MARKET TRENDS & INSIGHTS
How CTO's are Seizing Opportunities in a Talent-Rich Market
8th August, 2024 | 5 min read
Amaraj Bansal
The digital and technology executive search market in 2024 is brimming with opportunities as a surplus of candidates becomes available. Economic challenges and business restructuring have led to a candidate-heavy landscape, particularly in roles related to cybersecurity and artificial intelligence. Team structures are evolving, with a trend towards leaner, more specialized teams and blurred lines between CIO and CTO roles. As organizations increasingly focus on diversity and inclusive hiring practices, the talent pool is both abundant and varied. This article delves into the latest trends and insights to help digital and technology officers navigate this dynamic market and secure top talent.
MARKET UPDATE
A Surge in Available Talent
The digital and technology market is currently experiencing a surplus of candidates. Several factors contribute to this trend:
- Businesses navigating the current economic environment are increasingly offering ‘at risk’ salary components, such as long and short-term incentives. These schemes are becoming more transparent, featuring objective scorecards reflecting both business and individual success.
- Restructuring and redundancies are contributing to the availability of candidates.
- Executives who have completed significant projects now find themselves in business-as-usual situations that lack challenge.
- Long-serving professionals are motivated to change industries.
- There is a growing demand for C-Suite and lead roles in cybersecurity, driven by the need to build new teams or expand existing ones due to the escalating risk of cybersecurity attacks.
EVOLVING TEAM SRUCTURES
Leaner and More Specialised
Team Size:
Restructuring and cost-cutting measures have led to leaner teams across organizations of various sizes. For instance, a global healthcare company reported that its technology team comprises fewer than 10 people.
Skills and Role Mix:
The lines between CIO and CTO roles are increasingly blurred. Traditionally, CTOs covered aspects of cybersecurity, but now dedicated cybersecurity specialists are being hired to handle the entire capability. Some organizations have even segmented their cybersecurity functions into incident response, resilience, and governance.
New Role Types:
There is a growing prevalence of title fluidity. For example, the responsibilities of CTOs and CIOs have shifted, with companies seeking executives who can manage both inward and outward-facing duties. Additionally, titles such as Principals and Managing Directors are being used for top leadership positions.
SKILLS IN DEMAND
Cybersecurity and AI Expertise
Executives with deep insights and skills in cybersecurity and artificial intelligence are in high demand. While some organizations prefer their leadership teams to have industry-specific experience, most clients adopt an industry-agnostic and function-first approach when selecting executives.
CANDIDATE AVAILABLITY
Diverse and Abundant Talent Pool
The candidate-heavy market means that talent is available at all levels. Diversity is becoming a significant focus for companies, ensuring adherence to inclusive hiring practices. As a result, a variety of talent is available to meet client needs, encompassing diverse backgrounds and experiences.
