CXOs look for industry switch to beat boredom
![](https://static.toiimg.com/thumb/resizemode-4,width-1280,height-720,msid-100602981/100602981.jpg)
Mumbai: Do you feel a lingering sense of ennui at work place? Are you looking for new opportunities? Or, do you wish to pursue a passion but find the present work ethos a hindrance?Dont fret, you are in company of C-suite executives. A majority of CXOs/CEOs surveyed are looking to move to a different industry. According to a survey by a leading search firm, Executive Access, done exclusively for TOI, 57% out of 208 CXOs/CEOs answered in the affirmative when asked if they would switch to another sector. However, 18% of them denied that they would do so. Executive Access (India) MD Ronesh Puri said the percentage of people wanting to switch industries has normally been around 25%. It is noteworthy that the percentage has more than doubled and it is indicative of times to come. With lines between different verticals getting increasingly blurred, more and more organisations are getting industry agnostic for a lot of CXO positions, he said. Among these, 35% said they would like to shift to a new industry to enhance learning opportunities, while nearly 19% said their skills are adaptable (see graphic). Those who want to pursue a personal passion are in a minority at 8%, but only about 5% said the shift would be for a better pay. An even small minority (2.4%) said they would make the move for a better work life balance.For a CEO position, Puri said, there is even more acceptability for industry agnostic talent as companies look more critically at the ability of a candidate to grow business exponentially or specific priorities like taking the company public or M&A experience if the desire is to grow business inorganically, said Puri. He added that moving to different industries creates more future opportunities as industry options multiply. There are several examples of CXOs/CEOs who have moved across sectors in the recent past. Devendra Chawla, who has worked across large consumer MNCs and Indian entrepreneurs in leadership positions, moved to GreenCell Mobility as MD & CEO early this year. Chawla, who calls himself as the chief driving officer at GreenCell Mobility, said the sector may be new to him, but his passion as a business leader to drive a consumer tech brand NueGo is rooted in his past experience.As leaders, we have to stay relevant in a fast changing world. Technology is changing the way consumers experience brands and the consumer mass mobility industry is ripe for disruption. The task is to be able to create an EV mass mobility brand for inter-city travel, which has never been done before anywhere. When Eversource Capital took me through the opportunity, I couldnt refuse, said Chawla.An inner voice also led Chawla to make the shift. Inspired by my teenage children who have been persuasive in doing projects in sustainability, the intent was already there that the second half of my career should be on the right side of the planet. This offer checked many boxes. It allows me to do the right thing for the planet through GreenCell Mobility, helps build my skills and also scale up the consumer tech startup which has gained steam pretty fast, said Chawla.Puri said in future, corporates are likely to witness even higher CXO/CEO movement in different industries. Another reason for talent wanting to go a different industry is certain boredom sets in when you work in only one industry, said Puri, while adding: Security of job or lifelong employment is a myth with performance at the job being the only insurance for career growth.DCM Shriram CHRO Sandeep Girotra said CXOs today are keen on working for companies where they can have a higher purpose and play a meaningful role for the society as a whole. The compensation offered and the company brand are no longer an attraction for those looking for a steeper learning curve. While earlier, some CXOs in their mid-50s would look at making such career shifts, today, one will find many in their early 40s also who will not hesitating to move to a more challenging assignment, one which is attached to a larger purpose, said Girotra, who has worked across a spectrum of Indian and MNC companies for over three decades and in multiple geographies, and before returning to DCM Shriram where he started his career.
Tuesday, May 30, 2023 at 1:30 am