The rise of Virtual CEO
Virtual CEO is not a new term anymore.
It is heard and even searched to a great extent by various small, medium and even large organization.
Contractual hiring has been gaining momentum as organizations brace themselves for the new normal which was instilled after the destructive reign of the Coronavirus.
A sudden shift in work structure is observed as the pandemic forced companies to opt for contractual hiring events at the senior leadership level.
The pandemic called for immediate lockdown that had a devastating impact on the economy due to companies struggling to restore functionality during these unprecedented times.
Paranoia crept up on all, leaving one anxious about the uncertain future. The pandemic made one question the things we had all taken for granted – life, health, and financial safety.
As the market collapsed, job security was lost for all employees irrespective of their seniority or experience in the organization. All that was important was hiring resourceful people who can help companies stay afloat.
99 Problems – 1 Solution
A new methodology was devised, well, more like an unpopular practice was embraced by organizations to minimize their expenditure while maximizing their output. As employees struggled during the digitization of business models and changing work structure, dynamic leaders needed to be hired that specialized in resource management and could be hired on contract.
A Virtual CEO or CFO would not only help companies in keeping their costs low but also bring a sense of diversity and exposure to the company. As more and more people get laid off due to companies being ill-equipped to handle the shift to ‘new normal’, a contractual or interim CEO eliminates the need to hire more people for different roles and guides the company through their vast experiences.
Social media and digital marketing are the foundation of the post-pandemic business world.
A true Virtual CEO should have the skills to capitalize on the fundamental organizational change with people juggling between personal and professional life efficiently. As the world drowned in the chaos created by the Coronavirus, there was no time to strategize or brainstorm ways to keep the corporate ball rolling.
Uncertain Times Call for Unusual Strategy
The digitization of business operations has proven effective, effective being the keyword. The unproductive hours wasted in coordinating with people for them to show up at meetings, or break room chit-chats have changed for the better. Increased productivity and better communication skills are the result of the swift transition from hallway meetings and break room chit-chats to video calls and google meets.
It enhances accountability for the hours one was digitally available and the amount of work that was carried out reducing time wasted in coordination. The safety of humans as a species was threatened with the coronavirus outbreak and as a result, mandatory changes were implemented that changed the course of our lives.
Unlearning Your Way To Success
The Chief Executive Officer (CEO) is a problem solver – someone who can make tactical decisions on their feet while keeping the big picture in mind. Technology provides access to real-time data which enables a Virtual CEO to make quick decisions and prepares them for unforeseen events through trend prediction.
Keeping your business’s supply chain running through the coronavirus outbreak was the real challenge that we faced on a global level.
However, the entire world came together to help each other during these challenging times that enabled smooth business operations.
The pandemic presented a unique opportunity that made us question our assumptions and helped us break free from the norms that no longer applied. Adaptability remains the key to successful business ventures.
The rise of Virtual CEO offers companies a leeway when hiring a specialist.
It provides dynamic exposure and projects to the employee’s experience and relieves the employer of the commitment enabling them to switch to other specialists depending on the need of the hour.
All We Need Is Love (and Purpose)
If we had to describe the past year in one word, the word of choice would be “Hustle”. We have all hustled our way to this newfound stability.
The possibility of the incredible things we have been able to whip up during this challenging time was only through our strong sense of purpose. With the fundamental understanding of our new roles, we all learned soft skills on the go enabling us to meet our personal needs and the needs of society.
A Virtual CEO or Digital CEO offers value addition and automatically reduces the cost to the company. The contractual nature offers a CEO to oversee multiple companies. Although issues related to company confidentiality and liability for the same can be challenging, the pros definitely outweigh the cons. Contractual positions in senior management are no longer a way of cost-cutting for companies as a last resort, but a crucial requirement in the post-corona new normal.