Three quarters of business leaders in the technology sector say their roles have become more complex over the past five years, with the majority worried about remaining relevant as the business world evolves at pace.
This is according to a study by Alliance Manchester Business School (AMBS), one of the world’s leading business schools. It commissioned Censuswide to survey 500 managers, directors and C-suite executives within UK businesses, of which 133 worked in the IT and technology sectors.
Overall, 73% of business leaders said their roles have become increasingly complicated over the past five years – amongst those working in tech, the figure rises to 85%.
When tech leaders were asked what had contributed to this increased complexity, the most common response was the emergence of new technologies, such as artificial intelligence (35% cited this as a factor). Other key factors were increased cybersecurity and data privacy risks (29%), pressure to meet expectations around diversity, equity and inclusion (also 29%), the rise of remote working (25%), and new regulation and legislation (24%).
Additionally, 58% admitted they worry about remaining relevant and competent as the business and management world evolves, with 41% saying they regularly doubt their judgments at work.
However, despite their roles having become more complicated since 2020, AMBS’s data shows that 20% of senior decision-makers in the technology sector have not received suitable training to enable them to do their job well and manage effectively.
When asked what areas they would most like to receive formal training in, the most common responses among those in the tech sector were ‘understanding AI and how best to leverage it’ (45%), ‘motivating and engaging teams’ (36%), and ‘developing commercial strategies’ (35%).
Reza Salehnejad, who lectures on Alliance Manchester Business School’s MBA programme, said: “The unprecedented pace of technological change is creating particular challenges for leaders within the tech sector. Technology, and AI in particular, is developing so fast that it’s hard to confidently take decisions that will ensure long-term benefits. Add to that the security risks that come with the implementation of new technologies, as well as broader trends like remote working and adapting to new regulation, and you start to see the complexity of the environment professionals are operating in.
“Organisations need to support their leaders and equip them with the competencies to analyse opportunities and trust their judgement. When it comes to navigating change, confidence is key, and formal training not only builds skills but develops to confidence needed to take the tough decisions.”