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THE OFFICIAL BOARD'S BLOG


DIGITAL BTOB FOR THE (VERY) BUSY EXECUTIVES

The Official Board’s Blog

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GROWING (AND SHRINKING) FUNCTIONS AT THE TOP



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Confronting challenges that are rapidly evolving and others that are newly
emerging, the world’s largest companies have understandably adjusted their
C-suites to align their executive management teams for organizational success
amidst these challenges.

Over the past four years, we have carefully observed some profound and
significant changes in C-suites at the world’s 500 largest revenue-generating
companies, as measured in the 2021 edition of the Global Fortune 500. 

C-suites at these companies are defined as direct reports to the chief executive
officer (N-1 to CEO) and their respective direct reports (N-2 to CEO). Four
years ago, on January 1, 2018, there were, on average, 28 executives in this N-1
and N-2 category compared to 29 such executives on January 1, 2022.  

Four years ago, on January 1, 2018, we identified and listed 37 executive
functions that were then being managed by over 50 executives at the world’s 500
largest companies.

Four years later, on January 1, 2022, we again identified these functions and
found that some executive titles at these mega-sized companies had expanded
considerably while other had shrunk just as considerably.



In the table above, we identify the respective growth or reduction in these
executive titles over the past four years (between January 1, 2018 and January
1, 2022).

Doubling and halving

Over the past four years, as corporate transformational challenges emerged
requiring new skills with remote work environments, compensation, retention, and
corporate culture development, the world’s 500 largest companies doubled their
number of recruiting and talent management executives.

Seasoned human resource executives have been in high demand with VPs of
Recruiting and VPs of Talent Development growing more than any other executive
function (131 percent and 97 percent, respectively) over the past four years.

Meanwhile, these same companies cut in half their number of dedicated digital
executives,which were in high demand four years ago in 2018 when dedicated
experts were sought to leverage the promise of social media and to draw on the
high-profile digital successes at companies like Google, Apple, and Amazon that
could be replicated.

In 2022, the digital function has now been broadly embraced with scores of
talented and dedicated digital teams in place at the world’s largest companies.

But the need for C-suite executives dedicated to this function has diminished as
these teams have blossomed to meet the opportunities and challenges associated
with our digital age. Indeed, the C-suite role of VP, Digital was the executive
function that diminished the most over the past four years, falling 47 percent
during this period.

Growing and shrinking

VP Compliance or VP Health, Security, Environment and Quality in the Global
Fortune 500 have increased as climate, purpose and transparency have grown in
magnitude and complexity for all stakeholders, including employees, investors,
regulators, and customers.

VP eCommerce or Distribution have also grown over the past four years as
eCommerce, whether conducted directly or through partners, has become a
necessity in most industries.

As companies focus on their core business by subcontracting satellite
activities, the same has proven true with the VP Procurement function, which
also has grown.

Coordination roles such as VP Country, VP Local or VP Communications, on the
other hand, have been reduced over the past four years as organizations have
flattened.

Functions such as VP Tax or VP Control have also fallen over the past four years
as software automation has eased the demand for C-suite-level executives
dedicated to these functions.

KEEPING UP

In each of the Global Fortune 500 companies we follow, with roughly 208
executives at each of these 500 giant global corporations, we detected
significant turnover with approximately 125 executive moves annually over the
past four years, totaling the executives who join, quit, or are promoted at
these mega-size companies.

To receive our monthly email on executive organizational changes at the Global
Fortune 500, please click here. Did we mention it’s free?



Related articles:
● Five (Recent) Corporate Organizational Trends
● 12 Emerging C-Level Positions
● Newcomers and Promotions at the Top



Posted in Org Chart.
Tagged as C-Suite, Executive, Fortune 500, Function, Growth.


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ABOUT THOMAS LOT

Thomas Lot is the CEO & Founder of The Official Board. In his own executive
roles as head of Apple Europe's retail team and then VP of Amazon Europe, Thomas
enjoyed the value of executive networking and recognized the need for clear
company org. charts. Now, with the org charts of all the medium & large
companies displayed on The Official Board, many more executives can benefit.
Please contact@theofficialboard.com.

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