That COVID-19 has left the world in a frenzy and forced society to adapt to changes is no new thing now. We had also recently reported how revenues of the top 4 Cloud tech firms had zoomed amid COVID-19. So, it should come as no surprise that this uptick in revenue has created greater demand for Cloud executives across the industry.
A recent study by an executive search firm, Leadership Capital Group, suggests that market demand for Senior Cloud Executives has shot up by 224 percent since March 2020. As already mentioned, Cloud firms are already posting significantly boosted incomes; hence the surge in Cloud Executive demand should not come as a surprise. The jump in the Cloud sector has naturally created more demand for talented executives.
Why The Surge in Demand?
With several other firms moving to adopt Cloud strategy, Cloud Executives are needed to orchestrate their Cloud journeys. The aforementioned 224 percent rise in global search is for the period between March 2020 to July 2020 as compared to the same period in 2019. To put things into perspective, the same global search went up by 20 percent in 2019 as compared to 2018, and 16 percent in 2017 as compared to 2018. The 2019 data is in line with Gartner’s forecast regarding growth of Cloud market for the year.
The data presented in regarding the general portfolio of Cloud Executive wherein the job titles include, but are not limited to — Managing Director of Infrastructure Services, EVP of Infrastructure and Technology Operations, Head of Digital Products, EVP of AI, Chief Digital Revenue Officer, Chief Technology Officer, Executive Director of Cloud Services, SVP of Cloud, and Enterprise Cloud Security Strategy Leader. Further, the study also mentions that even when firms are looking for other traditional positions like CEO or CMO, being ‘cloud-savvy’ is being increasingly mentioned.
What is the Industry’s Opinion?
Speaking about the study, Leadership Capital Group CEO Marc Lewis said, “We have been seeing steady growth in search requests for senior cloud executives from low double digits to over 20 percent in the past three years. When COVID-19 hit, by April the demand had skyrocketed.”
He also spoke about the challenges of hiring Cloud Executives and said, “shifting to cloud services and aligning cloud strategy and implementation with business goals is a question of balance. Companies need to ask the hard question: ‘What does cloud transformation really mean?’ Is it just shutting down your server and migrating to a major provider, or is it strategically determining how to synchronize best business practices with what applications and infrastructure remain on premise, and which go to large and niche cloud service providers?” He further added, “The problem is that those who truly understand all the issues and can connect it to business strategies are one in a thousand.”
Needless to say that finding these rare Cloud Executives also comes with an equivalent pay-scale. As stated by CIO Dive, certified Cloud Architects can earn anywhere between $140,000 to $121,000 annually, depending on what service provider employs them.
Mr. Lewis has already stated that the ‘steady growth’ in cloud-based search requests has been replaced by ‘skyrocketed’ amid COVID-19. Since the world is still grappling with COVID-19, it seems that this spike will not be merely momentary, but become the norm for the immediate future. As Cloud adoption intensifies in the times of social distancing, count on us to bring updated trends and news to you about the industry. Watch this space for further Cloud coverage!