You're a CEO, and your company's boardroom looks like a scene from the Stone Age. Flint tools, woolly mammoths, and a caveman trying to figure out how to use a smartphone. Sounds ridiculous, right? Well, in today's digital world, it's not that far off for C-Suite executives who are stuck in the technological dark ages. To avoid becoming the next dinosaur, it's time to level up your digital literacy game.
You would be surprised to know that Only 7% of organizations have digitally competent C-Suite teams, leading to significantly lower performance in revenue growth, profitability, and market valuation. Nearly 75% of boards lacked the digital skills necessary to effectively guide digital transformation. Less than 25% of CEOs were considered proficient in digital skills, while only 45% of CIOs and CTOs have the required digital proficiency. Organizations with three or more digitally savvy board directors reported 38% greater revenue and 17% higher profit margin than those with fewer digitally savvy directors.
Consider digital literacy as your superpower as a CEO. It takes more than simply being able to click, swipe, and tap. It's about becoming tech savvy.
What then does it take for a C-Suite executive to be a digital ninja? My response is: Data wizard, cybersecurity superhero, tech savvy, digital ethicist, and digital communicator. No, I'm not saying these things to make you feel afraid or to plunge into a crisis of the third kind. Let me clarify:
Tech Savvy: You're digitally up-to-date, not simply a user. You are an expert in the digital world, understanding the distinction between a GIF and a JPEG.
Data Wizard: You can work magic with unprocessed data. You can see patterns, project future events, and make well-founded judgments based on empirical data.
Cybersecurity Superhero: You are responsible for protecting your company's digital assets. You are well versed with security breaches, confidential information, and mitigating online risks
Digital Ethicist: You're socially conscious in addition to being tech aware. You utilize technology in a way that advances society and are aware of its ethical consequences.
Digital Communicator: You're a master of the digital realm. You can connect with your audience, build relationships, and drive engagement through social media, email, and other digital channels. Even if your company is generating significant revenue, not promoting it actively in today's digital age can undermine its impact.
Now you might be thinking, "Why should I learn all this digital stuff when I can just outsource it to someone?" at this point. However, I promise it's worthwhile. Even with unlimited resources, it makes sense to educate oneself about the digital world. Let me explain how:
Making Strategic Decisions: Consider yourself to be a digital literacy crystal ball. It assists you in seeing your company's future, build brand image and helping you make decisions that will keep you on the cutting edge.
Risk Mitigation: In the era of digital technology, dangers are present everywhere. Digital literacy enables you to see issues early on and take action before they become serious ones.
Improved Customer Experience: Your clients anticipate a flawless online experience. Your ability to offer digital literacy goes beyond that.
Talent Acquisition and Retention: You must draw in and hold on to the top talent in the cutthroat employment market of today. You can recruit top talent to your company by fostering a culture of digital literacy.
C-Suite leaders cannot afford to live in a cave in today's digital jungle, where tech titans roam free and algorithms make all the decisions. To succeed in today's digital world, you need to understand and navigate technology. Posterity Consulting’s expertise in CXO and C-Suite recruitment has shown us firsthand how common these challenges are for businesses and leaders. These individuals struggle with adapting to modern technologies and digital platforms, which are essential for effective leadership in today's business environment. This can hinder their ability to communicate effectively, collaborate with teams, and make data-driven decisions. Additionally, digitally backward executives have limited exposure to emerging trends and technologies, which can impact their ability to innovate and drive business growth.
Our decade of expertise in C-Suite placements has given us a unique perspective on industry trends. We've honed our skills in identifying digitally proficient leaders. If you're struggling to find the right talent, Posterity is here to help. We have an exposure in serving 300+ clients and have served leadership hiring extensively, and bring the expertise and discretion required for C-Suite Hiring.
Remember, when Howard Rheingold quoted “Soon the digital divide will not be between the haves and the have-nots. It will be between the know-hows and the non-know-hows". Keeping this mind let’s start hiring smarter from today.
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