CEOs must think broadly, act personally and manage the innovation mix to make the business model deeply different. Ignite innovation through business and technology integration.
A few years from now, most business organizations in the world would be unrecognizable from the way they do business and perhaps even from their products line-up, a new survey predicts. A research study by IBM which polled 765 CEOs, business executives and public leaders, found that two out of every three expected fundamental changes in their organizations over the next two years.
The Paucity of good talent is propelling Indian Firms to look beyond the country for senior level manpower.
Talent is scarce and there is a constant scrambles of the top bracket man power. Thus many firms are hiring international heads with similar experience and skills sets at better prices.
Another major reason for this trend is the fact that India Inc. is looking forward to gain a global stance. With the increasingly global flow of talent CEOs need to have a holistic experience across multiple cultures, global workforce and supply chain. A global manager can bring more value to the business operations by setting global vision.
Prevalent in sectors like IT/ITES, the trend is more specific to a new age industries. This trend is high in the knowledge outsourcing space since there’s a need to connect to the international clients. Banking is another domain where the trend is gaining momentum. Elaborating on the same, mostly it is followed in sectors where there are few Indian CEOs with a global experience.
Clearly, the trend is catching on in India and not without a reason. Industry experts believe that this trend is of great advantage to the Indian corporate world. One of the major benefits is greater inflow of global experience and best practices. American heads bring along a lot of best HR practices e.g. the performance management culture invented in the US has now been brought here.
The other plus point is that most of these non-Indian heads come here on a short term basis and thus, have detailed business agenda. That itself translates to greater execution and organizational performance.
It is advantageous for any organization to have someone with a stronger global understanding to spearhead the growing talent base. The process to gain a multinational status becomes much faster.
However, there are some issues that do pose a challenge for the non-Indian CEO namely lack of local experience and cultural sensitivity. Indian workforce is culturally very different from its western counter parts. This can be a challenge for the foreign head.
Perhaps the best way of tackling this is by understanding the key factors influencing employees’ decision and communicating effectively. One must have the EQ to understand the employee psyche and pick on little signs to get a broader picture of things. It is almost like being a magician. It is also critical to pair a non-Indian with a strong Indian HR head who has a good local understanding and experience. The best way to combat the change is by pairing such a CEO with the local experts and crating a good local team.
One thing that is constant in this world is change and to ensure that your employees positively embrace change is probably one of the biggest challenges for any CEO. The only way to eliminate this is by letting your employees know that new learning will increase their probability of growth. The idea of being a part of the globalized world, makes any employee work towards expanding his knowledge sphere and also appreciate varied culture better.