outside help to create the digital product architecture. Apart from this, CTO Responsibilities include Data security, QA management, and deployment issues. <b>Startup and Growth Stage</b> At the beginning stage of the business, the CTO is proactive with strategic recruitment and onboarding, training, and management.CTO responsibilities include devising a tech stack, putting forward budget proposals, and downright trying to strengthen their digital product. Rather than being a full-fledged developer, the role evolves into one of a tech visionary, HR specialist, and team leader. This is how CTO defines the success of a start-up. When a business is scaling, the CTO responsibilities can include overseeing improvement groups and assessing interactions. As the CTO drives the overall vision of the product, individual tasks such as coding or quality assurance are handled by different members of the team. The CTO is continually attentive while remaining the company's lead product engineer and framework executive. <b>Mature and Expanding Stage</b> At this stage, the technology team will be brimming about the great product, processes and engineering culture that are working well for the company. The Role of the Chief Technology Officer revolves around building strategic technical vision for the product to ensure that the business retains its competitive advantage by using the most relevant technology. Since the pandemic, technology has become the lifeline of businesses, and CTOs have become more significant to ensure the success of corporations. In the context of the Work from Home & lockdowns, technology certainly came to the fore for businesses and corporations. Upsurge for skilled technologists to fill in these crucial roles of the CTOs who are visionaries rose to prominence. <b>The Way Forward</b> Furthermore, the importance of the CTO cannot also be overstated, as using technology without supporting the human element would result in dangerous consequences. In the quest for the holy grail of tech, some firms are looking for technologists with soft skills, as well as value and normative attributes. Here in the <a href="http://www.purplequarter.com/leadership-in-the-digital-era-the-what-and-why/leadership-advisory/">Leadership of the Digital Era</a>, all things considered, the future belongs to technologists who excel with a blend of technology expertise, empathetic mission, and solid relationship-building skills. <h3><strong>Authored by Richa</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>One might wonder what makes a quintessential leader different from a Technology leader. Well, to be honest, the fundamentals remain the same; instead, the aesthetic appearance changes to reflect the modern approach to work from a digital perspective.<p>What really defines a Technology leader is the integration of tech to achieve the overall business goals and objectives. Digital leaders ensure optimum inclusion of the latest technology into the day-to-day operations of a business entity to best cater to the consumers and curb competition and sometimes redefine approaches.</p><p><b>What characterizes a Technology leader?</b></p><p>A Technology Leader has to pay heed to the nitty gritty’s of a function, team and the organization as a whole. Although the array of responsibilities is large, there are five distinguished characteristics that a digital leader is touted to have:</p><ul> <li style="font-weight: 400;" aria-level="1"><em>Stephen Hawking</em> was truly an inspirational leader who connected people over his belief system. Technology leaders are in fact technologists who <b>inspire</b> others in believing and achieving over and above what they imagine. </li> <li style="font-weight: 400;" aria-level="1">When it comes to leveraging technology to <b>innovate</b> for the greater good, seldom does one miss out on <em>Steve Jobs</em>. He is an icon in not only implementing but also in introducing cutting-edge technology among the masses. Leaders today have to essentially have a think out-of-the-box strain, to stay ahead in the game. </li> <li style="font-weight: 400;" aria-level="1">Differing from a monopoly standpoint, tech leaders are now encouraging <b>collaboration </b>to cater bigger share of the markets. They are also believe in the fact that with collaborative efforts industries can achieve over and above what companies/ teams can imagine.</li> <li style="font-weight: 400;" aria-level="1">An essential in-built characteristic is to be able to effectively <b>manage the risk</b> associated with the technology in question. In order to implement technology effectively, the leader must thoroughly understand it. Tech in today’s time is getting obsolete faster than ever and this poses a threat to the timelines of a particular product or service. </li> </ul><p>Digital leaders in today’s time and era are viewed as agile leaders than non-agile leaders. This agility gives them higher responsibility and a sense of inclusion in the system. Four characteristics distinguish an agile leader from a non-agile leader:</p><ul> <li style="font-weight: 400;" aria-level="1">Humility: Acknowledging that others know more than they do and accepting feedback from others.</li> <li style="font-weight: 400;" aria-level="1">Adaptability: Their ability to change their minds based on new information is a strength rather than a weakness.</li> <li style="font-weight: 400;" aria-level="1">Visionary: Even when short-term uncertainty looms, they have a clear sense of long-term direction.</li> <li style="font-weight: 400;" aria-level="1">Engaged: Actively listening, interacting, and communicating with internal and external stakeholders and possessing a sense of curiosity and interest in emerging trends.</li> </ul><p>Agile Leaders additionally indicate key behaviours that help them to navigate disruptive environments successfully:</p><ul> <li style="font-weight: 400;" aria-level="1">Hyperawareness: They constantly look out for opportunities and threats within and outside their organization.</li> <li style="font-weight: 400;" aria-level="1">Making Informed Decisions: Based on the evidence, they decide what course of action to take.</li> <li style="font-weight: 400;" aria-level="1">Speedy Execution: Often valuing speed over perfection, they are able to move rapidly </li> </ul><p>An effective Technology leader follows certain principles:</p><ul> <li style="font-weight: 400;" aria-level="1">Value-driven leadership</li> <li style="font-weight: 400;" aria-level="1">Coaching of both humans and bots</li> <li style="font-weight: 400;" aria-level="1">Focus on innovation</li> <li style="font-weight: 400;" aria-level="1">Knowledge about security and integrity</li> <li style="font-weight: 400;" aria-level="1">Understanding the power of diversity and inclusion</li> <li style="font-weight: 400;" aria-level="1">Learnability and accountability </li> <li style="font-weight: 400;" aria-level="1">How to be sustainable as humans and as leaders</li> </ul><p>If one were to draw a comparison between a leader from the industrial era with that of a leader in the digital era it would leave us thinking of how much has changed on the face of it yet not so much at the fundamental value. </p><p>The 18th century marked the onset of the industrial age but the era in its true sense only began in the early 20th century when industrial technology was combined with management. </p><p>In this leadership style, there was a steep hierarchy of authority. The top management was in charge and the power trickled downwards. There was a bureaucratic structure to the work, staff filled roles and followed rules. Internally, the mindset was results-oriented and efficiency-oriented. There was a bureaucratic structure to the work, staff filled roles and followed rules. Internally, the mindset was results-oriented and efficiency-oriented. </p><p>What leaders do in the digital era is almost the opposite of management in the industrial era. In order to replace the steep vertical hierarchy of authority, a horizontal network of competence is needed - a network of self-organizing teams that can change direction as needed. An external focus on value for customers is needed, rather than an internal focus on outputs and efficiency. It is imperative that digital leadership engages not only the brain but also the heart, through inspiration and collaboration, in order to realize the full potential of those who do the work. This year has been as exciting as ever, post-covid things have drastically changed; here are the <a href="https://www.purplequarter.com/trends-driving-c-level-tech-hires-in-2022/leadership-advisory/">trends that are driving the C-level hiring of tech leaders in 2022. </a></p><p>If one were to ask what an ideal Technology leader in the digital era looks like, there are a few pointers to keep in mind:</p><ul> <li style="font-weight: 400;" aria-level="1">One who builds participation and accountability</li> <li style="font-weight: 400;" aria-level="1">Provides direction, clarity and purpose</li> <li style="font-weight: 400;" aria-level="1">Empowers people to experiment, innovate and execute</li> <li style="font-weight: 400;" aria-level="1">Builds bridges and finds solutions</li> <li style="font-weight: 400;" aria-level="1">Is agile </li> <li style="font-weight: 400;" aria-level="1">Believer in constant evolution and reskilling</li> </ul><p>Our everyday habits and our overall lifestyles are being impacted by technology. Leaders and leadership styles have also gradually evolved. With tech inclusion betterment of society has become a necessity and the leaders of today are inclined to act the part. With the changing times, it will be fascinating to document what other roles leaders will assume in the near future.</p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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