I have always mused on the idea that CIO meant career is over. This view [n mine] continues to be debunked by friends and acquaintances I know who continue to move into new career opportunities – either in the IT stream or non-aligned opportunities like Chief Operations Officer, Chief Digital Officer or Chief Executive Officer.
In predicting the future for CIOs in 2020, Forrester tool into consideration unfolding economic uncertainties 2019 coupled with the already accelerating pace of technology-fuelled disruption: “As a result, it has become even more important and difficult to anticipate the future. Getting transformation right with predictions about the coming year is important for CIOs and the other technology management leaders who work with and for them. Read this report for our predictions of what to expect in 2020.”
FutureCIO spoke to Elaine Lam (photo below), managing director a Robert Half Hong Kong, on the evolving role of the Chief Information Officer (CIO) and career prospects for current and aspiring CIOs in Hong Kong in 2020.
What are the expectations of CIOs in 2020?
Elaine Lam: The expectations of the C-suite in Hong Kong continue to evolve as businesses operate in an increasingly competitive and changing environment. With the advancement of automation, digital transformation, regulatory frameworks, and globalisation, companies need leaders who can not only meet business goals, but also successfully leverage these changes, whilst possessing a strong people focus as well as financial and business acumen in order to keep their organisation afloat and prosperous during continuously fluctuating economic conditions.
Technology continues to be the biggest catalyst for jobs in Hong Kong, as companies look for highly skilled digital leaders to help deliver on digital transformation projects and initiatives to remain competitive on the regional and global economic stage.
Compared to 2019, do you anticipate greater demand for CIOs, in Hong Kong, such as more companies are looking to hire CIOs?
Elaine Lam: While we do not anticipate an increase in demand for C-suite roles in the coming 12 months, there is a natural turnover that will see steady vacancies throughout the year. While many companies will focus on filling vacated positions, there is an opportunity to evolve the leadership in line with broader market demands.
In particular, companies are seeking out leaders who can help drive business transformation initiatives and apply a digital-first lens to ongoing organisational processes in order to remain competitive on a global scale.
If you look at career CIOs, are executives in these positions more stable? What is the average tenure of CIO in a company in Hong Kong?
Elaine Lam: Leadership roles typically have longer tenure periods than their non-executive colleagues. Particularly during periods of change, such as shifting economic cycles, socio-political forces, the impact of trade partnerships and digital transformation, companies often try to create a sense of continuity.
Given this, companies understand the importance of retaining their existing leadership to ensure top-down stability. Moreover, a tenured leader can offer informed strategic direction that applies an in-depth understanding of the organisation and field.
What would be the key hiring trends for CIOs in 2020?
Elaine Lam: With Hong Kong’s larger corporations expanding their digital investments and the implementation of Hong Kong’s Smart City Blueprint, a good understanding of technology by C-suite executives will become increasingly important for companies to stay competitive.
In the current business environment, leadership with technical literacy are likely to become increasingly sought after by companies that have traditionally appointed leaders from commerce backgrounds, in CIO roles.
It’s not about developing specific tech skills such as coding or analytics. Rather, the most successful leaders will be those who can demonstrate an ability to design and drive a company’s goals, values and strategy through a digital lens.
For CIOs, businesses will not just seek someone who can introduce and implement new technical operations or functionality into the business, but act as a strategic business advisor to analyse and forecast the implementation of new technologies that could influence future business goals.
In recent years, we’ve heard that CIOs must be business-savvy executives. What exactly does this mean? Does it also mean that CIOs have a better career path by staying in the same industry?
Elaine Lam: As companies continue to navigate an era of digital transformation, success as a CIO won’t hinge on developing proficiency in specific skills such as coding, big data analytics or even cyber-security. At the helm, effective tech leadership is about knowing how to steer a company and its people towards new opportunities, utilising technology to meet business goals like improving operational efficiency, reducing risks, providing better customer experiences and remaining competitive.
Particularly as every industry strives towards a digital future, CIOs do not necessarily need to remain with one industry to be of value to their role. True business-savviness in a CIO leadership capacity is the culmination of an ongoing willingness to learn, adaptability and an innate forward focus which drives ongoing innovation in an ever-changing environment.
What skills/expertise/experiences are enterprises looking for in a CIOs?
Elaine Lam: Certain skills and experiences are fundamental to what it takes to become a business leader such as proven business acumen, strategic thinking and interpersonal skills. CIOs must be capable of strategic, creative, big-picture thinking, making them adept at recognising important threats, as well as potential opportunities that contribute to the company’s bottom line.
They need to be clear communicators who are capable of both giving directions and accepting expert opinion while being able to manage stress effectively, especially during the times when they have to navigate the business through stormy waters.
For CIOs, businesses seek in-depth experience in the technology sector, and a successful track record in driving bottom-line results through more informed strategic decisions around product development, enhancing the customer experience and improving operational efficiency.
Specifically, it’s about staying ahead of the curve and having a vision for how new technologies can be applied in business to benefit its customers and the wider workforce.
What are your advice to aspiring CIOs to help them in their path towards becoming future CIOs?
Elaine Lam: C-suite leadership are typically responsible for developing goals and objectives on the path to business growth. The ability to understand and articulate the ramifications of business decisions through a technical lens is crucial to becoming a competent and highly influential CIO in the current climate, perhaps more so than possessing a comprehensive suite of technical qualifications.
Accordingly, IT professional who can apply strategic thinking and business acumen to technical issues will be able to carve a competitive point of differentiation from their peers.
The rate at which technology evolves is also faster than most individuals can hone their skills so CIOs should adopt a mindset of agility and constant learning in order to stay relevant in a continually shifting market.
What is your advice to current CIOs to help them in their career?
Elaine Lam: To successfully facilitate digital transformation, today’s leaders must also be able to maintain workforce engagement and “buy-in” at all stages of the journey – through the inevitable challenges and setbacks. While the potential for new technologies to revolutionise the workplace are widely understood, the success of CIOs will be framed by how cohesively they can implement new technologies across an organisation in order to fully take advantage of their potential.
Interpersonal skills, communication skills, stakeholder engagement and leadership skills are all central to this process so leaders who can not only demonstrate digital literacy but also drive change in an organisation by challenging potential cultural barriers that get in the way of transformation and innovative ways of thinking are well placed for success.
