Companies such as Wipro, TechMahindra, and LTIMindTree have all recently appointed Chief Growth Officers.
IT companies are following the lead of startups and e-commerce firms by establishing a new C-suite role, the chief growth officer (CGO), to enhance growth visibility, as per the Economic Times. This move comes in response to a challenging global economy where clients are hesitant to invest in projects that don't offer immediate returns.
A senior executive responsible for creating and implementing growth-oriented initiatives for a corporation is known as a Chief Growth Officer (CGO). Companies such as Wipro, TechMahindra, and LTIMindTree have all recently appointed Chief Growth Officers.
Other companies, such as MindBridge, Allcargo, Xoriant, and Innover, have also appointed Chief Growth Officers. So, what does a CGO do? Primarily, a CGO aligns the company's vision and goals, drives innovation and experimentation, builds and leads teams, manages resources and budgets, and develops partnerships and networks. Additionally, they focus on continuous learning and adapting to new trends and challenges.
Speaking about the role, Nachiket Deshpande, COO, LTIMindtree, told the Economic Times, “The mandate for the chief growth officer is to bring these multiple capabilities together along with the partnership ecosystem. Cloud and AI are only enhancing this need, and hence, this role has become pivotal for success going forward.”
Similarly, LinkedIn has also mentioned that Chief Growth Officer is the fastest-growing job in the US. As per LinkedIn, “The role saw 175% YoY growth just last year, marking heightened demand as companies doubled down on efficiency, profitability, and sustainable growth. Jobs in artificial intelligence (such as AI engineer and AI consultant), sustainability (environmental health safety manager), and human resources (workforce development coordinator) have also popped up on the list.”
With India Inc. recognizing that a Chief Growth Officer is crucial for the success of an organization, the role of a Chief Growth Officer is reportedly increasing. A report named ‘The Evolving Role of the Chief Growth Officer’ by Vista Equity Partners indicates, “For CEOs, it can be difficult to oversee an entire business while dedicating the time necessary to this forward vision. They require a trusted hand to help define growth goals and oversee execution. The CGO fulfills this role.”