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The Essential Guide of Becoming a Strategic CHRO hashtagin Today's Volatile Business World
Gartner has conducted some research to answer this. As always, I’ve done the reading & summarising on your behalf:
1. Economic pressures & market disruptions have heightened the need for CHROs to provide strategic leadership. By deepening their business acumen & crafting adaptable HR strategies, CHROs can enhance their strategic influence & respond more effectively
2. CEOs are urging CHROs to adopt a strategic approach to address complex organizational challenges beyond the HR function
3. However, many CHROs lack experience outside HR and formal business strategy education. Notably, 81% of current S&P 500 CHROs have spent most of their careers in HR, & only 16% hold MBA degrees
To support CEOs & boards in navigating economic uncertainties & achieving critical business goals, CHROs must enhance their strategic leadership skills. They should:
1. Develop a thorough understanding of business, including general acumen & knowledge of profit and loss drivers, to better anticipate & respond to trends
1.1. CHROs should listen to investor calls, review annual reports, & meet with business leaders to align HR with customer needs
1.2. CHROs should enhance business knowledge through industry publications, networking, & executive coaching
1.3. Regular check-ins with leaders can provide insights into new product development, talent needs, & market trends impacting the organization
2. Align HR strategy with the organization's business priorities to ensure HR initiatives support overall business objectives
2.1. Regularly meet with the CEO to discuss priorities & strategy
2.2. Collaborate with the CFO by reviewing financial updates & participating in business reviews to understand financial impacts
2.3. Review quarterly market analysis reports & discuss findings with functional leaders to understand their impact on business priorities
3. Assess the flexibility & effectiveness of HR strategies
3.1. Evaluate HR strategy against risk scenarios
3.2. Integrate risk-mitigation measures into HR operations
3.3. Regularly review the workforce plan to effectively source or re-allocate talent
💡 Re 1.1. A Senior Vice President of Human Resources of a publicly listed media company was asked to be supported during a critical time when the CHRO had tanked and the company going through a major transformation at the same time. The SVP of HR was able to overcome imposter syndrome tendencies, and confidently step up to the interim CHRO role until the new CHRO had onboarded.
👉🏼 Our coaching was described as follows: „Navid & I covered a lot of ground during our coaching engagement. As a result, I feel motivated and I‘ve got a much clearer picture in my mind around which areas to tackle and the right interventions to do that. When working together, I had a fair number of lightbulb moments and the coaching has helped me to debunk some unproductive thinking too.“
Gartner has conducted some research to answer this. As always, I’ve done the reading & summarising on your behalf:
1. Economic pressures & market disruptions have heightened the need for CHROs to provide strategic leadership. By deepening their business acumen & crafting adaptable HR strategies, CHROs can enhance their strategic influence & respond more effectively
2. CEOs are urging CHROs to adopt a strategic approach to address complex organizational challenges beyond the HR function
3. However, many CHROs lack experience outside HR and formal business strategy education. Notably, 81% of current S&P 500 CHROs have spent most of their careers in HR, & only 16% hold MBA degrees
To support CEOs & boards in navigating economic uncertainties & achieving critical business goals, CHROs must enhance their strategic leadership skills. They should:
1. Develop a thorough understanding of business, including general acumen & knowledge of profit and loss drivers, to better anticipate & respond to trends
1.1. CHROs should listen to investor calls, review annual reports, & meet with business leaders to align HR with customer needs
1.2. CHROs should enhance business knowledge through industry publications, networking, & executive coaching
1.3. Regular check-ins with leaders can provide insights into new product development, talent needs, & market trends impacting the organization
2. Align HR strategy with the organization's business priorities to ensure HR initiatives support overall business objectives
2.1. Regularly meet with the CEO to discuss priorities & strategy
2.2. Collaborate with the CFO by reviewing financial updates & participating in business reviews to understand financial impacts
2.3. Review quarterly market analysis reports & discuss findings with functional leaders to understand their impact on business priorities
3. Assess the flexibility & effectiveness of HR strategies
3.1. Evaluate HR strategy against risk scenarios
3.2. Integrate risk-mitigation measures into HR operations
3.3. Regularly review the workforce plan to effectively source or re-allocate talent
💡 Re 1.1. A Senior Vice President of Human Resources of a publicly listed media company was asked to be supported during a critical time when the CHRO had tanked and the company going through a major transformation at the same time. The SVP of HR was able to overcome imposter syndrome tendencies, and confidently step up to the interim CHRO role until the new CHRO had onboarded.
👉🏼 Our coaching was described as follows: „Navid & I covered a lot of ground during our coaching engagement. As a result, I feel motivated and I‘ve got a much clearer picture in my mind around which areas to tackle and the right interventions to do that. When working together, I had a fair number of lightbulb moments and the coaching has helped me to debunk some unproductive thinking too.“
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