CIO Priorities: Looking Towards the Future

We stock perspectives from our latest CIO adjacent group meet-up, wherever we discussed really recession planning, talent retention and acquisition, and information governance will thief hole businesses for nan future.

Economic signals person been mixed passim 2022 and will apt proceed fluctuating during Q1 of 2023. Inflation is creating havoc crossed nan economy, and endeavor IT is emotion a nonstop effect correct now. Demand for talent remains very high, and title for that talent is fierce and much far-reaching than ever before.

How are CIOs addressing these issues and others? What are they focusing connected to proceed creating endeavor worth and support their company’s maturation and profitability?

These issues and others were attraction areas successful nan 2 CIO adjacent groups I precocious hosted. CIOs from companies ranging successful size from $100 cardinal – $2 cardinal shared their thoughts successful nan closeout to our 2022 adjacent group series.

Recession Planning

I had nan pleasance of attending an economical forecast meal hosted by nan Greater Cleveland Partnership and featuring Dylan Chun, Director and Portfolio Manager for Bank of America. Chun made a compelling lawsuit that a recession successful 2023, while not inevitable, was an almost definite outcome. Citing humanities markers and existent conditions, on pinch his position that nan existent administration’s fiscal argumentation is to usage a recession to tame inflation, Chun powerfully based on that a downturn was acold much apt than not.

CIOs successful my groups are approaching readying for this imaginable early successful different ways. First, they began considering nan likelihood and doing script readying past year, early successful Q2. As we’ve gotten person to nan timing pinch much clarity connected apt impacts, astir are not overly concerned.

The statement was that it was apt to beryllium sector-specific, and their related business diversification would shield them from overly achy impacts. Most are addressing nan looming situation pinch short-term superior walk reductions and targeted holds connected hiring.

The Hunt for Talent

The request for talent continues to beryllium strong, not only successful IT but crossed nan endeavor for astir companies. Our group shared various scenarios of their talent acquisition struggles.

One institution successful nan financial services assemblage has been turning distant clients for almost six months owed to their inability to adhd staff. Meanwhile, upward net unit continues to beryllium strong, and much than 1 CIO reported losing unit to net increases of 50 percent aliases more. Talent acquisition costs are increasing: recruiting, vetting and negotiations are each taking longer.

Companies proceed to person trouble navigating nan talent – from nan level of title to nan effect of hybrid and distant activity accommodations. These businesses are addressing talent retention issues successful different ways: across-the-board increases successful PTO allowances, spot net bumps and promotions that hap extracurricular nan normal cycle, customized hybrid and distant work opportunities, unsocial in-office events and perks (for example, nutrient trucks and truthful on).

Talent attraction is different matter. Most attendees are focused connected net offers, targeting distant candidates extracurricular nan region, worker referral programs, and truthful forth.

Focusing connected Data Strategy and Governance

Finally, arsenic we wrapped up our time, we discussed data strategy and governance. Data-informed determination making remains an important attraction area for these CIOs, and they’re making investments to capture, digest and return valuable insights to their business units. However, astatine nan aforesaid time, they recognize nan value of information governance and bully stewardship. Factors influencing this realization include: a wide proliferation of information crossed nan enterprise, disparate aliases conflicting information resulting from acquisitions and divestitures, and protector IT.

They’re investing successful applications and business processes to thief guarantee a azygous root of truth for nan enterprise. And astir apt much importantly, they’re investing talent superior successful nan shape of business-line dedicated business analysts and narration managers to thief attraction efforts and trim data-related protector IT.

Conclusion

While nan existent marketplace is successful flux to a degree, nan wide consciousness of these CIOs was assurance and cautious optimism – optimism that nan expected economical turbulence would beryllium very manageable. Talent remains a vexing issue, not only successful IT but successful astir parts of nan business. While they’re actively moving to reside nan talent issue, they cognize a solution to this situation is not imminent. Optimizing their hybrid activity environments is simply a continuing priority.

We’ll convene again successful precocious February, I’m looking guardant to different robust chat and proceeding astir nan advancement they’ve made connected these challenges and others.