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How JLL improved marketing performance and lowered costs, according to CMO Siddharth Taparia

The rapid acceleration of change in the workplace — from the boom of generative AI to shifting work models — means leaving behind old ideas of what C-suite leadership looks like.For Business Insider's third Workforce Innovation virtual roundtable, we asked board members how C-suite leaders might have previously led their businesses and how old approaches are giving way to a distinctly new way of executive leadership.Several board members said change needed to happen at every level of an organization, not just on a single team. Now it's up to leaders to harness the potential of their workforce and prepare employees for how they can play an active role in transformations across the business."The reset message here is that no function is exempt," Maggie Hulce, the chief revenue officer at Indeed, said. "Every function can change and should be changing and needs to take accountability and ownership for driving that, versus waiting for a central team to figure everything out."With evolving workplace priorities, the Workforce Innovation board also predicted which new roles might emerge in the C-suite, including "chief transformation officer" and "chief experience officer."The following has been edited for length and clarity.Julia Hood: What's the old way of C-suite leadership, and what's the new way? What is changing for those leading the workforce during this time of transformation?<h2 id="0c6ca21f-d8b4-40db-bb90-e9fb8d56ff2b">Alicia Pittman, chair of global people team, Boston Consulting Group</h2>One of the biggest differences we're seeing and we'll continue to see is that the concept of apprenticeship is becoming truly a two-way street. An old version of apprenticeship is learning the craft step-by-step — like the "Karate Kid" and Mr. Miyagi, based on wisdom and time.Now leaders are also seeing from younger generations how to embrace technology and AI, specifically, how to lead inclusive teams that maybe don't look so much like you, and how to support employees through mental-health challenges and general wellness.I'm seeing that happening in very powerful ways, truly two ways, and up and down. Organizations that embrace that — which are flatter, less formal, and allow for more of that cross-connectivity — are going to benefit as that becomes more the norm in how we craft leadership.<h2 id="f242fb98-9c94-4e5b-8135-1f191d2cb6f3">Neil Murray, CEO, Work Dynamics at JLL</h2>I like the idea that's been coined about leading from behind. The notion is that the old way was about leading leaders top-down, personally owning strategy, P&amp;L, innovation, and culture.Leading from behind has been likened to a shepherd coordinating from behind and creating an environment where people who are willing and able can take initiative and lead innovation. That company culture becomes owned collectively rather than the singular responsibility of the CEO.I don't think that's about a CEO stepping back and allowing mob rule, but rather, it's about harnessing collective genius in the organization.I think the reason for this is that the psychological contract between companies and employees has changed quite dramatically and continues to change. We know that people are looking for more meaning and purpose in their working lives. They expect to be seen. They expect to be valued for who they are and, ultimately, want to be part of and coauthor a company purpose and culture.It also applies to innovation. It's no longer about incremental innovation from a centralized chief product officer. Breakthrough innovation will be key, with consistent breakthrough innovation to sustain competitiveness. From a leadership perspective, that's about creating an environment where those closest to issues and most nimble can lean in and innovate, rather than trying to centralize it.<h2 id="d012677b-737d-445d-84a4-5d9f7a363a82">Kenon Chen, executive vice president of strategy and growth, Clear Capital</h2>When I first saw the GitHub Copilot demo before it was launched, I was struck by the idea of someone with a business use case and business knowledge being able to execute and create a technical solution without going through our typical translation layers, which are business analysts and scrum masters and technical project managers.We now have this huge layer of translators between the business, especially from the C-suite to the people who are creating the innovations or products.What gen AI is leading us to is a world in which we don't need so many translators because there are fewer hops from the idea to the value that we want to create to the execution. When you have all these translators, it's like the telephone game.As a leader, you need to be able to communicate much more precisely and clearly the outcome that you're trying to create in terms of value. You have to be your own translator, in a way, so that every stakeholder involved can take action on what's being communicated.<h2 id="df0e2c1a-ee63-46c5-b1e1-3cca22a63036">Anant Adya, executive vice president, service-offering head, and head of Americas delivery, Infosys</h2>At Infosys, one of the things we are focusing on is employee well-being. We want to be a hybrid work environment where we give flexibility to our employees to choose the way they want to work.There is obviously great value in coming to the office, collaborating with team members, and working to do innovative stuff. But this also ties back to DEI initiatives in the company. As we improve our gender diversity, especially as we go to the top, we want to make sure we give flexibility to our employees.Also very important is how we embrace innovation. We continuously upskill, retrain, and reskill our employees. How do we make sure that we embrace the culture of learning in the company? It's very critical that we have to constantly learn and upskill ourselves with all the new technologies that are coming and with all the new lingo that is being spoken. We don't want to get stuck in the old world of still talking old technology.Finally, we balance risk and focus from a long-term standpoint. Of course, everybody's focused on the quarter results and numbers, but we want to have a very long-term focus and plan at the same time.<h2 id="ef9e6c96-6d4a-4af5-a150-163cc530eada">Justina Nixon-Saintil, vice president and chief impact officer, IBM</h2>There is such a focus on employee voice across everything that we do. When you think about AI, we're asking employees, no matter where they are across the business, to come up with use cases and ways that AI can make a difference in their function.In the past, this would be the limit of just one entity, one function to come up with the right use cases. Maybe it was the software team, CIO team, or CTO.Now we're looking across the entire business and saying, "Come up with the right use cases that can help your function, your programs, your organization."Even in the area that I lead around corporate responsibility and ESG, we're deploying AI technology to create better learning pathways for our users or to look at ESG and data analytics. So this is an area we're leading within the organization and not necessarily waiting for another function to help us lead.<h2 id="b9d6a0b9-97d7-4bef-b44c-1a0b1ebba35e">Maggie Hulce, chief revenue officer, Indeed</h2>We are moving towards AI-enabled transformation being a companywide expectation, as opposed to just a few teams working on it and incubating it. That requires, as others have said, cross-team learning and development, and we are acknowledging we need both centrally driven, top-down things and a lot of bottom-up things.That's a parallel concept to DEI. We've gone through the transition of separate DEI organizations to having it be the expectation that equity is every leader's responsibility.Having a separate team that's supposed to make everybody behave with equity just doesn't work.With well-being, we've been on this track that, of course, physical and mental health, employee engagement, and employee voice are really important. Right now, there's more focus on training managers for the challenges of the multigenerational workforce and the mix of in person and remote.The speed of change is getting more and more rapid. How do we equip the managers up and down to help navigate this? And that's a big part of employee buy-in and navigating change. In the C-suite itself, you have more roles that have to think cross-functionally and be cross-functionally trained. Because as you think about how AI can change processes, it blurs and breaks old functional lines.That will make people uncomfortable. But if you let the functional lines be blockers, it will definitely slow you down. So our expectation is that we're going to see more and different types of roles that are enabling transformation.<h2 id="9b14003d-0c96-46b6-9c44-0515cc2393cf">Lucrecia Borgonovo, chief talent and organizational-effectiveness officer, Mastercard</h2>One of the biggest shifts is around decision-making — the move from siloed decision-making, where each member of the C-suite has a defined set of decisions they're accountable for, to a C-suite that acts more as a collective leadership body. It acts more cross-functionally, and there are more shared responsibilities and more joint decision-making that becomes part of the norm.There's much more fluidity and interdependency across different roles and functions. C-suite leaders are wearing multiple hats and creating roles that are much more versatile in nature.Tim Paradis: We've seen new C-suite roles emerge in recent years, like chief AI officer and chief ethics officer. The C-suite itself is getting larger in some cases. What new C-suite offices might emerge next?Nixon-Saintil: I'm seeing a lot of new roles, especially in corporate social responsibility and ESG. More "chief impact officers" are focused on social impact across the business. Those roles sometimes oversee environmental affairs and sustainability initiatives.The "chief sustainability officer" role has increased significantly over the last two years. Many large companies had them, but now smaller or midsize companies are adding that role to the C-suite, especially as they prepare for regulation around sustainability and all of the mandatory disclosure that is occurring."Chief ESG officer" is a new role that we are seeing as well, with a focus on ESG, regulation, controls, and accountability.Adya: The common thing that will happen across roles is the use of data and AI across every role.There are two roles that we are seeing in some of our bigger customers. One is chief experience officer, who is focused on what we call "human experience." It's not just about the experience of users but also of the stakeholders, business users, and customers of the enterprise.For example, if you go to a company and ask a finance person, "What does experience look like for you?" He or she will say that I would want to close my books on time. That's the experience. They don't care about whether they're using X, Y, or Z vendor. For them, closing the books on time is their experience. So this is about looking at the experience of the stakeholders, the users, and their customers.Then, while there is a "chief AI officer" role that's picking up, there is also a lot of focus on automation. How do we use automation in a business process? So the "chief automation officer," cutting across the enterprise, is looking at areas where we could potentially drive automation in a big way.Borgonovo: One that is on my mind is what you might call a "chief optimization officer," focused on how do you extract the most value across your products, your services, and all the different investments that you make, identifying items that aren't necessarily scaling.The other one that we have seen at Mastercard is the "chief risk officer," a new role created in response to the environment getting incredibly complex and the importance of embedding risk management into the organization.Roles like chief transformation officer will continue to be relevant. It all depends on the maturity of the different capabilities that you have in the organization.Pittman: I think that a lot of these roles — whether it's chief diversity officer, chief risk officer, chief digital officer — are really about building new competencies that are not widely spread. Where it's working best, you see companies standing up leadership for these capabilities and then pushing it down the line. It's got to be everybody's accountability.The number of companies naming chief transformation officers grew about 140% over the last couple of years. It's one of those roles where the impact is most measurable. You can see with a chief transformation officer, from the time they're appointed to the next two years, on average, that the company is going to improve its shareholder return performance versus its peers.That's pretty remarkable in terms of impact, so we'll keep seeing that. With the pace of change, the half-life of market leadership keeps getting shorter and shorter. We're going to see the role of the chief transformation officer being critical to enable C-suites to keep up with the pace of change and drive cross-functional initiatives.Hulce: I was just pitching this idea of a transformation leader, not necessarily reporting to the CEO but one across internal functions to help drive the next 18 months given how fast we intend to stand up totally different ways of working.When we think about transformation for external products versus transformation for internal processes, it is a bit different. So when we think about the work we're trying to do for external products, making sure the scope is clear — those are long-standing, typical questions for how you stay competitive and innovate.But rapid cross-functional, internal transformation is different. Can you make a successful role to drive a complete rethink of process and workflow across many functions with technology and AI being a critical enabler?In the past, it wasn't as important to do cross-functionally as it is now, with what gen AI can do. It's a big opportunity to radically rethink how this work gets done.Murray: Business-unit leaders now have an explicit responsibility to look at everything within their business line and think about on a 2-by-2 matrix the feasibility versus the impact of transforming end-to-end process.Chen: I do like this idea of a chief transformation officer, but the risk there is if every leader isn't equipped with thinking about how to proactively get value from tools that are around the organization and the data that is available. Everyone is going to have to be reskilled to learn how to do that, with AI as one of the new accelerator tools.

The C-suite is evolving — and new roles may join to drive innovation, say execs from IBM, JLL, Clear Capital, and more

How AI transformed a two-month task into hours, according to JLL CMO Siddharth Taparia

New Delhi [India], May 24 (ANI): <keyword id="21790772" type="General" weightage="20" keywordseo="Indias-data-centre-industry" source="Orion">India's data centre industry</keyword> to attract an investment of USD 5.7 billion by 2026 amid the growing demand for <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> (<keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">Artificial Intelligence</keyword>), says a report by real estate and investment management company, JLL. The report highlights that India's <keyword id="13391374" type="General" weightage="20" keywordseo="data-centre-industry" source="Orion">data centre industry</keyword> will add 791 MW capacity by 2026 and this expansion will lead to a demand of 10 million sq. ft of real state space. "The <keyword id="126804" type="General" weightage="20" keywordseo="data-centre" source="Orion">Data Centre</keyword> (DC) industry in India is set to witness remarkable growth, with projections of adding 791 MW capacity by 2026. This expansion will drive demand for 10 million sq. ft. of real estate space, attracting investments worth USD 5.7 billion" said the report. A data center is a facility that centralises an organisation's IT operations and equipment to store, process and transfer data and applications. The report highlights that growth in computing power and the resulting new applications are expected to drive strong demand for DC industry over the medium term. The expected demand of the Indian data centre industry to reach 650-800 MW during 2024-26. The surge in demand for data centres is primarily fuelled by the increasing adoption of Artificial Intelligence (AI). The report points out that Cloud Service Providers (CSPs), who essentially offer IT infrastructure systems primarily for data storage and computing power accessible through the Internet, have realigned their requirements to factor in AI-led demand. The CSPs have also announced higher investments to scale up AI-led growth. "The exponential growth in processing power and data volumes, driven by AI, necessitates the development of new data centres capable of meeting energy, processing, and cooling needs. The anticipated expansion and progression of diverse AI disciplines are projected to create additional demand for data centres, expanding their capacity requirements and advancing their capabilities" said Rachit Mohan, Head, Data Centre Advisory, India, JLL. According to the report in the second half of 2023, there was a 12 per cent increase in absorption to 81 MW compared to 72 MW during the same period last year. This growth can be attributed to cloud service providers (CSP) gaining momentum after a brief hiatus during the first half of 2023. In Mumbai, absorption nearly doubled during this period as CSPs renewed their pace of absorption. "India is poised to be the third-largest economy, with a projected USD 5 trillion GDP by 2027 with digital economy contribution of around 20 per cent. This digital expansion is anticipated to propel the growth of India's data centre industry, projected to increase from 853 MW in 2023 to 1,645 MW by 2026," said Dr. Samantak Das, Chief Economist and Head of Research &amp; REIS, India, JLL. There was a lower supply addition of 75 MW during H2 2023 as the available supply from the first half was utilised to meet the demand, resulting in tighter vacancy levels of 5.5 per cent. With a large user market, talented workforce, and thriving startup ecosystem, India presents a significant opportunity to emerge as a global data hub, driven by sustainable practices. The country's DC sector expanded from 350 MW in 2019 to 854 MW in 2023, in line with the increasing digital usage trends.

Amid growing demand for AI, India's Data Centre boom to drive USD 5.7 billion investments by 2026: JLL

The rise in <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> and mortgage rates have impacted affordability levels to buy homes in the last two years across seven major cities but it may improve next year due to a likely reduction in repo rate, according to JLL India. The improvement in affordability levels would further boost housing sales, which have risen despite increases in property prices and interest rates on home loans. The consultant on Sunday released its 'Home Purchase Affordability Index' (HPAI), which signifies whether a household earning an average annual income (at an overall city level) is eligible for a housing loan on a property in the city at the prevailing market price. "The rising repo rate in 2022 as the RBI reacted to the global recessionary and inflationary trends, plus a strong demand recovery spurring price hikes, worsened affordability in 2022," the report said. In 2023, the consultant said that affordability levels are likely to marginally worsen or remain the same when compared to 2022. A stronger price increase has been countered by stagnancy in repo rate movement, declining <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> and relatively higher growth in household incomes, the consultant explained. "In 2024, we are likely to see a renaissance with affordability levels expected to be on an improving trajectory as <keyword id="493702" type="General" weightage="20" keywordseo="macroeconomic" source="Orion">macroeconomic</keyword> fundamentals support a repo rate reversal and thereby interest rate reduction that could provide another fillip to the residential sales market," the report said. JLL expects a 60-80 basis points reduction in repo in the next year. It has derived this index through a combination of variables, which include home loan interest rates, average household income and price of the residential apartment. The HPAI is the ratio of the average household income to the eligible household income. Eligible household income is defined as the minimum income that a household should earn to qualify for a home loan on a 1,000-square-foot apartment at the prevailing market price. A value of 100 means that a household has exactly enough income to qualify for the loan. A value less than 100 implies that an average household does not have enough income to qualify for a housing loan. A value of more than 100 implies that an average household has more than enough income to qualify for a home loan. As per the data, the affordability index in Mumbai is estimated to dip to 88 from 92. In Delhi NCR, the index is seen declining to 121 from 125. The Index of Bengaluru is estimated to have dipped to 158 from 168. The index in Hyderabad is seen at 169 against 174 last year. Pune will witness a marginal fall to 182 from 183, while Kolkata will see a marginal improvement to 194 from 193. The affordability index of Chennai is estimated to be flat at 162 this year. JLL India noted that affordability was at its lowest in 2013 before rising on a sustained basis through 2014 to hit optimal levels in 2021. "Despite residential price hikes being sustained in 2023, better economic and job prospects and healthier income growths compared to 2022 have led to a relatively minor dip in affordability in 2023. "In fact, affordability levels remain much above the pre-COVID and worst affordability periods for all cities, clearly highlighting the headroom for market growth to continue," said Siva Krishnan, Managing Director and Head of Residential Services, India, JLL.

Affordability levels to buy homes hit in last 2 years; to improve in 2024 on likely repo rate cut: JLL

<keyword id="6358070" type="General" weightage="100" keywordseo="mumbai" source="Orion">Mumbai</keyword>, <keyword id="13749453" type="General" weightage="20" keywordseo="housing-sales-in-mumbai" source="Orion">Housing sales in Mumbai</keyword> are likely to cross Rs 1 lakh crore this calendar year and may breach the Rs 2 lakh crore-mark in 2030 on rising demand, according to a report. Realtors body <keyword id="6404896" type="General" weightage="80" keywordseo="naredco" source="Orion">Naredco</keyword>'s Maharashtra chapter and property consultant JLL India on Friday released a report "Unlocking Opportunities with Infrastructure Development" here. The report noted that Mumbai maintains its position as one of India's largest residential markets, contributing 40 per cent to the total residential sales value in the country. In number of units, the Mumbai market accounts for 25 per cent of total sales volume across seven cities. "The market has witnessed a strong recovery in sales with 2022 surpassing 2018 both in terms of sales value and sales volume," the report said. In 2023, sales of residential units in Mumbai are expected to increase further. "Residential sales value is likely to breach the Rs 1 lakh crore mark." Sales would breach the Rs 2 lakh crore mark in 2030, the consultant estimated. Mumbai witnessed sales of Rs 90,552 crore during the 2022 calendar year and Rs 50,075 crore in the first half of this calendar year. Pre-Covid, the housing sales in Mumbai stood at Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018. Mumbai city has demonstrated a robust recovery in 2022, witnessing an increase in both sales value and volume. "Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector," Sandeep Runwal, President of NAREDCO Maharashtra and MD of Runwal Developers, said. Karan Singh Sodi, Senior Managing Director, Mumbai, MMR, India, JLL, said individuals have a preference for staying close to office markets. "Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices whereas those with limited connectivity have trailed," Sodi said. During the past three years, Mumbai's housing market, particularly in the luxury segment, has demonstrated a consistent upward trajectory, Ashwin <keyword id="297510" type="General" weightage="50" keywordseo="chadha" source="Orion">Chadha</keyword>, CEO of India Sotheby's International Realty, said. "The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size," Chadha said.

Housing sales in Mumbai likely to cross Rs 1 lakh cr this year: Naredco-JLL

New Delhi, <keyword id="19156935" type="General" weightage="20" keywordseo="Sales-of-Apartments" source="Orion">Sales of apartments</keyword> during the January-September period went up 21 per cent year-on-year to 1,96,227 units across seven major cities on better demand, according to property consultant JLL India. As many as 1,61,575 units were sold in the same period last year. Sales of apartments in January-September period of this year have already touched 91 per cent of 2022 annual sales. "With the onset of the festive season, robust sales are expected in the upcoming quarter and as a result, annual sales in 2023 are expected to surpass sales of 215,000 units recorded in the previous year," JLL India said in a statement on Monday. Across seven major cities, new launches of apartments also rose 21 per cent to 2,23,905 units during the first nine months of 2023 from 1,84,317 units in the year-ago period. The seven cities tracked were Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, and Pune. Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. JLL said the data includes only apartments and row houses, villas, and plotted developments are excluded from this analysis. "The prominent launches by branded developers saw good sales traction across all seven cities. Also, the consecutive fourth pause in policy rate by the RBI will have a positive impact on residential sales as financial institutions will maintain the home loan interest rates at the present levels," said Siva Krishnan, head, residential, India, JLL.

Sales of apartments in Jan-Sep up 21% to 1,96 lakh units in top 7 cities: JLL

Net leasing of office space fell 34 per cent in January-March to 7.63 million square feet across seven major cities as corporates were cautious about expansion amid global uncertainties, according to <keyword id="484198" type="General" weightage="100" keywordseo="jll-india" source="Orion">JLL India</keyword>. The net leasing fell to the lowest in six quarters, as per the data by real estate consultant JLL India. Net leasing stood at 11.55 million square feet in the year-ago period across seven cities - Delhi-NCR, Mumbai, <keyword id="12864" type="General" weightage="50" keywordseo="chennai" source="Orion">Chennai</keyword>, <keyword id="6354925" type="General" weightage="80" keywordseo="kolkata" source="Orion">Kolkata</keyword>, <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword>, Hyderabad and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. JLL India attributed the fall in net leasing or absorption of office space to reduced expansion activity, delayed space plans and a hybrid workplace strategy that is still evolving. "Companies were consolidating and relocating to save on real estate costs, while there were fewer pre-commitments in new completions during the quarter. This reflects the challenges faced by the corporate world amid global headwinds and an uncertain business environment," it explained. Net leasing fell in Chennai, Hyderabad, Mumbai and Pune, while absorption rose in Delhi-NCR, Bengaluru and Kolkata. Net absorption is calculated as the new floor space occupied less floor space vacated. Floor space that is pre-committed is not considered to be absorbed until it is physically occupied. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/the-alpha-creators-bank-and-it-stocks-outperform-nifty50-in-the-last-11-years/articleshow/99114789.cms">The Alpha Creators: Bank and IT stocks outperform Nifty50 in the last 11 years</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/microfinance-lending-shows-strong-growth-in-2022-nbfc-mfis-dominate-the-market/articleshow/99112629.cms">Microfinance lending shows strong growth in 2022, NBFC MFIs dominate the market</a>

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How JLL improved marketing performance and lowered costs, according to CMO Siddharth Taparia

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The C-suite is evolving — and new roles may join to drive innovation, say execs from IBM, JLL, Clear Capital, and more

Julia Hood,Tim Paradis,Jean P…

How AI transformed a two-month task into hours, according to JLL CMO Siddharth Taparia

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Amid growing demand for AI, India's Data Centre boom to drive USD 5.7 billion investments by 2026: JLL

ANI

Affordability levels to buy homes hit in last 2 years; to improve in 2024 on likely repo rate cut: JLL

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Housing sales in Mumbai likely to cross Rs 1 lakh cr this year: Naredco-JLL

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Sales of apartments in Jan-Sep up 21% to 1,96 lakh units in top 7 cities: JLL

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Net office leasing drops 34% in Jan-Mar to six-quarter low across top 7 cities: JLL India

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