LinkedIn just released a new workforce report, detailing a significant shift in hiring trends for C-suite employees. As companies seek to diversify and stabilize during a tumultuous year, they are adding new “chief” titles to their team. Here is a breakdown of the fastest-growing C-suite titles and what it means for today’s hiring market.
Chief Diversity Officer
As millions of Americans nationwide call for racial equality in 2020, companies are stepping up to the plate. As a result, hiring for Chief Diversity Officers has grown around 84% as a proportion of total C-suite hires this year, relative to 2019’s titles. Company leaders recognize the need for an executive in this space responsible for establishing diversity-focused task forces, diversifying recruitment and career development, and permeating anti-bias company-wide training.
Chief Growth Officer
Chief Growth Officer is a more ambiguous title. This position covers anything from marketing initiatives to overall company strategy, focusing on growth. In essence, the role is designed to relieve some of the CEO’s responsibilities or potentially replace the CMO. In uncertain economic times, a Chief Growth Officer can offer some stability to your team. They ensure that there are alternative paths to growth when the initial strategy goes haywire.
Chief Underwriting Officer
The third fastest-growing C-suite title is nearly exclusive to the Insurance industry. With an unemployment rate of only 2.7% in October 2020, the insurance industry is one of few largely unaffected by the Coronavirus pandemic. In fact, the turnover rate is as high as ever. The Chief Underwriting Officer is responsible for developing “all underwriting procedures, and employs new practices, directs and oversees all aspects of an organization’s underwriting function.” So, A CUO significantly impacts an insurance agency, thus providing stability and vision to the business when filled with the right candidate.
Here’s a quick snapshot of the top 16 C-suite hiring trends:
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