Executive Assimilation: Navigating the Organisational Landscape

One of the foremost challenges for new executive leaders is quickly grasping the intricacies of the new organisation’s context. Each organisation has its own culture, dynamics, and operational nuances. Understanding the organisation’s history, values, and key stakeholders becomes crucial for effective decision-making, building relationships and leadership impact. Executives must dedicate time and effort to immerse themselves in the new context to gain insights and identify roadblocks to performance.

Here are some of the factors to consider in order to do this effectively:

• Bridging the Expectation Gap: As new leaders step into their roles, they often face high expectations from various stakeholders including the board, employees, customers, and shareholders. Meeting these expectations requires clarity in role definition, aligning with the organisation’s strategic goals, and effectively communicating one’s vision and plans. Often failure at the senior level is caused by having an unclear mandate for what is expected of the senior executive in that role. Every one of these stakeholder groups will have their own expectations for you in your new role, and their own hopes for what you might accomplish in their interest. To assimilate successfully, gain clarity on your responsibilities, remit, objectives, and KPIs early on to avoid any confusion and setbacks.  Take the time to get to know members of these groups, whether that means interacting with them one-to-one, studying your organisation’s customer data, or studying up on your industry. Communication and engagement are essential to proactively partnering with stakeholders. Determine who owns which actions, who to turn to for information about specific functions or issues, and which hats you are meant to wear within the business, at what times. This way, you don’t overstep, cause upset, or spread yourself unnecessarily thin. Listen to their concerns, aim to truly understand them, and manage expectations through transparent and authentic communication.

• Building and Aligning the Senior Leadership Team: Senior leaders do not exist on an island by themselves, and to successfully serve the business the leadership team needs to work together to achieve the desired culture, performance and goals that matches the vision and mission of the organisation. They are aware that success isn’t guaranteed by a sound plan only. Many businesses have strategies that sound excellent on paper but fall short of producing the desired results. New executives must assess the capabilities, diversity, and alignment of the senior team but also the wider organisation. They should agree on the ‘Why’ of the organisation, encourage open dialogue, productive debate, foster collaboration, and establish a shared vision with clear accountabilities aimed at developing and growing the organisation. Strengthening team alignment also allows for confident decision-making, resilience in the face of challenges, and the ability to navigate and bounce back from disagreements, difficult situations and/or crises effectively.
• Driving Change and Adaptive Operations: This agility is crucial in today’s rapidly evolving business landscape where change is inevitable. C-suite leaders are responsible for setting strategies and actions that enable adaptive operations. This involves building a compelling case for change, creating short and medium-term wins, and being prepared to pivot when necessary. With calculated risk, learning from failures, and continuously moving forward, leaders can foster an environment that encourages innovation and supports the organisation’s evolution. Do not abide by the organisation’s status quo just to fit in and feel welcomed in your new role. Be a champion of the type of change that will drive the business forward whether it is comfortable or not. The business will be better for it.

In a business climate full of greater complexity, numerous competing demands, different leadership challenges spring up daily and often from all sides. The task of any new leader is to ascertain how differing priorities and interests align with the organisation’s goals, and how they can best deliver the right impact in the right priority order for all stakeholders. Focus on being honest, authentic, and developing meaningful relationships. Remain curious and develop collaborative, open relationships with your team whilst listening, understanding, and predicting your ultimate customer needs and behaviours.

Rialto clients who have transitioned into leadership both internally or externally often find that working with an Executive Career Coach who has been in their shoes but is impartial to their organisation helps to improve emotional intelligence, enhance strategic thinking, and creates a mindset shift that helps them to move forward more quickly and with less risk. At a time of personal change, having someone to speak to externally that can quickly hone your awareness of your effectiveness and assist in transferring learning into action can make the difference in accelerating your success.

As Q3 gets underway, we are entering a critical period that can make or break an organisation’s success for the year. Now is the time to take the lessons from the first half of the year and learn from them to finish strongly in the final two quarters. While Q4 tends to be considered ‘crunch time’ for most, effective preparation in the three months leading up to it can alleviate some of the pressures faced.

For those executives looking for a career change or transition, prior to summer truly setting in and many individuals take planned summer breaks, this is a good time to clarify and focus on your priorities, strategise a new approach, and strengthen your profile to increase visibility. Individuals should also act swiftly and proactively to schedule discussions, interviews, and meetings in the diary to retain crucial networking momentum and explore opportunities with key stakeholders where their skills and experience can add value and address the challenges ahead in their chosen sector or potential organisations of interest.

Here are our experts’ assessment of the current state of the executive jobs market and the macro business landscape, the top trends that will shape the second half of 2023, and our advice on some of the factors to consider for navigating these conditions successfully.

Job Market Snapshot

We entered Q3 with near-record wage growth and low unemployment. The ONS Labour Market Overview for June 2023 saw the UK’s unemployment rate drop to 3.8%, undercutting forecasts for an increase to 4%. With a record 33.1 million Brits in work, UK employment has finally climbed above its pre-pandemic level even though the rate is still lower than in 2019. This growth is despite yet another drop in the number of available vacancies, which fell to 1,051,000. This is the 11^th consecutive period in which vacancies fell and reflects the ongoing uncertainty across industries, with economic pressures cited as a major factor holding back recruitment – particularly FT permanent roles which have been in decline since Q1 2023.

Despite the ongoing macroeconomic difficulties, real wages have risen for the first time in 18 months. The June report found that growth in employees’ average total pay including bonuses was 6.5%, and growth without bonuses was 7.2% in February to April 2023. This is the largest growth rate seen outside of the pandemic. However, after adjusting for inflation, growth in total pay fell by 2% in the year February to April 2023 and by 1.3% for regular pay. The cost of living remains expensive and is likely to motivate further job moves.

Key Job Market Trends

For those considering or planning a career transition, our experts have identified the following key trends to be aware of:

• Economically-Driven Hiring Decisions Will Continue: Unfortunately, the soaring wage growth and boost in employment may likely result in yet another rise—if not several rises—in interest rates as the Bank of England works to contain unrelenting inflationary pressures. Higher inflation rates lead to more businesses erring on the side of caution and acting conservatively when it comes to recruitment. That’s not to say that opportunities are not out there at the senior level, but it may mean working harder and more creatively to reposition your profile and relevant and ensuring its relevant and valuable for future market needs.
• Fierce Competition and Less Roles: Well-qualified senior candidates will find themselves in fierce competition with other similarly qualified peers for a reduced level of desirable roles. In a recent survey conducted by FTSE 250 recruiter PageGroup, half of the respondents reported that they are actively looking for a new role or are planning to seek new job opportunities in the next six months, with only one in 10 feeling confident that they would stay in their current role through this year. Research from KPMG and the Recruitment and Employment Confederation (REC) supports this, finding that the rate of people seeking jobs in May 2023 increased at its fastest rate in three and a half years. With that many people open to making a career transition, those executives actively in the market should expect fierce competition and should work to skilfully differentiate themselves to secure the most desirable roles.
• Generative AI Transcends its Hype: One key way to differentiate is to become adept at navigating the latest technological trends. One we have been hearing plenty about since the start of this year is generative AI. Many businesses are cutting through the noise and seriously exploring adopting this transformative technology. Understanding that this is not just the latest fad and is instead the single most transformative technological advancement impacting the world of work is essential for successfully futureproofing oneself and demonstrating the long-term value and relevance of your profile to future requirements.
• Ongoing Difficulties Across Various Industries: Despite the boom in technological adoption, the tech industry is one of a few sectors that may struggle in the near term. After a boom of several years, many companies are feeling the economic pressure and pressing pause on recruitment or downsizing their own workforce. Tech is not the only industry facing ongoing hardships. Despite post-pandemic rebounds, high costs of living continue to negatively impact the hospitality industry. Manufacturing continues to struggle to fill roles and faces issues from global supply chain disruptions. Other sectors facing difficulties include construction, retail, and financial services. Our monthly City Financial Services Index updates continue to record fluctuating demand across subsectors, but the first half of the year saw major turmoil across the industry. If our friends across the Atlantic offer any indication, then the second half of the year is set to contain more upheaval. Job cuts at the largest US banks this year are on course to surpass 11,000 as Wall Street contends with the worst recruitment market since the 2008 financial crisis. Goldman Sachs, Citi, JPMorgan, and Morgan Stanley all made cuts in the first part of the year, and it is not unreasonable to expect more to come. Anyone looking to enter one of these challenge-plagued industries should expect cautious recruitment behaviours. But on the other side of the coin, there is a greater need for strong leaders skilled at navigating market challenges and delivering high value transformational business impact.

Executive Transition Advice

With these trends in mind, our Rialto Executive Career Coaches offer the following advice for navigating an executive career transition through the second half of the year.

• Manage Your Expectations: Avoiding what we call the ‘Risks of Hope and Disillusionment Dynamics’ is one of the biggest challenges many senior level job seekers face when undergoing an executive career transition. A job search can be an emotionally charged process, and often one’s own biases and ideals can skew expectations and lead to disappointment if things do not go to plan. This makes rejections hit harder. Understand that setbacks are normal and treat them as a lesson rather than a roadblock. What can you do better next time? What areas should you highlight? Or perhaps what was it about that role or organisation that did not fit in with your objectives, values, or vision? It is natural to have a drive towards holding high hopes for your career transition but try not to become so wrapped up in them that you allow them to defeat you.
• Leverage Your Brand to Differentiate: To put yourself in the best possible position to succeed in a highly competitive senior market, you need to stand out from the crowd. At the senior level, it is likely that most candidates will be similarly educated, similarly experienced, and equally qualified. It’s a matter of finding and showcasing USP’s you can bring to the table that will often help you secure the role. That may be your reputation as a thought leader in your industry, your expertise in a specific niche, or the in-demand skills you possess. The best way to communicate these attributes to a potential employer is through your personal digital brand, especially in the increasingly virtual jobs market. How you communicate online, the connections you make with industry peers, and how you position yourself all contribute to the bigger picture of who you are as a professional and what you have to offer an organisation. Strengthen these areas to increase your visibility and leave the right impression.
• Build Your Skills: Beyond thought leadership, your skills are the single biggest differentiating factor in an executive job search. In their 2023 Future of Jobs Report, the World Economic Forum listed the following 10 skills as those most on the rise:
  • Creative thinking
  • Analytical thinking
  • Technological literacy
  • Curiosity and lifelong learning
  • Resilience, flexibility, and agility
  • Systems thinking
  • AI and big data
  • Motivation and self-awareness

Many of these are what would traditionally be considered ‘soft skills’ that can be honed and developed over time, while others might require training. Determining where you might be able to showcase these capabilities in your existing experience and adequately communicating this via your personal digital brand will be a major asset in your executive career transition. Developing the additional capabilities most desired in your industry will also help to further set you apart and help to futureproof your career.

Understanding the current trends in the business and job market will enable you to better anticipate and prepare for what lies ahead in the second half of the year.

To learn more about how Rialto executive career transition and executive outplacement services can support you to differentiate your brand in line with future market requirements, get in touch with our team on +44 (0) 20 3746 2960.  If you haven’t signed up to receive our market insights or info about our upcoming events directly to your inbox – click here.

The marketing function has undergone a major transformation over the last decade, playing an important role in the increasingly competitive business landscape. Challenging economic conditions have made it vital to attract new customers and retain existing loyalty, while the digital world has reshaped customers’ habits and increased expectations. It falls on the Chief Marketing Officer (CMO) to facilitate growth and sales, determines the brand’s direction and marketing strategy, ensuring their team can develop and execute successful future focussed marketing strategies.

This future will be shaped by leaders who are empowered by technology, consumers who adjust their habits with the times, and businesses who embrace digitisation quickly to avoid being left behind. Much of today’s customer journey takes place across digital touch points and will become increasingly virtualised over time. The CMO must prepare their team for this shift, generate support from related functions such as sales, and marry the best of the old ways with rapidly advancing market and business practices.

Here are some of the top skills required to be successful in the CMO role for the foreseeable future, challenges faced, and factors to keep in mind if a CMO role is your next career objective.

CMO Snapshot

At the time of publication, a LinkedIn search for profiles bearing the title of ‘Chief Marketing Officer’ yields 747,000 results globally, and 30,000 in the UK alone. A search for the same title in the Jobs section of the site results in just shy of 800 vacancies in the UK. Just as with many other C-suite roles, there is no blueprint for what a CMO looks like. However, demographic research helps provide a glimpse of where things currently stand.

Analysis of CMOs from FTSE 100 companies and the Inc. 5000 list found that a typical UK CMO is male, British-born, and 44 years old. Separate research from Korn Ferry finds that the average CMO is older at 54 years old, but still usually the youngest in the C-suite. On average, marketing chiefs in the FTSE 100 will have worked within their companies for approximately 8-9 years and had experience working for at least three other companies beforehand, spending around 5-6 years at each job prior to ascending to the CMO seat.

However, after ascending to the top of their organisation, the CMO is the least likely of their C-suite peers to stick around. This role has the shortest average tenure of any C-suite function at 3.5 years. This is notably higher turnover than seen amongst the average tenures of CEOs (8 years), CFOs (5.1 years), and CHROs (5 years).

In recent years, there has been a rise in businesses introducing what is called a ‘Fractional CMO’ as an alternative to having full-time marketing leadership in the C-Suite. These highly skilled experts are brought in from outside of the organisation to help with customer acquisition, developing and executing strategy, mentoring the marketing team, or delivering a specific campaign. This type of arrangement can benefit both the business and the individual executive. On the organisational side, the business gets to introduce much-needed marketing expertise and fresh, outside perspectives without the commitment of a full-time sitting CMO. For seasoned marketing executives, it offers the opportunity to enrich their career, seek out new challenges, or introduce more flexibility into their working life.

For those taking on the CMO role full time, according to Glassdoor, the national average salary in the UK is £106,552. The average additional compensation for the role is £20,901. The top-end salary for this role is approximately £201,000. In London, CMOs will earn slightly higher with an average salary of £112,125 and an average bonus of £16,000 per year. That said, compensation for the role will vary by experience, geography, business size, and other individual factors.

Top CMO Skills

Marketing is the primary communications function of the business, but there is more to being a successful CMO than simply being a skilled and effective communicator. Given the evolving needs of the marketplace and ever-changing consumer habits, our experts have identified the following top skills for marketing leaders to focus their attention on.

• Customer Centricity: Serving your customers, whether that be through products or services, is the reason your company is in business. If you are not keeping your customers at the heart of every discussion you have, every initiative you introduce, and every decision you make, then you can expect to fail.
• Keen Ability to Demonstrate Need: Behind the CEO and COO, the CMO is one of the most publicly facing roles in the C-suite. The CMO needs to be able to paint a picture for audiences that clearly communicates how the company’s products or services meet a need that specific customer segments may have. But at the same time, the CMO may find themselves having to sell their vision to the rest of their peers on the C-Suite, their own team, and others across different departments of the organisation. If your internal team does not share in the vision or understand how the wider strategy supports the customer journey, then you risk mixed or ineffective messaging.

Emotional Intelligence and the Human Touch: A global survey of 935 senior leaders and direct reports and over 1,100 members of the workforce suggests that human emotions are a key determining factor in the success or failure of a business transformation.

A successful CMO is one who truly understands and can put themselves in the shoes of their customer, and who allows that perspective to guide their strategy. Instead of imploring your customers to flock to you, you need to be able to meet them where they are and offer a solution to their pain points. This can at times be difficult, as CMOs will face pressure from the organisation to deliver results at all costs. But the ability to be realistic about who your customers are, what they care about, and what they are going through will make you better able to relate to and effectively communicate with them. Having this understanding at the top of the marketing function helps to shape the activity and the mindsets of the rest of the team. This is now more valuable than ever with digital taking over so much of the customer experience. Being able to provide a human touch to all marketing activities helps to fill a crucial gap that technology cannot and can add rationality and reasoning to all communications decisions.

• Empathy: If we are being truly honest, then it is fair to say that we are living through a challenging period in both our professional and personal lives. We have made it to the other side of a multi-year global pandemic, but many of us have lost things and people along the way. The aftermath is still echoing through our global economies alongside new challenges, disruptive forces, and geopolitical tensions. Business leaders, their people, and their customers are having to navigate all of this. In the meantime, marketers are having to adapt to the resulting changes in their customers’ spending habits, priorities, and needs.
• Future-Focused Leadership: After ChatGPT burst onto the scene with vigour, there was much discussion surrounding what this would mean for entry- and mid-level marketers. If a bot can create content, what do we need people for? This mindset does not depict the reality of the situation, which is that most jobs will be reshaped rather than replaced, but the thought is likely to have burrowed itself into the minds of many in the marketing department. The CMO should be able to help clearly define the respective roles of both technology and human talent within the marketing department and ease their people through this transition. Do not downplay their concerns, but instead communicate openly about what change lies ahead and what it means. Bring your people on the journey with you but understand that they will likely have their own reservations.

Top Market Challenges Impacting CMOs

The skills above will be critically important as CMOs attempt to navigate the challenges of the current business landscape. Some of the top factors that these executives should be aware of are:

• Rapid Digitisation: The future will most likely include new technologies such as generative AI, which has been quickly disrupting the marketing space and altering the way companies communicate with and understand their audiences. It has also provided a competitive edge to businesses of all sizes and industries, allowing those brave and bold enough to embrace change a leg up on the laggards. As International Hotel Group (IHG) CIO Eric Pearson was once quoted as saying: “It’s no longer the big beating the small, but the fast beating the slow.”

Marketing will likely be a major area of focus for many businesses’ AI adoption efforts. The CMO will have the responsibility of pinpointing which areas technology can improve and making those recommendations to the rest of the C-suite. CMOs should expect to work alongside other business functions to help create a unified omnichannel customer experience across multiple marketing, sales, and service platforms. New generative AI solutions like ChatGPT, Bard, and DALL E have already raised questions about what the role of the human marketer might be. It will fall on the CMO to decide where and how their people use these types of tools day-to-day and guiding the team through that change.

• Breaking Down Communication Silos: Of course, for digitisation and the overall strategy to be successful, there needs to be collaboration between marketing and the other departments of the business. This includes sales, customer service, procurement, operations, and research & development. According to a reportfrom CMO Council and KPMG, 70% of marketers don’t feel very confident in their current sales and marketing model to sell effectively in the digitalised customer journey, and 60% of respondents said marketing and sales don’t co-own customer strategy and data. While these two departments may not function the same, they share the same goals and objectives and need to work together harmoniously to create a seamless customer experience. It will fall on the CMO to encourage collaboration to achieve shared business objectives, defining KPIs for both teams, and creating total alignment on customer audiences and personas. To achieve this, CMOs will have to be very clear on the C-suite’s target growth objectives, whether that be acquisition, retention, revenue growth and so on.
• Shifting Towards Retention and Experience: It is likely that revenue growth will be a top priority for businesses after a few economically challenging years. One of the avenues that CMOs may explore to achieve that goal is to focus on loyalty and retention. Existing customers are much less costly to retain than new customers are to attract. In an increasingly competitive landscape, CMOs will be tasked with holding on to their valuable customers for as long as they can.

Oftentimes, the deciding factor for loyalty is the experience that businesses can offer their customers. Marketing is a very CX-focused business function to begin with, but digitisation has upped the stakes and the expectations. Customers can easily draw comparison between you and your competitors on price, quality, and so on, but these do not always drive decision making. According to Salesforce, an astounding 97% of marketers witnessed a rise in business outcomes as a result of offering their customers personalisation. CMOs need to keep experience at the forefront of their strategy and

• Conscious-Minded Consumers: To successfully attract and retain customers, you need to meet them where they are and cater to their interests and priorities. Over the past several years, consumers have increasingly begun to value and prioritise more cause-driven businesses, products, and initiatives. This includes things like sustainability, diversity and inclusion, socioeconomic mobility, and so on. Today’s consumers, especially in younger groups such as millennials and Gen Z, have increasingly begun to ‘vote with their wallet’ and become choosier about the products they use and the companies they choose to support. This adds an extra layer of depth to customer personas that CMOs simply cannot ignore. Marketing chiefs will need to gain insight into what it is that their customers value most and how those values align with their organisation. Integrating these values into the comms strategy will be important for raising awareness in the marketplace.

Our Advice for CMOs

Given these challenges, our expert Rialto Executive Career Coaches recommend that current and aspiring Chief Marketing Officers focus their attention in these key areas:

• Don’t Fear Digital: Over the past century, marketers have adapted from print to radio, radio to television, television to web, and web to social media. This is simply the next evolutionary stage in a long journey of growth and innovation. Rather than letting that intimidate you, let it excite you. The most successful CMOs are those who can look beyond the status quo and view innovation as an opportunity to experiment and push the boundaries.
• Listen More Than You Speak: Marketing, at times, can feel like shouting into the void and hoping that it echoes into the ears of the right people. It can feel very one sided, but every expert knows that the key to good marketing is two-way communication. At the C-Suite level, it is unlikely that you will have much—if any—regular interaction with your everyday customers. That is why it is important to foster a strong chain of communication from the top of the marketing function down to its lowest level where most of the direct interaction with customers happens. These team members will be the most in tune with what your customers need, want, love, hate, and are most motivated by. These members of your team may not directly report to you, but they hold valuable insights that can help inform the strategies that govern the entire marketing function. Regularly seek feedback, and truly listen when it is given. Understand that your idea of your customer and the marketplace may not always be in line with the reality, and be willing to adapt as needed.
• Become increasingly Data Driven: In addition to communicating with your people, you can also consult your data. Businesses collect more data than they know what to do with, most of which can directly benefit the marketing function. By becoming more data-minded, the CMO can derive valuable insights into their customers, their team, their strategy, and the effectiveness of the company’s marketing efforts. Relying on gut instinct is not always the best and smartest move. Making a habit of consulting your data helps to ensure you always have a realistic view of your audiences and your efforts.

If you are a current Chief Marketing Officer looking for your next executive role, or an executive looking to transition into a CMO role, we can help. The Rialto Consultancy offers a range of career strategy services including Executive Outplacement, Executive Career Coaching, and Personal Branding. Get in touch with our team to discuss your options to make a game changing transformational career move.

The theme for International Women’s Day 2023 was to ‘Embrace Equity,’ which calls for discussions about why equal opportunities are not enough to reach true gender parity. Rialto Executive Career Coaches have been reviewing the changes that have taken place since our previous blog exploring the idea of a ‘glass ceiling’ that hinders female leaders from progressing beyond a certain point.

What was once criticised as a ‘tick box exercise’ has continued to evolve as a critical business priority. Beyond simply being ‘the right thing to do,’ businesses have come to appreciate that championing equality in leadership can only make an organisation stronger and more resilient. Introducing voices and perspectives that differ from one another contributes to more agile and informed decision making. It’s no wonder why so many businesses are appointing female senior executives to key leadership positions.

Despite this progress, accomplished female executive continue to seek support from our Executive Career Coaches to navigate the challenges and limitations that persists in the form of the glass ceiling effect. With barriers continuing to exist as they progress into senior leadership positions, how can individuals break through? How can businesses aim to remove these invisible barriers? Where do we stand, and where do we go from here?

Progress, But Not Yet Perfect

The past several years have seen major progress in terms of gender equity, especially at the senior level. In fact, the annual FTSE Women Leaders Review found that 40.2% of directors at the UK’s largest listed companies were women in 2022, surpassing the voluntary threshold set for 2025 three years ahead of schedule. This figure is just over four times higher than it was in 2011 when it stood at a mere 9.5%

In the FTSE 100, female representation on boards stands at 40.5%, a marginal increase on 39.1% in 2021. This equates to 431 of 1063 directorships being held by women. Only seven of the UK’s top 100 companies fall short of the previous 33% target.

64 companies have at least one woman in the key roles of Chair, SID, CEO or FD, while a further four companies have women holding three out of those four positions. In 2022, 48% of board appointments for FTSE 100 companies went to women and 23% of FD roles in these companies are held by women. But only nine CEO roles are held by women at this level.

What we have viewed is that representation of female executives overall at the FTSE 100 level continues to improve, with 23 companies already meeting the 40% women Executives target and a further 31 companies meeting the previous 33% target. In terms of female executives’ functional roles in the FTSE 100, their lowest representation is as CIO (21%) and their highest is as Human Resources Director (69%).

Today, women occupy two out of five board seats in the FTSE 350, with almost a fifth of FTSE 350 boards having a woman chair despite there being only 21 female chief executives across the main listed markets. Across the FTSE 350, 1,202 of the 3,000 board seats and 6,660 of the 20,000 leadership roles were held by women in 2022. The Review also found that the number of all-male executive committees in the FTSE 350 fell to 10 in 2022 from 54 in 2017, but female representation in these committees stands at just 27% and could still be further improved.

The 2022 Review included data on the UK’s top 50 private companies for the first time. This data revealed that in these companies, the proportion of women on boards averages at about 31%. A third of these companies reported that more than 40% of directors were women, while more than half reported female representation that is well below the average. Of the top 50 private UK companies, 19 had boards that were either all male or included just one female director. In the top 50 private companies, the figure for women’s representation on executive committees and direct reports stood at 34.3%.

Because the way top level management is structured in private companies sometimes differs from the leadership structure of publicly listed organisations, it is difficult to truly compare progress. Looking at the data, it is clearly apparent that the UK has made excellent strides in both private and public company leadership, but there is still some way to go before true gender equity is reached.

Parity is yet to be reached in terms of payment as well. According to Government data, 2022 UK gender pay gap had an average 5.45% and a median of 9.71%. In monetary terms, the average hourly difference in ordinary pay is £1.44 compared to £1.48 in 2021 and the median hourly difference is £2.41 (£2.68 the previous year). Again, small improvements are occurring year on year, but we are still shy of true equality.

Executive Transition Top Challenges

Despite this progress, something still stands in the way of true gender equality at the senior level. From speaking with our female clients looking for their next executive career transition, our Executive Career Coaches have shared some of the top barriers they continue to identify today:

• Unconscious Bias: We all have biases. The ones we are not consciously aware of can often be more detrimental than the ones we know we have. These biases are developed throughout life as we are shaped by our family, environment, peers, culture, education, society, and more. These beliefs may not reflect truth, but influence how we view the world and our place in it. Sometimes, that can bleed into our professional lives with detrimental effects.

For example, what we feel may be anecdotal office humour can actually be the reflection and perpetuation of harmful, long-held ideas that hinder true progress. One such ‘stereotype’ is the idea of female bosses as cold, calculated, or downright mean. This characterisation is rooted in deep-seated biases held by both genders to feel that success is tied to ‘male’ qualities. Because the top has been male dominated for so long, many female executives unconsciously believe they must take on more masculine traits and behaviours to be accepted and to succeed. Their male counterparts expect this of them, but this expectation is also in conflict with their perception of femininity and what a woman ‘should’ act like. Whether realised or not, these biases held by both parties have a detrimental effect on the decisions involved with appointing senior executives to key leadership positions. These biases may lead women to adapt their management style in an ineffective way or create doubt among the men involved in the hiring process about appointing a woman to a key role.

• Imposter Syndrome: Of course, these biases and a lack of representation in general can lead to other adverse outcomes such as imposter syndrome. These nagging, deep-rooted beliefs may hinder female executives’ progress by making them question themselves unnecessarily. Our Executive Career Coaches regularly tackle this issue with both male and female senior executives, but the latter group are more likely to experience imposter syndrome related setbacks. A lack of representation and unconscious ideas about success and leadership may prevent well-equipped women from aiming for roles they are qualified and suited for or may shake their confidence once they ascend to these roles.
• Misunderstanding of ‘Equality’: Gender parity does not necessarily mean treating women and men the exact same at work. As discussed, our societally shaped beliefs of masculinity and femininity and what success has historically looked like can potentially have negative effects on who we put in leadership positions and what sorts of traits and behaviours we accept from them. Gender equality does not mean expecting women to mimic the behaviours and actions of their male counterparts when appointed to senior leadership. True gender equality will involve reshaping culture to support and celebrate everyone’s unique contributions and attributes whilst also introducing structures and practices that support both sexes equally. This will likely involve having to overcome some of the barriers still present in wider society. For example, women continue to bear a heavier burden when it comes to balancing work and family, despite progress in recent decades to bring about gender equality in the workplace. We also found that younger female leaders who have become mothers are still among the most likely to say that being a working parent makes it harder for them to get ahead in their career. For true equality to exist, this can no longer be the case.
• The Tech Barrier: Recently, an increasing number of organisations have been implementing artificial intelligence (AI) tools to their recruitment processes. While these technologies are not inherently biased, they are trained by humans who inherently possess bias and are trained on datasets that may perpetuate negative outcomes. With these tools, what you put in is what you get out. In some cases, recruiting talent this way can help to remove human bias from the equation by blindly evaluating candidates on their suitability for the role alone. In other cases, these algorithms and tools can exacerbate existing problems in the organisation. For example, if a company trains their AI to identify suitable candidates based on their existing and historical workforce, the AI will use those parameters to assess the CVs it is fed. If that company has been historically male dominated or has hired people from specific ethnicities, geographical areas, educational backgrounds, and so on, the AI has been trained to find more of the same. If not overseen properly, this can lead to excellent candidates being overlooked and a perpetuation of the organisation’s lack of diversity. It is critical to keep a human in the loop for this process and to keep this possibility for bias in mind if using AI for hiring purposes.

Advice from our Executive Coaches

Overcoming the barriers to break through the ‘glass ceiling’ phenomenon requires businesses and individuals to work jointly together. For both groups, our Executive Career Coaches advise the following:

• Challenge Yourself and Others: Most of our biases are unconscious, but that does not mean they do not manifest themselves in our everyday lives. If you find this happening to you, it is essential to nip it in the bud when you become conscious of it. Question if you truly believe it, and where that belief may stem from. Now that you have identified that you have this bias or belief, you can consciously work towards remedying it. At the same time, we need to hold our peers accountable, both male and female. If ever you pick up on something from someone else, discuss it with them in private. Have the hard conversations. That is the only way we are going to improve. From an organisational standpoint, intentional action and education are the paths forward. Revisit your D&I initiatives. Are they meeting expectations and generating real impact, or has the business been simply treating these as tick box exercises? Is there anything you could be doing better to bolster different groups? It is also wise to revisit your training efforts to ensure they reflect the right ideals. Offer training on unconscious biases to help your people identify and address them.
• Create Cultures of Equity: Training individuals to reflect, improve, and become more inclusive can help to create an overall culture of awareness and equality. Organisations and their people should aim to create an environment that recognises and celebrates the differences among its members, and the reassurance that all are empowered to succeed. When all employees are encouraged to be their best selves and reach their full potential, it’s not just good for women or people of colour. It’s good for business. Encourage communication and collaboration, but most of all, ensure everyone feels heard.

Those operating in the C-suite or at senior level often have cultures of their own, where informal networks are critical for gaining influence and forging bonds. Camaraderie can sometimes be formed through hobbies or activities outside of work which can lead to those who have other responsibilities or interests being excluded.  These networks are important for communication and decision making, but at times can ostracise those on the outside. As these networks are embedded deeply into business life, eliminating them altogether is unrealistic. Instead, the aim should be to evolve the culture of the leadership team. These networks can continue to exist so long as they do not create communication silos between those on the inside and those outside. Ensure all parties are kept informed and encouraged to speak openly and honestly with one another. It is important that these discussions flow across all forms of communication. You do not need to be friends with your colleagues outside of work, but it is important not to let those friendships get in the way of how you collaborate with one another. A successful leadership team is one where everyone feels comfortable and equally empowered to speak their mind honestly and transparently without fear of retribution, regardless of their gender or any other factor.

• Embrace Flexibility: Hybrid working models have become the norm for many companies and embracing more flexibility can help promote better parity amongst men and women in the organisation. Increased flexibility can help improve work life balance, and ease some of the additional pressures placed on female employees. For example, allowing hybrid or flexible working schedules to suit the needs of both male and female staff with children can help keep women in the workforce instead of forcing one parent out to bear the responsibilities of childcare and parenthood on their own. In addition to maternity leave, consider offering comparable paternity leave to male employees, affording them the same opportunity to bond with their new family members and support their partners. But also understand that staff with children are not the only ones entitled to flexibility. True equality in your organisation will involve enabling access to privileges for all your staff regardless of their situation. Just as you offer flexibility to your staff to be with their children, encourage your childfree staff to take time out for their hobbies, relationships, and wellbeing to prevent burnout. Greater work life balance has become a major priority for younger staff of both genders, and your ability to deliver on this now will help shape and strengthen your future workforce.

Despite some great progress over the past year, the glass ceiling continues to be a reality for many female executives. But equally, each person has the power to break through. With the right mindset, support, and a little creativity, there are ways to feel empowered, identify solutions, and pave a path to success.

If you would like to arrange a confidential discussion to explore how our Executive Coaching, Executive Transition or Executive Outplacement support could help you to maintain your career trajectory, speak to our team on +44 (0)20 3746 2960 or contact us via email at info@rialtoconsultancy.com

When was the last time you actively sought out a new contact at a conference, or sent a LinkedIn request to someone beyond your second degree of connection? If you are like many senior executives, it has likely been a while. Data from McKinsey shows that only 14% of professionals have grown their networks since 2020, while less than 50% reported making any effort to do so.

The vast majority of executives spend their career lifecycle in closed networks. This shouldn’t come as a surprise when you consider that many professionals remain in the same sectors and industries for their entire career. Those who have reached the senior level will have spent many years occupying the same spaces, attending the same events, and engaging in the same conversations with the same groups. The higher you climb to the top, the thinner the population gets and the more likely it becomes that senior executives already know each other.

For senior leaders, the C-suite, and members of the board, being closed off and not actively growing the scope of their network can lead to a major reduction in their career value and lost opportunities. It also does not align with the more agile demands of modern leadership. Today’s executives must be adaptable, curious, and keen to evolve in the wake of ongoing disruption. These behaviours can be stimulated and enhanced by exposure to more open and vibrant networks.

In this first instalment of our networking series, we are exploring the ways in which executives in senior, C-suite, or Board level roles can extend and leverage their networks both during an executive job search and for success in their existing position.

Why Network?

In business, there exists a popular adage that states, “It’s all about who you know.” This idea provides the entire basis for networking as a practice. The people you meet, attend school with, and work with through the years play a part in your professional past, and those relationships may prove beneficial in the future even after your paths have diverged. Fostering these relationships over time can help generate referrals, retain valuable partnerships, and build your reputation in your industry and beyond. You can tap into the wisdom, experience, and insight of your trusted peers for your own personal growth. You can also leverage your relationships when venturing into a new geographic or business area for your organisation, or if you plan to make a career change.

While who you know matters, it is equally important who knows you. When you are sharing your thought leadership on LinkedIn, who is seeing that content? When you attend conferences or industry events, who is walking away with your card or contact details? When your business is on the verge of securing a new partnership or revenue stream, or is facing a crisis of public opinion, is your reputation as a leader enough to instil confidence?

The further your reach extends among the right audiences, the more value your name holds. This increases your credibility in the marketplace and your notoriety. By getting out there and getting in front of the right people, your name is on people’s minds when relevant opportunities arise or in conversations related to your areas of thought leadership. The people who know you can carry you even further to the people they know, potentially leading to partnerships or beneficial new contacts. And if you have really strengthened your name recognition and reputation amongst your stakeholder audiences, then your sheer presence on the board alone can reflect positively for your organisation in others’ minds.

There is so much value to this practice for both businesses and individuals to reap, but how should senior executives think about their networking activity to drive their own impact?

Using Networking to Your Advantage

For senior leaders, the C-suite, and members of the Board, networking will have different objectives than it might for someone looking to climb the ladder. Executives at this level will be looking to take that final step up to the top, build their professional reputation, establish thought leadership, take on higher impact Executive or NED roles and other similar opportunities, or make a lateral move to a different organisation. Therefore, the way they navigate their networking activities will differ. Even so, networking at the senior or board level can be narrowed down to four core activities:

• Benchmarking: One of the most valuable yet most overlooked aspects of networking is its power as a research tool. Interacting with other senior executives both in your industry and beyond it is a great way to get a feel for how your skills, experience, and capabilities compare to others at your level. Are there any capabilities that you lack that you should work on developing? Is there something unique that you bring to the table that sets you apart from your peers? Are there trends in the market you might have overlooked or gave too little consideration? Conversations with others in your industry can help gain insight into where things stand and where they are heading, which can help you to adequately prepare for what lies ahead for your role, job function, business, or industry.

The best way to do this is to reach beyond your immediate circle. If you limit yourself to those you are closest to, you may not gain a comprehensive view of what the senior market really looks like. Recent research from MIT, Harvard and Stanford found that weaker social connections have a greater effect on job mobility than stronger connections. Reaching out to your lesser known or secondary contacts on LinkedIn is more likely to yield opportunities than mining your close personal relationships would be. When looking to benchmark yourself in the marketplace, be sure to look beyond your immediate sphere to help paint a clearer picture of what is happening at the senior level.

• Development: That said, gaining insights from those around you can be incredibly valuable for driving your own personal development. Oftentimes, others close to us can see us more clearly than we see ourselves. Our personal biases and perceptions can cloud our judgement and prevent us from reaching our full potential. To combat this, try asking your colleagues, friends, and family to describe what they perceive as your strengths and weaknesses. Are these in line with the ideas you have about yourself, the impressions you would like to leave others with, or the professional image you would like to project? You might find areas in which others have noticed you can improve and grow, which in turn can guide where you devote time to skill building or other professional development activity.

Of course, personal growth is incredibly valuable for delivering long term value as a leader, but it can also help you solidify your value proposition for an executive job search. Many job opportunities—especially at the senior level—are secured by word of mouth and peer referrals. For many at the senior level, it will have been a while since they have been in the job market, and things will have changed pretty dramatically since then. Rather than simply fishing for leads on open positions, use networking as a means of putting feelers out in the marketplace, seeking out advice for navigating current conditions, and using feedback to drive your search efforts. If you aren’t engaging with your peer network and learning from them, you may be missing out on potential opportunities to expand your horizons and enrich your career.

• Innovation: Just as we cannot always rely on our own judgement to be an accurate barometer of our own personal strengths or of the conditions in the marketplace, sometimes it is better to branch out to find new ideas and ways of doing things. Senior leaders, the C-suite, and members of the Board are all in unique and high-pressure positions of having to deliver impact at scale and drive the business forward through every new challenge. Building a strong internal team is fundamental for delivering desired business outcomes, but sometimes leadership need to look beyond the business to gain a better understanding of the market and the needs of their customers. Getting out there and having valuable conversations with various different groups can give rise to new ideas and innovations, and can help leaders gather feedback about proposed plans and projects before committing to them.

• Sharing: You should not treat your network like a cash machine from which you only withdraw. Networking is a reciprocal practice in which you need to give as much as you take. Just as you glean insights from your network, you should be feeding back your own knowledge and advice. Being able to offer valuable contributions helps to strengthen those relationships and others’ perceptions of you as a thought leader. The more insight you can provide on particular subjects, the more you become associated with and are viewed as an expert in these areas. Then over time, it becomes more likely that others will think of you when opportunities and discussions related to these subjects arise. Not only that, but your insights and advice may benefit those you share them with and help them to progress on their own career path.

Your approach to networking and the motivation behind it will vary based on where you are in your career and where you aim to be, but it is important that you do it regardless. Treat networking as an integral part of your role as a senior executive rather than an added-on chore.  To truly reap the benefits of this useful peer-to-peer practice, treat networking as ongoing relationship building rather than a transactional exchange. You never know when you’ll need to draw on the power of your network, and it is crucial to build the necessary support and perceptions ahead of time.

For over a decade, The Rialto Consultancy has helped individuals access high-quality networks that can expose them to new thinking as well as new career and business opportunities. If you would like our help with strengthening your network and getting in front of the right audiences, explore our upcoming networking-focused Events and get in touch with our team about our Executive Coaching or Executive Transition programmes which also support to build your personal digital brand.

Our careers can often feel very personal to us, and for good reason. We invest our time and energy into achieving success, and work hard to build, nurture and maintain this over time. This leads to an inherent sense of control and ownership. As a result, a career change can be a scary prospect, but it can also be an opportunity for growth and new experiences. Whether by choice or necessity, a career change can give us a chance to reassess our values, passions and goals, and find a new path that aligns better with them.

While it can be daunting to leave behind the familiar and venture into the unknown, a successful career change can be incredibly rewarding, leading to renewed motivation, job satisfaction, and a greater sense of personal fulfillment. If you are considering a career change, take the time to reflect on what you truly want out of your professional life, and don’t be afraid to take the first step towards a new and exciting future.

Sometimes, however, that ownership can feel threatened or slip away from us. We may hit a plateau after climbing the career ladder for so long, or we find that we are in a vulnerable position during a period of restructuring or cutbacks. In both situations, it is common to feel as though decisions about your career and its direction are no longer within your control.

Losing career ownership is not a position any professional wants to be in, but it is not an impossible one to bounce back from or avoid. Here’s our advice on how to do just that.

Understand Your Options

First, you need to reflect and assess what caused you to lose that feeling of ownership. You might feel as though you’ve run out of road after racing full speed ahead or have nowhere left to go after reaching a certain level or the top of your organisation. You may also experience feelings of unease, burn out, or complacency as thoughts of ‘what now?’ occupy the space which ambition once filled. Alternatively, you may be content in your existing role or company but find that you face redundancy as the business heads in a new direction or scales back expenditure. Your career seems to be out of your control.

In either case, you have two options. The first is to invest your time and energy into improving your impact, value, and security within your current role and organisation. We recently shared a blog about how to take control during difficult periods, and the advice there may be of use here. In challenging economic times, when the focus shifts towards the business and you find yourself standing on less stable ground, you might feel like a pawn in a game. Your stability and security are at the mercy of someone else’s decision making, which puts you in a vulnerable position.

While you cannot control what the rest of the organisation will do, it is possible to shift how you are perceived within it. This is where strategic thinking and self-motivated action become crucial for demonstrating value and providing stability. Vulnerable executives—and even those feeling a bit stuck—may be able to chart the course of their careers in an entirely new direction within their existing role and organisation. This can be achieved by demonstrating their ability to make a meaningful impact in the face of new or emerging business challenges and to continue making valuable contributions regardless of what comes next.

For both executives in vulnerable positions and those who feel stagnant, the option of changing role or company is an attractive option. It can accelerate your career trajectory if a move is made strategically.  While this option may seem daunting, it is not as drastic as you might think. The average professional will have five careers throughout their lifetime, and most often their path will not follow a linear trajectory. Gone are the days of finishing school, getting a job, and climbing the ranks of one organisation until it’s time for retirement. The modern executive will instead make a series of motivated moves driven by a multitude of potential factors such as financial gain, changes in personal circumstances, the pursuit of passion or ambition, or self-preservation. Just because you are currently on one path does not mean you have to stay there. Not every career move needs to be upwards to be fulfilling. Linear moves can prove just as invigorating and reintroduce that sense of control that has been lacking.

Taking Control

Regardless of which option you choose, the best way to regain ownership over your career is to invest in yourself to make your career feel personal so you understand your value to in demand external market trends. Here are some steps you can take:

• Know Yourself: Over time, life and business circumstances can get in the way and make it easy to lose sight of your values, objectives, and aspirations. We find it is often valuable for executives in these positions to take stock internally and reassess what matters most to them, what they are looking to achieve in their careers, what level of risk they’re comfortable with, and what they bring to the table. This self-knowledge not only makes your career feel personal again, but it is also a critical first step in being able to demonstrate your own potential value and long-term contribution to an existing or prospective employer.
• Know the Market: This is critical to your success given the faster pace of change. It can also become easy to lose your grasp on the market due to ever-changing conditions and ongoing disruption. Whether you’ve been in one place for too long or been absorbed in the challenges of your current role or organisation, you may find that you are out of touch with the current market conditions, in-demand skills, the latest trends, and potential opportunities outside your immediate sphere. The best course of action here is to maintain a sense of curiosity and an eagerness to expand your horizons. Be open to learning all you can from different peers, reading books, articles, blogs or interacting in discussions that enable you to share and shape your ideas and observations.
• Know Your Value: As you begin to understand which factors are impacting the wider market, you must also consider what that might mean for your current or potential organisation and the role you may play as a result. As shifts and mega trends like AI and emerging technology, ESG and EDI become top priorities for businesses, where do you fit in? What can you bring to the table in the areas that matter most to your industry and employer? If you do not have existing knowledge and experience in these areas, this is where your willingness to learn can be incredibly valuable. Keeping an open mind and being flexible to change is an essential element for success in today’s competitive and ever-changing marketplace. Understanding what is needed and how you can deliver it will be crucial.
• Know Your Peers: One of the best ways to gauge the needs of the market and assess your place within it is by actively engaging. Social media platforms such as LinkedIn have become powerful tools for industry research and competitive analysis. Engaging in conversation with others in your industry can highlight some of those trends and insights you may be overlooking. Talking to trusted colleagues can help to shed some light on what others perceive your strengths and value to be. You will also be able to benchmark your skills and capabilities against others in positions like yours, which will prove beneficial if you have chosen to make a career move.

But don’t forget to make some connections along the ways. Data from McKinsey shows that only 14% of professionals have grown their networks since 2020, while less than 50% reported making any effort to do so. If you fall into this camp, you could be missing out on some major opportunities to advance or enhance your career. Many job opportunities—especially at the senior level—are secured by word of mouth and peer referrals. If you aren’t engaging with your peer network and keeping them in the loop about your goals, you may be missing out on potential opportunities to expand your horizons and enrich your career.

Don’t be afraid to connect with those outside of your immediate sphere. Real growth happens when you venture outside of your comfort zone. In fact, research from MIT, Harvard and Stanford backs this up, finding that weaker social connections on LinkedIn have a greater effect on job mobility than stronger connections. Reaching out to your lesser known or secondary contacts on the platform is more likely to yield opportunities than mining your close personal relationships would be. An investment in your network is an investment in your overall career and should not be undervalued.

• Know It’s All Going to be Okay: Change can be inherently unsettling, especially when you feel as though you’ve lost some of your control. However, if you are being proactive about bettering yourself and improving your contribution, you are on the right track. Be confident in yourself and your ability to navigate through this. If you had what it takes to get this far, then you have what it takes to keep going. Don’t be afraid to be bold, as experimentation is often the predecessor to advancement. Your previous thinking is what got you to where you are, so you may have to think outside the box to move ahead. The key to regaining or retaining ownership over your career is realising that that control never left you in the first place. You have always been in the driver’s seat but may have just needed to shift gears.

Rialto is at the forefront in providing insights on both individual and organisation transformational change.  Our focus includes supporting senior executives to make game changing career moves with over 6,000 professionals having received support over the last 11 years globally. For more information on our executive career transition programmes call +44 (0) 20 3746 2960 or make an enquiry.

Many of us take time during the summer to have some much needed downtime, to regroup, recharge, and come back healthier, happier, and more focused on what we’d like to achieve both personally and professionally during the last leg of 2022.

With increased talks of an impending recession, profit warnings up by 66% as compared to the same period last year and supply chain and cost stresses continuing to bite, naturally there may be more questions than normal about what lies ahead. Leaders will likely need to continuously adapt their thinking in order to navigate a future successful path for both themselves, their teams and their businesses.

Resilience will be a key attribute which differentiates those teams that will thrive in an increasingly  difficult environment. It will come down to their ability to flex and adapt, to make the most of opportunity, and to mitigate risk. Successful teams and their leaders will be able read changes in the market, take prompt action, and make informed decisions to adapt business models. Being able to spot problems quickly, being able to absorb the hit, and still being able to get up and go again will be essential for future success.

If you haven’t had time for reflection, here are some useful questions to dwell on to help you build that resilience and prepare for what may lie ahead.

What are we doing well? What needs improvement?

Typically, leadership teams begin brainstorming their goals for the following year during Q3 and Q4, so now is the perfect time to take stock of your business’s, your team’s, and your own strengths and weaknesses. Be honest and critical so that you can strive for actual measurable improvement and spend the final portion of the year ironing out any flaws. That way, when the time comes to move into the new year, you will be better placed to proceed with agility instead of getting caught up with troubleshooting.

What will a recession mean for businesses?  Are we ready for it? What can we control?

A recession has been looming for a while now, and it’s only a matter of time before it hits. If our friends across the Atlantic offer any indication, this will happen sooner rather than later. According to a recent Goldman Sachs prediction the UK will go into recession by the end of 2022 and will keep contracting in 2023.  It also predicts that the UK economy will contract by 0.6% in 2023.  We have all become well acquainted with disruption—especially over the past two and a half years—so this recession will be the latest in a long string of challenges businesses and executives have faced. But if being blindsided by the pandemic taught us anything, it’s that there is value in scenario planning ahead of time.

Businesses still have time to adapt their strategy to soften the blows a recession might bring. Difficult decisions will be made, and tough conversations will undoubtedly be had. Preparing for the latter in advance can help to ensure they go as smoothly as possible. This blog can offer some advice for navigating these discussions successfully.

What skills will be most valuable for senior executives while finishing out this year?

For executives looking to make things happen for both themselves and their teams, it is important to appreciate a different approach to the prevailing market will be needed. Knowing how to present your leadership value and focusing on strengthening your personal digital brand is increasingly critical in a digital world.  Hopefully as part of your summer reset you were able to assess your goals and set a few actions towards achieving both your teams but also your own personal career development. Our coaches recommend taking a holistic approach to deliver a game changing career move and not just a quick change for the sake of something different.

Keeping a focus on skills is crucial for staying relevant in the marketplace and navigating any difficulties that lie ahead. Based on what we’re seeing now, it’s safe to assume that understanding the technological landscape across your market will continue to be valuable, as will what have traditionally been known as ‘soft skills.’ This includes capabilities such as communication, creativity, and empathy. All of these will likely come into play as we continue to navigate ongoing challenges with talent, face difficult decisions, and rethink our approaches to upcoming disruption.

Developing resilience doesn’t happen overnight. Leaders need to be willing to take time out to reassess and flex as needed. The next few months may be understandably rocky, but taking the time now to plan ahead and evolve your thinking will prove beneficial in the long run. You had a nice reset this summer, but now it’s time to channel that energy into finishing the year on a strong note.

If you’d like our team’s help in building a game changing team, enhancing your leadership capabilities and driving greater impact within your organisation, get in touch with us about our Leadership Development services.

In recent years, many of our personal and professional practices have become technologically aided, from the way we shop, socialise, and learn, to the ways in which we conduct our workday. Customers have developed new sets of digitally driven standards and higher expectations, making it much more difficult and implausible for businesses to continue to progress without the assistance of more advanced tools. As we face challenges from an increasingly disrupted global economy, the adoption of new technologies will be more imperative than ever to help organisations continue to adapt and deliver results for their customers and stakeholders.

Digital transformation is an all-hands-on-deck process, with everyone in the organisation having a role to play. The Chief Technology Officer (CTO) will most often be the one leading the project, and will face many challenges along the way. Here are some of the top skills required to be successful in this executive career, and some areas today’s CTOs should focus their attention for the foreseeable future.

CTO Snapshot

The Chief Technology Officer is the most senior executive in an organisation’s technological function, occupying a seat on its board. They oversee research and development and determine ways in which the organisation might use technology to enhance its products, services, or practices to benefit its customers. This is a highly visible role requiring a combination of both deep technological savvy and strong leadership and communication capabilities.

Historically, the role of the CTO was the most loosely defined board position. With time, organisations have begun to distinguish the responsibilities more between the technology chief and those of the Chief Information Officer (CIO). The main difference between these two executive careers is their focus, with the CIO focusing inwardly on the organisation itself while the CTO looks outward. Therefore, successful CTOs must have a finger firmly on the pulse of their market and the needs of their customers, being both commercially minded and CX focused.

Much like the broader technology industry itself, the UK’s CTO population lacks in gender diversity. Previous reports found that only 15% of FTSE 100 CTOs are female. However, CTOs can expect to be well compensated in the UK, earning a median base salary of £92,179. Total packages including base, bonus, and profit share can range up to £175,000. Those based in London can expect higher earnings with an average salary of £106,963, and those with 10 or more years of experience can expect to earn up to 23% higher than average.

Top CTO Skills

The executive role of the CTO has become increasingly important in recent years given greater Board investments in technology and the rise in digital transformation as well as societal trends towards e-commerce, hybrid and remote working, digital media consumption and more. It is the role of the CTO to understand how these trends will impact the business’s customers, and how to leverage technology to meet these evolving needs. Because of the commercial nature of this position, CTOs require a unique combination of skills to be successful. These include:

• Technological Savvy:  It goes without saying that the head of the technology function should possess a strong understanding of tech from both a technical and practical standpoint. Typically, CTOs possess a strong technical background to begin with, but must also be willing to branch out beyond what they know. In addition to overseeing the company’s current technological setup, the CTO needs to be looking a step—or multiple steps, when possible—ahead at trends to understand where technology is heading and how it may impact the business and its customers.
• Business Development: Innovation is a crucial element for driving an organisation forward. The CTO is tasked with helping to achieve high-level business objectives with the use of technology. This may involve advising on any technical bets, but also may require the CTO to come up with and oversee the development of new products, features, or services that fill gaps in the marketplace and satisfy evolving customer needs. CTOs will be involved in various aspects of the process, which will require close collaboration with other members of the C-suite and throughout the business. They will work closely with product heads or the head of engineering to ensure that all strategy is aligned with the company’s technology goals, and they may also collaborate with the marketing team to ensure all products have the proper technological support.
• Tactful Communication: Oftentimes, it falls on the CTO to get the rest of the C-suite on board with technological initiatives. Generating this buy in requires a tactful and strategic communication style wherein the CTO can provide clear cost benefit analysis and demonstrate business need, usually while having to explain highly technical ideas in a way that non-technical minds can comprehend. But never is it solely the board’s trust that needs to be earned. The CTO must also be able to win over the organisation’s key stakeholders such as its investors or shareholders, its partners, and its people. In terms of the lattermost group, the CTO will not just need to influence those in their own team or department. It will fall on the CTO to get staff in all functions on board with any new initiatives and ensure that these team members understand the role of technology in the business, its implications for their role, and the impacts on the customer. These conversations with staff will be most valuable, as those closest to the customer will have the best insight into what their needs are and what processes could be improved. Ensuring positive and open communication and encouraging innovation and ideas from others will be important in this role to ensure that the best solutions can be reached.
• Customer Centricity: Keeping the customer front of mind during those conversations and when making decisions is critically important for the CTO. Today, so much of the customer journey occurs digitally that the tools and processes involved must be up to a certain standard to meet expectations. But in an increasingly competitive marketplace, meeting those standards is no longer enough. CTOs need to combine their technical knowledge with their understanding of their customers to find solutions that will help further the business’s objectives, create loyalty in a saturated market, and obtain the competitive advantage. That said, CTOs cannot afford to be purely technical or purely commercial. Their ability to leverage both sides of themselves will be crucial for their success.

Top Market Challenges Impacting CTOs

The skills above will be critically important as CTOs attempt to navigate the challenges of the current technological and economic and employment landscape. Some of the top factors that technology chiefs should be aware of are:

• High Stakes Digital Transformation: Digital transformation has been high up on the strategic agenda, but the pandemic and its resulting challenges pushed up the timeline and added additional pressure for businesses to adapt. It often falls on the CTO to spearhead digital transformation within the organisation, and today’s CTOs face higher stakes and tighter timelines than ever before. There is no room for vanity projects or adopting new technologies for the sake of it, so CTOs will need to help to ensure that the intended projects create value for the customer and revenue for the business. CTOs will likely be tasked with selecting the software and hardware that will be implemented in the organisation, managing the phasing out of legacy systems, and drafting new procedures and policies. These choices will need to be made strategically with the best interest of the business and its customers in mind. Businesses will be looking to invest, but budgets may be tighter than expected due to economic difficulties. CTOs may be challenged to make the most of the resources they are allotted and create major impact with minimal cost.
• Talent and Skills Shortages: As the head of the technological function, the CTO needs a strong team behind them and will likely be involved in hiring and training. However, a record number of businesses are doubling down on digital transformation, which has created an exponential demand for tech talent and has made securing and retaining qualified staff more difficult than ever before. Not having the necessary skills on hand limits what a business is able to accomplish and influences how it prioritises, and therefore the high rate of attrition poses major threats to the progress and results the CTO is tasked with delivering. Since the talent crisis does not look to be ending any time soon, CTOs will need to start being strategic about how to do without. This may require adapting their transformation plans or exploring training options to upskill current staff.
• Cybersecurity and Data Privacy: New threats in cybersecurity emerge every day. With individuals more dependent on technology than ever and businesses’ IT systems spread out across locations following the adoption of hybrid work models, CTOs and their teams are now having to be vigilant about cyberattacks that are more frequent and more complex. Staying on top of these threats will require continuous monitoring and improvement of systems, which can be both costly and time consuming. CTOs will need to consider a reasonable approach to tackling any breaches without it having to become their team’s full-time occupation. Alongside that, the shift to digital has endowed businesses with more customer data than they often know what to do with. Not only is it the responsibility of the CTO to find was to use technology to leverage and derive value from that data, but also to keep it safe. Customers have become much more sensitive about the personal information that is gleaned from their activities, and all it takes is one breach to lose all trust. The CTO needs to be customer focused at all times, and therefore it is now a vital part of the job to protect customers’ confidence while shaping their experiences.

Top Priorities

Given these challenges, current and aspiring Chief Technology Officers should focus their attention on these 3 key areas:

• Crafting Customer Experiences in a Crowded Market: Digital has expanded the playing field, meaning businesses are no longer just competing with those in their local area anymore. Customers are spoilt for choice in products, services, applications, platforms, and so on, all thanks to the digital landscape. CTOs will soon be assessed by their ability to deliver engaging experiences that differentiate and build loyalty. Doing so will require you to know your customer as well as you know your technology. Prioritise building solutions that are reliable, efficient, and experience driven.
• Optimising and Prioritising: Strong business acumen is a requisite for the success of a CTO. This skill will be especially crucial as businesses navigate recession, talent shortages, and a disrupted global supply chain. Over the next few years, CTOs will need to find ways to create results for the business despite any issues with resource allocation. This may involve finding ways to optimise technology investments, prioritising projects that will deliver the most value, and making the most of the talent that is available. The ability to adapt and adjust will be what sets great CTOs apart from the rest during this tough economic period.
• Maintaining Future Readiness: No CTO wants to invest in solutions that may be fit for purpose today but cannot flex to serve the business tomorrow. Innovation should be a major focus for all CTOs. This will involve understanding and embracing the emerging technologies such as IoT, AI, and big data that are disrupting our current landscape while keeping an eye on those beginning to boil in the background, like the metaverse and cryptocurrencies. CTOs will need to be able to separate hype and business value to determine which technologies will be right for the business and which are better kept as buzz words. Continuous learning is essential. The rest of the board will be looking to the CTO for guidance, and it is essential to be ready and informed.

The executive career of the CTO is an incredibly important one and will only become more so over the next few years. Success will take innovative thinking, flexibility, continuous learning, technological savvy, and strong customer centricity. It is certainly a challenging time to be in this position, but an incredibly exciting one as well given the impact these senior executives will have in shaping the future.

If you are a current CTO looking to enhance your executive career, or an executive looking to transition into a CTO role, we can help. The Rialto Consultancy offers a range of career strategy services including Executive Outplacement, Executive Career Coaching, and Personal Branding. Get in touch with our team to discuss your options.

It is easy to understand why so many professionals choose LinkedIn as their preferred medium for building their personal brand and navigating an executive job search. When used correctly and strategically, this platform can be an incredibly powerful and valuable tool for senior executives looking to build their profile, enhance their career prospects and expand their networks. One study found that 122 million people received an interview through LinkedIn with 35.5 million having been hired by a person they connected with on the site, highlighting the potential to create real opportunities from this platform.

With approximately 830 million LinkedIn users in more than 200 countries worldwide, the site has become a staple of professional activity. Because of its popularity, many executives are drawn to building their presence on LinkedIn as opposed to pursuing other thought leadership avenues such as registering as a speaker, creating their own website, or starting a podcast. LinkedIn boasts built-in audiences and some great features to allow you to reach them.

We know that crafting a personal digital brand is not like creating your CV, so bringing it to life online takes more than simply having a flat profile on multiple platforms. Creating a successful personal digital brand involves taking the time to be present and comfortable in a nonstop online discussion environment and to effectively live out the brand you have established.

If LinkedIn has been your chosen medium thus far, it is likely that you have the basics completed but are looking to take your LinkedIn use to the next level or have some questions about how to use the site to your maximum advantage. We have compiled a list of five frequently asked questions from our clients about using the site in an executive job search and beyond that may help you enhance your presence and derive real benefit from your LinkedIn activity:

1. Should I use the ‘Repost’ or the ‘Share with your own thoughts’ option?

The ‘Repost’ feature on LinkedIn is one of its newest additions as of summer 2022. Similar to Twitter’s ‘Retweet’ function, choosing ‘Repost’ will share that post with your followers. It will appear the same as it does on your feed, with a small bar above it that indicates you have reposted it.

While this may help a post from your peer or company page get more views or engagement, it does very little for you in terms of thought leadership. We usually recommend our Personal Digital Branding clients use the ‘Share with your own thoughts’ option and take the time to add a bit of commentary with your thoughts on the posts’ content. The only drawback of this option is how LinkedIn’s algorithm treats Shared posts. If you have used this feature before, you may have noticed that your Views or interactions were lower on these posts compared to any original posts you may have sent. There is no real explanation for why LinkedIn does this, but it is something to consider when debating what option to use.

A great alternative is to leave a salient and thoughtful comment on the original post, as posts you’ve commented on will still appear in your followers’ feeds. This option will also put you in front of the original poster’s audience and potentially lead to more eyes on your profile, new connections, or opportunities.

2. Can others see the things I like and comment on?

Yes. Anyone who visits your profile can see what you have shared, what posts you have liked, and what comments you have left on others’ posts in the ‘Activity’ section. Those you are connected to will see this content on their feeds, and above the post in question will be a bar with your name and an indication of how you interacted with that post (i.e. “commented on this” or “finds this insightful”).

Therefore, it is important to be mindful of what you say and do on the platform both inside and outside your own profile. You never know what recruiter, potential employer, or other potentially beneficial connection may see your activity and what impressions of you they may draw from it. It is critical to ensure that all aspects of your professional profile, including your activity, are aligned to what your current or future employer might expect from you. It is also crucial to consider what audiences you might want to reach, networks you may want to be a part of, or thought leadership perceptions you may want to create and tailor your activity to those specific audiences. If you want to be associated with a specific thought leadership subject, try to interact with content related to those subjects so that anyone who checks your Activity will see that you are truly engaged with the topics you are championing. Ensure that the trail you are leaving online is a good reflection of how you would like to be perceived professionally.

3. Is there a limit on how many connections I can have?

Yes and no. To push the value of quality connections over quantity, LinkedIn caps the number of ‘Connections’ you can have at 30,000. The thinking behind this is that no one could possibly know or communicate with more than 30,000 people on a professional level, and even that many is overly generous. When you are Connected to another LinkedIn user, you gain access to each other’s networks, you can send direct messages to one another, and you will see each other’s content on your feed. But what happens once you exceed 30,000?

Anyone who tries to Connect with you after you hit this threshold will instead become a ‘Follower.’ What this means is that they will see your content in their feed, but not vice versa, and they will also lack all of the other benefits of a Connection. The same will apply if you try to Connect with anyone else.

LinkedIn does offer the option for you to trigger this earlier than 30,000 Connections with what it calls ‘Creator Mode.’ If you enable this setting, no one will be allowed to Connect with you, even if you have less than 30,000 Connections. Instead, the only option is to Follow. They will see your content, but you will not see theirs.

While enabling this setting may sound appealing from a thought leadership standpoint, we typically advise our Personal Digital Branding clients against it. Most senior executives will be looking to expand their networks and engage in meaningful interactions with industry peers. If your aim is to make a career change or to attract new opportunities, Creator Mode makes it much more difficult to get in contact with you. Creator Mode is best reserved for those purely focused on thought leadership who are not interested in building out their network. Think of business leaders like Richard Branson and Bill Gates, whose LinkedIn profiles are set to Creator mode and only enable you to Follow rather than send a Connection request.

4. Should I ‘cold connect’ with someone on LinkedIn?

If you are looking to build a stronger network and actually derive value from it, then you need to be thoughtful and strategic about the people you connect with. Networking can certainly be a numbers game, but at the senior level you should have a good idea of which Connections might or might not be ones you can share useful insights with. Our experts’ advice is to not just accept any and every Connection request that comes through and instead exert a bit of judgement over the potential shared benefit of being in the same network.

That said, that does not mean you cannot connect with someone you have never met in person. If there is someone you feel could be a good Connection for you to have, there is no harm in sending them a request. However, if you are going to do this, we recommend that you think about what shared value, interest, or connection you have that would persuade this person to want to connect with you. For example, if you have something relevant in common such as your membership in the same LinkedIn Group, attendance at the same industry event, or Connections in common, that could provide the link you need and demonstrate enough mutual benefit for that person to accept your invitation.

If a link is present, customise the text of your Connection invite to reflect this. After saying hello, make brief mention of why you are sending an invite or how you came across their profile, and mention that it would be great to connect before signing off the message. While technically a ‘cold connection’, you have warmed up the connection with relevancy and are more likely to be successful at adding this person to your network.

If there is not a common link, you will need to be a bit more strategic with your approach. Connections should be mutually beneficial. You will have identified your reasoning for wanting to connect with this person, but what benefit could the connection bring to them? Since you will not have common ground to work from in this case, you will need to approach your connection invitation from those benefits you have identified. Since this is a true cold contact, you need to clearly express why it is you have reached out and what benefits you feel the connection could produce. If you are unable to determine what those benefits are, or if they skew in your favour with little to no benefit for the other person, it is probably best not to pursue that cold Connection.

Remember, your Connection request messages can be a maximum of 300 characters, so use them wisely. Consider this invitation to be the short elevator pitch, opening the doors to a longer conversation once the request has been accepted.

5. What are some Settings I should enable or disable?

LinkedIn offers a whole host of privacy and visibility settings to enable you to share as much or as little as you’d like. However, there are a few that we recommend either enabling or disabling completely, most of which fall under the Visibility category.

Your Visibility settings control what visitors to your profile can or cannot see before they are a Connection. The first on this list is Profile Viewing, which offers three options for visibility. We strongly recommend you use the first option, which shows your profile photo, full name, and headline to everyone. The other two settings make your profile much more vague and makes you harder to find, which can be detrimental for attracting opportunities or recruiters.

Also under Visibility, you will find ‘Connections.’ This setting allows your Connections to see your full Connections list. You might be okay with this, in which case you can leave it On. However, you may want to be a bit protective of your Connections for various reasons. For example, if you are in a highly competitive and contacts-driven industry, you may not want competitors to be able to use your Connections list to identify who your clients are. If you feel it best to keep your Connections private, turn this setting to Off.

Another key Visibility setting is ‘Profile discovery and visibility off LinkedIn,’ which controls whether or not your profile can be found via search engines such as Google. We strongly recommend leaving this enabled so that your LinkedIn appears as one of the top results when anyone Googles your name. The more places you are visible, the better. It is up to you whether or not you would like potential contacts to find you on LinkedIn using your email or phone number. These settings are more of a personal preference.

A final setting you may want to consider whether to disable is ‘Share profile updates with your network’ under Visibility. If you have this setting enabled, your Connections will receive a notification any time you update your profile with a new role, education, awards, and so on. If you are someone who updates your profile frequently or are in the process of making some major changes, you may want to switch this setting to Off to avoid overwhelming your network with notifications. Alternatively, if you are not someone who regularly updates their profile or have not amended your information in a while, having this setting enabled may be a good way to prompt your contacts to touch base with you about the new changes in your career. If you are on the fence about whether or not to use this setting, an alternative is to disable it and instead share your milestones and good news in a post.

LinkedIn may seem tricky to master but be patient with it. Over time, you may find that what works for others is not the same as what works for you. Do not be afraid to experiment until you find the settings, habits, and content that serve you best.

We hope this Q&A helps give you a jumping off point with some best practice, and if you would like some personalised help with your LinkedIn presence and personal digital brand, you can reach out our team on +44 (0) 20 3746 2960.

It’s no secret that most senior-level roles are secured via the hidden job market, making who you know and who your profile is visible to extremely critical if you are looking to undergo an Executive career transition. Knowing exactly who the right people are and making an impression on them are two of the most critical steps in accessing these roles and are the biggest hurdles most executives face. When done right however they often uncover many more promising and rewarding meetings, discussion and opportunities.

Here are three key activities you should focus on to be more effective when seeking out those unknown or hidden opportunities.

1. Establish a Market-Aligned Value Proposition

You would never go to market with a product that no one wanted to buy. Instead, you would look at trends in your target market, find out what your target consumers’ needs are, come up with a strategy for how to position your product and how to reach them, test and retest to ensure you are putting the best possible product out there, and then you’d go to market. If you would invest all of this time and effort into perfecting and aligning a product that is going to represent your business and bring in value, why would you not think of yourself in the same way when you as a senior executive will need to bring value to whatever organisation you are aiming to join?

Having a value proposition in general is a bare minimum requirement but having the right value proposition and making it unique is another thing entirely. You need to approach this stage critically and do your research. Things move swiftly especially so in today’s digitally driven and continuously disrupted marketplace. The demands that were present in the market when you were last looking for a role have certainly changed since then, even if it was only a short while ago that you last searched. You need to be up to date with what is happening now and what the needs of your industry, desired organisation, or target role are at this point and time and moving forward.

A good starting point is our Career Growth Index, which can help you determine your readiness to take the next step in your career and where you need to invest more time to be market ready . Based on the insights you glean from the Index and your own research into the market, you can then determine how you align with your career objectives. Knowing this information will allow you to better target your search and determine who the ‘right people’ are in terms of your specific goals, what matters to them, and how you need to position yourself and communicate your value during any discussions.

2. Leverage Your Personal Digital Brand

LinkedIn currently has approximately 830 million registered members in more than 200 countries and territories worldwide. With recent stats showing that approximately 50 million people searching for jobs on the site every week, it comes as no surprise that 87% of those looking for talent regularly use the platform. The value of this particular social network should not be overlooked, as a study found that 122 million people received an interview through LinkedIn with 35.5 million having been hired by a person they connected with on the site.

Having a presence online is a basic requirement for today’s senior executive, especially those in transition. But are you using it properly? Are you establishing yourself as a thought leader? Are you expanding your network and making introductions? Are you using it for research and to prepare for any meetings or interviews?

So much of today’s executive job search is conducted digitally, and therefore how you present yourself online and leverage the tools at your disposal can make all the difference in being seen by the right people and ultimately securing a new opportunity. You need to be thinking carefully about the information on your profile, the content you are sharing and interacting with, and the people you are connecting with or messaging as all these factors come into play when looking at career progression. In our coaching programmes, we focus on the digital element of the search very heavily with our clients to help them secure new roles, promotions, and NED opportunities with much success. This has become one of the most valuable focus areas for attracting the right attention, and while it may be time consuming, getting it right really pays off.

3. Build a Strong Network and Start the Conversation

An executive job search needs a compelling value proposition seen by potential employers at scale.  It can be a numbers game. The more of the right people you can get in front of, the more likely your success. Back in 2021, LinkedIn began applying limits to the number of connection requests you can send to 100 per week. Prior to this, you could send hundreds of requests each week and grow your network exponentially in a short amount of time. While the old way was great in theory for building a large network, quantity does not ensure quality.

Building a valuable network takes a lot of time and effort. To begin, you need to find the members of the audiences you have decided to target. This might be recruiters, current executives, influencers in your industry, or other key figures you identified in your research. It is much smarter to invest the time and effort in connecting with these individuals rather than making many connections that may not lead anywhere. As a current senior executive, you probably have a pretty good idea of who the decision makers are in the hiring process and who you likely need to influence. Do not be afraid to send a connection request to these people. Instead of connecting with any and everybody, cast a wide net within your target group. Try to find as many of these decision makers as you possibly can and take a shot at connecting with them. The worst that can happen is that they decline the request, which will add to your learning and enable you to relook at your messaging and improve this for future approaches.

Having the right people in your network is a great way to expose them to your thought leadership content and create some name recognition. But connection should be just the beginning. No one is going to offer you an opportunity simply for connecting with them. You need to warm up that pipeline with conversation and value. It can be as simple as starting by sending a brief ‘thank you for connecting’ message with a short elevator pitch relating to your market research. Either way, do not let the connection go cold through lack of communication.

That said, sending numerous connection requests and engaging those who accept can be time consuming. Many senior executives search for their next opportunity while already employed or while juggling other obligations, and therefore may not have the time to dedicate to this level of activity. If you are in this situation you may want to consider an automation service driven by the latest targeting technologies. Through a trusted technology partner, Rialto provides a skilled and customised service that handles much of the targeting process automatically by finding connections to key audience targets and engaging them. This allows you to focus on nurturing that relationship and drawing mutual value from it. This method typically creates between 45-75 openings within a three-month period for our clients, who have been able to secure some amazing opportunities as a result. This service aimed at lightening the initial load can be of major benefit to busy executives who want to make the most of their networking efforts but may not have the time to commit to the time consuming targeting and market segmentation requirements that will support success.

Finding hidden opportunities and building a mutually valuable network does not happen overnight, but with the right time investment and focus it can be done. If you would like our experts’ support in developing a stronger individual profile and personal brand awareness to support your career progression, explore our career transition services and get in touch with our team.